More than 40 of the world’s most prominent financial institutions recently formed a consortium to investigate blockchain technology and its many incredible uses.
If money giants like Credit Suisse and JPMorgan Chase & Co. are investing money and resources in exploring blockchain tech, then surely it deserves a closer look.
Read on to discover some of the ideas financial experts suggest you try with blockchain in 2023.
It’s no secret that crowdfunding is currently facing a massive accountability problem. Up to 85% of campaigns face delivery delays, and at least 14% fail to fulfil their promises. This sort of situation raises serious concerns about the misuse of funds. And it can result in a loss of trust in supporting tech-based projects.
But there is good news. Blockchain technology can address this issue by providing better transparency and more information. Implementing blockchain tech in crowdfunding will result in better visibility on who the money is being sent to and how the funds are being utilised by the creators of the crowdfunding project.
Anybody who has ever tried to borrow money from a bank will know just how inefficient the industry currently is. However, as peer-to-peer (P2P) lending in personal finance rapidly grows, borrowers and lenders are now connected on a global scale via blockchain. This eliminates the need for traditional banks and their high fees and interest rates.
Thanks to blockchain, as a lender, it is possible to remain completely anonymous. The process can be as easy as simply selecting your preferred loan from the marketplace and initiating the transaction with the help of your wallet.
Borrowers, on the other hand, can enjoy the benefits of a low-interest environment when repaying a loan.
The insurance industry is vulnerable to various fraudulent schemes, such as applicants withholding critical information or filing claims on behalf of ineligible dependents.
To reduce insurance fraud, one solution is to record medical procedures and timestamp them on a blockchain platform, which would aid in compliance and verification of medical services rendered.
A major issue with existing prediction markets is their centralisation. This makes them particularly vulnerable to a single point of failure and susceptible to being shut down easily.
In such a centralised design, the reliance on a trusted individual to report accurately and honestly every time and without fail poses definite risks, including potential mistakes, the manipulation of results, and even dishonesty. However, with blockchain technology, thousands of users can collaborate to create an accurate forecasting tool. This is preferred to relying on a single individual.
It’s mostly impossible to tell whether medicine is genuine until you feel its effects – or lack thereof.
Blockverify relies on blockchain technology to provide a solution for tracking medicine all throughout the supply chain. This ensures an authentic product reaches the consumer.
Sales reps in the hotel industry know the frustration of last-minute cancellations. It can often be challenging to find a substitute guest for a vacant room when time is of the essence.
Companies can use blockchain technology to track and trade vacant hotel rooms in an efficient and cost-effective manner.