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The potential of blockchain technologies in industries such as healthcare, banking and logistics have been evident for some time. Only last week, Vitalik Buterin, co-founder of Ethereum, put together on tweetstorms, which focused on non-financial use cases becoming a bigger and bigger part of the story.
Take healthcare as an example. The IEEE, the umbrella of various technology standards, has a project called The Pharma Blockchain Initiative which, in this case, can be applied in January, looks at ways in which emerging technology can be applied in ways that will optimize the processes across the pharmaceutical network. While it would be considered the key challenge, blockchain was considered to be a complex problem.
"Ultimately, the best model would be a true public blockchain where all the companies can point their pharma supply companies such as in," Maria Palombini, director at the IEEE Standards Association, said at the time, although noting that vision was a way off for now.
A study from the Auciance in October in six pharma companies are either using or experimenting with blockchain technologies – so the demand is there. Initiatives taking place includes MedRec, which aims to put electronic health records (EHRs) on the blockchain, and SimplyVital, which is going to be the other way by building blockchain infrastructure.
Or take banking as another example. No less an authority than Lori Beer, CIO of JP Morgan, said blockchain would 'replace existing technology' back in August. CEO of Jamie Dinon, CEO of Jamie Dinon, said last year and would like to invest in Bitcoin. Beer's comments, at a press conference in Buenos Aires, intimated the financial institution's investments in the technology were serious.
Plenty of banks out there, from the Deutsche Bundesbank to the BBVA, are implementing pilots, while reporting on a 10% reduction in headcount through blockchain technologies, potentially leading to $ 160 million saved annually.
An infographic from BitFortune explores 16 potential industries blockchain could be disrupt, from health to banking to retail. Take a look at the graphic below:
