So we’re now into Q4 of 2018 (already!). With that in mind, I thought it would be worth sharing an exciting crypto-related development.
Blockchain Business Applications
The development I want to touch upon is the growth of Blockchain-based services. Remember – Blockchain is the decentralised technology that most cryptocurrencies are built upon.
But this technology is revolutionising more than just ‘money’.
We’re seeing Blockchain disrupt several industries through something called Smart Contracts.
Smart Contracts are incredibly exciting, as they leverage the Blockchain to securely and instantly complete complex transactions. They also remove intermediaries from these transactions.
A good example of this comes from real estate. For instance, a Smart Contract can simplify the process of renting property – and automatically enforce the contract obligations.
Let’s explore this further.
Automatic & Instant Payments: Smart Contracts could automatically execute rent payments according to the contract schedule. This process wouldn’t require a bank or intermediary.
Payment History: Both the property owner and tenant can have confidence that payment history will be recorded accurately, as Blockchain technology is decentralised and uneditable.
Property Access: Smart Contracts could be used to automatically grant or revoke access to property, depending on whether the rent has been paid. This would involve the use of smart lock technology – but it clearly demonstrates the value of automatically enforced contracts.
Clearly, this technology has potential beyond real estate. That’s why many investment funds are now looking to invest in Blockchain technology business pioneers.
It’s an area we’ll be continuing to monitor with interest.
How do you think Blockchain will change the world? I’d be interested to hear your thoughts – feel free to leave a comment below.