Libonomy’s impact on different industries


Started as the foundation of cryptocurrencies such as Bitcoin, blockchain technology is now spreading across a plethora of industries. Finance, healthcare, entertainment, communications, supply chains, and more - blockchain is going further and further each year. Annual funding to blockchain companies has more than doubled in the last 4 years and is on track to reach 16 billion USD in 2021.

The popularity of Bitcoin has helped to demonstrate how blockchain can be utilized in the finance industry, but entrepreneurs have come to a conclusion that with little improvement, blockchain will transform many more industries. Ultimately, there are endless possibilities on how to benefit from the technologies' transparency, decentralization, automation, and resistance to fraud.

The world is on the brink of blockchain technology’s mass adoption, the missing piece has been the lack of a unified standard - a scalable, robust, cost-efficient, and universal solution like Libonomy.

Finance

From a general perspective, banks have two major tasks - to store money and enable users to transact with it. Blockchain, a digital, tamper-proof data ledger, is perfectly fit to improve legacy banking systems by providing superior accuracy and security to the financial services ecosystem. Banking, accounting, loans and credits, stock trading, crowdfunding, insurance as well as storing information about wills and heritages - there is something to improve in each one.

Companies like Credit Suisse, JPMorgan Chase, Goldman Sachs and Citigroup are all experimenting with blockchain technology to find the most efficient solutions. Blockchain has already started to disrupt the 5 trillion dollar banking industry by disintermediating the key services that banks provide. From payments to clearance and settlement systems - blockchain is optimizing otherwise slow and costly services.

Infrastructure

Construction is a strictly regulated industry that employs a wide variety of workers for often large and complex projects. Blockchain helps contractors to verify and track the progress of different teams, as well as ensure that the construction materials are in the requested quality and issued from the correct places. Moreover, smart contracts can automate payments linked to milestones of the project.

In real estate buying and selling, blockchain is able to introduce more transparency, eliminate copious amounts of paperwork as well as minimize errors in public records and the possibility of fraud.

Many companies have started to leverage blockchain tech to enable devices to connect and securely interact without a central authority control providing trusted IoT networks. However, energy management remains a heavily centralized industry that blockchain technology could improve for better. LO3 Energy and other energy management companies are focusing on solutions that are minimizing, even eliminating the need for intermediaries as they provide tools so customers can generate, buy and also sell energy to their neighbors.

Healthcare

The back end of healthcare is very complex, it involves a lot of manual work, which makes it slow and expensive. Following various procedures, taking in accounting data from different entities, calculating the expenses and eventually managing claims and the statuses of them, all processes together involve several middlemen. Blockchain enhanced with the healthcare data standards can speed up all of these processes and reduce costs.

Healthcare institutions across the world are victims of lacking a secure way of sharing data. Collaborating with one another would lead to making more accurate diagnoses, more efficient decisions for treatments, and overall more cost-effective healthcare. And besides the improved data exchanging possibilities, blockchain is an opportunity to reform data storage of research and clinical trials - connecting disparate data with studies taken in various research facilities by different researchers.

Blockchain technology also has a huge role to play in the pharmacy industry - shedding more light on clinical testing and government approvals. Blockchain can be the catalyst for speeding up innovation and providing a base for better-regulated production and use of drugs.

Public Sector

Blockchain in the public sector helps to minimize fraud, reduce paper-based processes, and extend the accountability of government officials. And because some of the strongest sides of blockchains are data immutability, fraud-resistance, and the ability to instantaneously share information across the world. Gun tracking, “No Fly” lists, investigation evidence and similar can all benefit from a modern and secure data ledger like Libonomy is providing.

Authenticating the identity of voters, providing a secure database for records, and automating the counting process -  blockchain can also be used in elections to ensure that votes are casted correctly and are not changed or removed. That would minimize the possibility of voter fraud or fraud play “behind the scenes”.

Waste recycling is another use of blockchain as it can optimize the existing recycling systems by creating better incentives to recycle as well as improve tracking of recycled waste. Companies like IBM and multinational chemicals company BASF are already making strides for better recycling systems with a lot more companies to follow.

Agriculture

Besides the dramatic improvements to safety and traceability in the food and beverage industry, blockchain is also helping to modernize it. Starting from the evolution of a supply chain and ending with a market expansion and transaction improvement. Blockchain is helping to establish more trust between different merchants who are unfamiliar with one another, as well as between merchants and customers. And, blockchain finds a very similar use in the animal husbandry industry as well.

A large percentage of fish sold each year are caught illegally, and also the fishing industry is infamously known for the use of forced labor. Blockchain-based technology can help to make the fishing industry more legally compliant as well as sustainable and long-lasting by registering the quantities of fishing nets used, or tracking fishes themselves.

To protect forests and other natural resources, solutions are being built so the blockchain can serve as the medium to tokenize rewards, known as carbon credits which are received for offsetting the carbon footprint and making the process of claiming them simpler.

Communication

With the evolution of modern marketing, data collecting has been highlighted as one of the most significant issues. Blockchain reestablishes the security and privacy of users. Because of that many messaging platforms are integrating blockchain-related functionalities into their applications, some planning to add cryptocurrency payment support.

Blockchains also have multiple use cases in the publishing industry like leveling the field for new and unrecognized writers to break into the publishing industry and also helping to manage author rights and fight against piracy. Blockchain also inspires authors, translators, editors, and publishers to collaborate. And smart contracts open doors for more possibilities to crowdfund authors before they even start a new project.

Entertainment

Entrepreneurs in the entertainment business are looking for blockchain technology to evolve the old-fashioned systems and automate the process of content sharing, thus making it fairer. Smart contracts are self-executing programs with pre-set conditions, that are ideal for music and other entertainment industries. Blockchain is also an ideal database for identifying the rights holder of songs

Video streaming now is more popular than ever. Blockchain is capable of significantly lowering the costs of such platforms by distributing video storage. Posing the potential to disrupt YouTube, Netflix and other video streaming industry giants.

Gaming and gambling industries are being enhanced not just with the addition of digital currencies, but also in the form of automation and by providing more transparency, an extra level of anonymity and trust. Blockchain also creates possibilities for fans to invest in celebrities and sport stars, effectively democratizing sponsorships and letting them become closer with their idols.

The art and photography industries are adopting blockchain technology at a fast pace - starting with digital art in the form of NFTs and ending with tokenization of art pieces in the real world. This increases access to the art on a global scale. Blockchain enables buying and selling art and photos directly between authors and customers, no middlemen are required, no commissions need to be paid.