There’s a token for almost everything now, and while many of these projects are likely going to fail, there are some true winners out there. When hunting for a new investment, you should always ask yourself what a particular solution is trying to solve, and if it’s actually going to do it better than an existing solution. Investors should avoid throwing money at absolutely everything blockchain, especially if they are unable to establish a viable use case for its token. In this article we’re going to be doing a little cryptocurrency analysis to determine which niches will be the most valuable within the cryptocurrency sphere in the next few years.
Supply chain and logistics
The logistics sector is still somehow heavily disorganized despite the digital revolution. Records keeping is a nightmare, and communicating with other facilities, even within your own company can give anyone a headache. However the blockchain has some very nifty solutions to these woes that can not only make business operations more efficient, but it can also do it cheaper. The ledger, which most currencies use is immutable. This means that once items are entered, nobody can tamper with them. This is very valuable in the world of business, because that makes it much easier to audit. Instead of spending millions of dollars to audit inventory for their companies, it can all be automated on chain.
Retailers and manufacturers will soon also be able to register each and every product to these chains, allowing them to track their goods every step of the way. Some of these systems will even be paired with IOT devices and sensors that can do things like monitor the temperature of perishable goods, making sure that they never fall below the safe zone at any point of the journey. Customers will also have access to this information, allowing them to verify the safety, authenticity and origin of their goods in real time.
Supply Chain Tokens: VeChain, OriginTrail, Devery, Ambrosus, Walton Chain
Medical and research
Believe it or not there are actually many medical projects looking to get off the ground by utilizing blockchain technology. Many of these solutions involve wearable devices similar to Fitbit which will track the health data of patients. This information is fed into the system, and then patients will not only be able to be in better control of their health, but doctors will also be able to monitor this information to provide more accurate treatments, and to gather data that may not be easily obtainable in a hospital or office settings.
Medical research companies will also have the ability to purchase data from these startups in order to gather information on their existing treatments, or even to create brand new ones. A couple of these projects will even allow the patient to sell the data themselves, allowing them to earn income for their health information.
Medical tokens: Lympo, Docademic, MedCredits, Patientory, Dentacoin
Banking and identity verification
Our current banking and identity verification procedures are loaded with fraud. A breach in the security of a major financial institution leads to the leak of unfathomable amounts of consumer data. By utilizing the blockchain this information can be stored and transmitted more securely. In addition, users will be able to retain full access to their private data, only allowing websites or businesses to access it with their permission. There are many projects working on these ‘identity’ locker type systems that will not only protect consumer data, but also speed up the onboarding process of consumer loans, account opening procedures and any other services that require your identity to be verified. This technology can go a long way in preventing fraudulent transactions and identity theft.
Banks can also benefit from the cheap and easy transactions that the blockchain allows. Global remittance is still quite expensive, but cryptocurrency is a global currency, and that means it can cross borders without issue. Soon frictionless global payments, identity verification, trustless peer to peer loans and other blockchain based financial products will be the norm in society.
Banking tokens: Ripple, Lumen, OmiseGo, Hydrogen
While there are of course many niches where the blockchain would be well suited, these industries seem like they are primed for a shake up. Investors would be wise to look into and evaluate a number of these solutions.
TheBitcoinNews.com – leading Bitcoin News source since 2012
Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. The information does not constitute investment advice or an offer to invest.
TheBitcoinNews.com is is not responsible for the content of external sites and feeds. Guest posts, articles or PRs are not always flagged as this!