Although blockchain’s most common use case is cryptocurrencies, the Co-founder of Ethereum, Joseph Lubin, in a video said that blockchain is gradually seeing applications in nearly every sector.
Even if blockchain’s growth in popularity has been quite steady, there are those who still do not understand or have an interest in what the technology can do for organizations. They are not aware of how blockchain might be helpful in their respective spheres of interest.
Lubin took some time between Ethereum’s hard fork and gas fees, and on 12th March, in a video on Consensys media tried to explain some of the non-financial applications of distributed ledger technology (DLT).
Lubin illustrated with examples from a wide variety of industries and elaborated on why they should be interested in blockchain technology. He said that the financial sector was the first to get involved in the space because they sought to remove expensive intermediaries and also as they witnessed the uprising in the tokenization of assets. Several banks, since then, a number of banks are making use of it for a wider array of purposes including decentralized infrastructure systems in order to manage securities.
Another sector beyond the world of finance, where blockchain is being used in a widespread manner are content creation where blockchain technology, will provide easier access to their audiences. Lubin cited Ujo Music, a ConsenSys project, as a prime example because the platform currently helps over a thousand artists upload their content. Lubin stated that artists are looking to move away from traditional business models to have access to a larger share of revenue.
By making use of a platform that utilizes smart contracts, artists can ensure more income while intermediaries like promoters and record companies are excluded from the business model.
As for the journalism industry, Lubin says that blockchain could help reverse the decades-old trend of large corporations buying up media outlets and pumping information through them with no regard for journalistic integrity. He then spoke about Ethereum’s partnership with Civil to pursue this exact objective.
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