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The companies already beating yours to take advantage of Ethereum

Ethereum is taking the same peer to peer blockchain technology currently revolutionising the finance sector, and bringing it to every other industry you could imagine. A new form of blockchain, it not only allows for transparent, automatically executed transactions in the same way bitcoin does, but is able to store other rules and conditions as well. In doing so, Ethereum allows what is now known as a Smart Contract an application that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.

Since the technology is so new (Blockchain has been around since the 90s and Bitcoin was created 7 years ago, but Ethereum was only established early this year), it is hard to imagine just how much of a game changer it could become, feasibly disrupting every industry that involves trade, trust or ownership (aka every industry).

We’ve put together a list of examples of how Ethereum and other blockchains could be (or is already being) adopted across governance, healthcare, law, energy, travel and recruitment to name just a few, in order to get to grips with some of the real life applications of the decentralised ledger technology (and give you a few ideas around how your organisation could be using it too.)

Energy

Insurance

  • Everledger is a startup using the blockchain to collect dozens of cross-referenceable data points on diamonds in a permanent distributed ledger to ensure verification for insurance companies, owners, claimants, and law enforcement.

Law

Finance

  • Forty big banks test blockchain-based bond trading system: “A consortium of 42 banks including Citi and HSBC are experimenting with 5 different versions of blockchain, with Ethereum considered the most advanced, to see where the technology could save them money by cutting out middlemen and making their operations more transparent.”

Government

Internet of Things

Software

Healthcare

  • Estonia is using Ethereum to secure over 1 million healthcare records. "In guarding sensitive records, the danger is that they could be altered, deleted, improperly changed or updated, affected by hackers, malware, system issues, etc. The blockchain in this case can prove the integrity of the record, and everything that has happened to it over time."

Music

Recruitment

Travel

  • Reddit Discussion on potential applications of Ethereum within the Airline Industry: “For automation, ticketing, boarding and baggage could seamlessly be blockchainified to coincide with a passenger identity and attributions that are immutable, transferable, and interoperable with other features of the pre, post, and in flight experience. Airline Miles and Rewards Programs with their issuance, use, expiration, and redemption could be added as well.”

Venture Capital

Finally, there are currently over 200 DAPPS (Decentralised Applications) that have been built on top of Ethereum’s technology enabling smart investment plans, the monitoring of election data, password vaults, voting with time and much much more.

While Ethereum is still only months old, organisations both big and small are cottoning on to its potential to build unique competitive advantages and entirely new ways of creating value. With application across every sector you can think of, the race is on to embrace the decentralised ledger technology in meaningful ways, or risk becoming outdated.

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