Five Interesting Crypto Projects That Could Change Industries

Bitcoin – The Banking Industry

Our list wouldn’t be complete without outlining the implications of Bitcoin on the banking industry, because it will be fundamental to all successive innovations. Currently, the banking industry follows a centralized structure. At the helm of the majority of our global economies are central banks in collaboration with major financial institutions. This model has consolidated power and trust within central agencies. Debilitating recessions have resulted from improper monetary manipulation pursued by these central agencies. Bitcoin is disrupting the status quo by making monetary policy non manipulable.

Bitcoin’s defining quality is peer-to-peer electronic transfer of value. This quality is a stark contrast from the nature of legacy banks as financial intermediaries. Intermediation requires a degree of trust in the given intermediaries. Banking on bitcoin turns this notion around by providing a trustless system to exchange value. That means less risk exposure to the inevitably corruptible executives sitting at the top of the tower.

Banks are not going away though – we’re just going to have to change the way we think about them. Banks will still serve those who don’t have the confidence to manage their own bitcoin. Fiat currency also won’t be disappearing anytime soon, so banks will long continue to manage fiat accounts. They will also still act as loaning agencies. For the blockchain innovations that follow, bitcoin’s impact on finance will touch on the flow of money everywhere.

Pledgecamp – Crowdfunding

Crowdfunding harnesses the power of community. In our society today, communities not only exist in geographical locations, but also online. This has led to the rampant growth of crowdfunding. The core value behind this concept is community regardless of beliefs or geographical location. This provides great alignment with blockchain technology’s capability as a decentralized and trustless framework.

The idea behind Pledgecamp is to utilize blockchain to increase transparency via smart contracts and provide insurance for backers. Money is held in an escrow wallet and funds are unlocked gradually using smart-contracts as the project reaches its target funding. With Pledgecamp, in theory, backers have more oversight over their money. They are able to see how their money is being spent and can provide input on the direction of the project.

Zweispace – Wills and Inheritances

Wills are a specialized kind of contract with a lot of nuances involved in the truthfulness of the will. Whether the legal interpretation aligns with the intentions of the deceased is always in question. As well, the verification of the deceased is a requirement prior to interacting with the will and carrying out its contents. Blockchain technology will not be able to eliminate all the challenges encountered in dealing with a will. However, it could make it significantly easier to identify factual information, provide verifiable transaction data, and dismiss claims that are without merit.

Zweispace, a Japan-based startup, is a technology-driven company utilizing AI, robotics, and IoT technology to innovate in the real estate industry. They also have a blockchain division, which is developing a self-executing will system to automatically distribute inheritance to beneficiaries upon confirmation of the trustee’s passing. This eliminates the need for executors and court battles regarding the integrity of the will, ultimately, helping the estate avoid probate.

B3i – Insurance

An industry that blockchain will greatly optimize is insurance. Risk underwriting, coverage negotiation, and general contract jargon can be incredibly tedious and cumbersome. In addition, the likelihood of error in contract preparation is high due to manual processing. Blockchain technology can help automate these operations to help improve customer service.

B3i is a project that provides insurance solutions on a blockchain platform. They offer opportunities for efficiency, growth, and quality across the value chain. For example, any changes made to contract terms are recorded on the ledger allowing different parties to compare contract versions. This provides contract clarity during claim settlements.

Arcade City – Ride Share

Ride sharing services such as Uber represent the opposite of a decentralized platform. They operate as brokers, matching drivers to ride sharers. However, they maintain control of their drivers by managing what they charge. Blockchain technology can put more control in the hands of the driver.

Arcade City is aiming to do that. They operate just like Uber, but with a twist. They are leveraging the bitcoin lightning network to allow their drivers to set their own rates and track their transactions. This is more appealing to drivers and allows them to build their own customer base without oversight from a corporate headquarters. It is important to note that there’s no need for driver’s to risk using an esoteric crypto project, because they can depend on the reliability of bitcoin.

The Tip of the Iceberg

Through the decentralized versatility and immutable nature of blockchain technology there are endless opportunities to disrupt existing industries. The above projects are simply the tip of the iceberg, and are definitely not an exhaustive list of projects. However, this is a good start to see the way blockchain is impacting industries and businesses as we know it.