Industries revolutionized by blockchain ②

Industries revolutionized by blockchain ②
25 Mar 2019 by
8 0 38

Last time I talked about using blockchain in elections, car sharing, education and charity.

I will continue to look at how blockchain can be used.

① Insurance

In light of the increase of autonomous vehicles and pet ownerships, I think that blockchain technology has been adopted in the fields of life insurance, accident insurance, reinsurance and pet insurance.

As insurance is an intangible product, certification and procedures require cost and effort.

By using highly transparent and tamper-proof blockchain, accurate and speedy confirmation can be made and required documents can be issued.

② Music and entertainment

The music and entertainment industries have chronic challenges. That is the low influence of the copyright holder and the fact that the original artist has not been paid fairly for what they do.

Copyright occurs when a song is created, and the right is given to the creator. However, in the current music industry, a copyright management organization, rather than the creator, manages and determines music royalty fees etc., so this structure gives the actual copyright holders less control.

Also, this structure results in a small amount of compensation for the original copyright holder.

When it comes to distributing music in the media and in shops, there are agency and advertising fees, which means even less earnings.

By using the feature of blockchain that records transactions, the use of music and the charge will be kept systematically.

You can also search for copyright holders without hassle, and by disclosing rights, the administrator is protected.

In addition, the number of plays and purchases etc. are accurately recorded in blockchain, so the rights and compensation of composers and artists are protected.

Transparency can be obtained by not including brokers there.

③ Food hygiene issues

Food related issues such as falsification of origin of food, food hygiene, ingredient labelling and food loss (mass production and mass dumping) are problematic. In order to improve traceability, blockchain is effective.

Anyone can easily manage and track food using blockchain. Document creation in origin of food and quality is automated and streamlined, and data tampering can be prevented.

Blockchain is the fundamental solution to all food problems.

Even for consumers, blockchain makes it possible for them to eat safe products as they need, and as a result it will help to reduce food loss etc.

I have repeatedly told you about the benefits of adopting blockchain regardless of the industry, but there is a reason why some companies and organizations are reluctant to do so.

The main reasons are the cost of implementation and the fact that the technology is not understood properly.

In Japan, in particular, as the infrastructure and finance are already operated with a reasonable level of quality, it is hard for many organisations to replace them with blockchain technology.

It may take some time to adopt the technology while considering the cost and the technical knowledge required, but blockchain will definitely become part of our life soon.

BlockchianJapanMusicinsurancefood



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