Industries That Blockchain Will Radically Transform Forecasting/Trading
A common misconception, held by many newcomers to the blockchain world, is that the technology’s potential lies solely in the banking and financial industry. In fact, the recent suggestion of the Indian government to rename cryptocurrency as “crypto assets”, and Warren’s Buffett’s belief that Bitcoin is not in any way a currency, are perhaps closer to the true nature of cryptocurrency than the commonly held belief that it is simply digital money.
Cryptocurrencies should not be seen as just money, but as tools. Blockchain technology, which underpins cryptocurrency, has potential in many more forms than just as a medium of exchange and store of value.
The application of this technology to industries as varied as supply chain management, fashion and publishing is a result of the innate flexibility of blockchain. The nature of a platform can be programmed to suit a variety of needs. The sooner an investor realizes this, the sooner they will see how exactly it might be applied to different industries, giving them a degree of clarity with can help them measure the potential of a project to disrupt a particular industry.
Given the immense potential of blockchain, we take a look at industries, one at a time, that will be upended by its imminent commercial arrival. The shown here is as folows:
Trading on the stock market is difficult. Buying and selling stocks is not as easy as one would wish it to be, and settlement time and costs could be lowered with a technology like blockchain. tZERO is attempting to bring blockchain to online stock trading. This would reduce settlement time and costs, and increase transparency and auditability
Augur is a prediction market that has multiple possibilities, more than just stock market prediction. Users can ask questions about the outcome of a future event, and buy and sell shares on the outcome of markets they wish to participate in. For an in-depth guide, read our article on Augur.
Stox is an open-source Ethereum-based prediction market where “users can make their predictions to generate their portion of a stake for a specified event.” Their marketplace is a major selling point of their platform, though it does not seem any different from Augur.
Gnosis functions in a similar manner to the aforementioned platforms, with users gaining Olympia tokens for successful predictions.
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