Industries Blockchain Could Transform

BANKING :
Banking is just the beginning. But from a macro perspective, banks serve as the critical storehouses and transfer hubs of value. As a digitized, secure, and tamper-proof ledger, blockchain could serve the same function, injecting enhanced accuracy and information-sharing into the financial services ecosystem.

Swiss bank UBS and UK-based Barclays are both experimenting with blockchain as a way to expedite back office functions and settlement, which some in the banking industry say could cut up to $20B in middleman costs.

MESSAGING APPS :
Popular among cryptocurrency enthusiasts, encrypted messaging app Telegram is raising an initial coin offering (ICO) to fund development of a blockchain platform. The decentralized messaging platform is an obvious threat to apps like Slack because it’s planning to raise the largest ICO in history, totaling $1.2B for its ecoystem of 170M users. The smart money investors rumored to be participating in the ICO include Benchmark, Sequoia Capital, and Kleiner Perkins Caufield & Byers.

Similarly, chat platform Kik has done an ICO for in-app currency. And Line, Japan’s most popular message service, is allegedly planning to expand into cryptocurrency trading.

VOTING :

Elections require authentication of voters’ identity, secure record keeping to track votes, and trusted tallies to determine the winner. In the future, blockchain tools could serve as a foundational infrastructure for casting, tracking, and counting votes — potentially eliminating the need for recounts by taking voter fraud and foul play off the table.

By capturing votes as transactions through blockchain, governments and voters would have a verifiable audit trail, ensuring no votes are changed or removed and no illegitimate votes are added. One blockchain voting startup, Follow My Vote, has released the alpha version of its stake-weighted end-to-end blockchain voting solution.

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