Blockchain is an emerging innovative technology that is being implemented in a variety of industries. The following are standard examples of use in various industries.
Energy
Energy companies are using blockchain technology to create peer-to-peer platforms for energy trading and easier access to renewable energy. As an example, consider the following uses:
Blockchain-based energy companies have created a trading platform for selling electricity between individuals. Homeowners with solar panels use this platform to sell excess solar energy to their neighbors. The process is almost completely automated: Smart meters create transactions, and the blockchain records them.
Thanks to blockchain crowdfunding initiatives, users can sponsor and maintain solar panels in areas without access to electricity. Also, once solar panels are installed, sponsors can receive rent for them.
Finance
Traditional financial systems (such as banks and stock exchanges) use blockchain services to manage online payments, accounts, and market trading. For example, Singapore Exchange Limited, an investment holding company that provides trading services across Asia, is using blockchain technology to conduct more efficient interbank settlement. The introduction of blockchain technology has solved several problems, including the batch processing and manual reconciliation of several thousand financial transactions.
Multimedia and Entertainment
Multimedia and entertainment companies are using blockchain to manage copyright data. Copyright verification plays a key role in determining fair compensation for creators. Multiple transactions are required to capture the sale or transfer of copyrighted content. Sony Music Entertainment Japan is using blockchain services to improve the effectiveness of technical copyright protections. Successful application of the blockchain strategy has increased the efficiency of copyright protection while reducing costs.
Retail.
Retailers are using blockchain to track the movement of goods between suppliers and customers. For example, Amazon has filed a patent for a distributed ledger system that will use blockchain technology to authenticate all items sold on the platform. On Amazon, sellers can map their global supply chains, allowing participants (manufacturers, couriers, distributors, end-users and secondary users) to add events to the registry after registering with the certificate authority.