Though it was originally created to be the supporting technology behind Bitcoin, many different industries have been adopting blockchain for its incredible decentralized platform and unprecedented transparency irrespective of possible use with Bitcoin as a particular form of currency.
It may not be long before blockchain is a part of every industry, and so here are some industries that are at the forefront of employing it:
1. Sports startups can benefit from better engagement and advertising options.
There currently exists major problems for startups in the sports content space, including but not limited to a lack of a fan-centric approach to fundraising, sub-par engagement and bare community-style platforms, with Twitter being a main medium for the industry. While it is evident that social media has been a facilitator of enhanced engagement for sports and entertainment services, blockchain is seen as something that can be a real game changer.
Take for instance TOK.tv, which enables millions of fans to discuss sports with their friends while watching a match-up on TV, empowers teams and brands to reach out to fans as well, and then monetizes the experience by using branded content and ad-syncing based on blockchain technology. Brands can target the perfect individuals most likely to respond to their ads during game pauses, making the experience like being able to click on a live commercial.
Digital advertising dollars is the lifeblood for many startups and the blockchain can help solve problems in an area that is described as inefficient and opaque.
2. Real estate investments can be tokenized, creating new options for investors.
Real estate is eagerly applying the use of blockchain, because it can not only be used for monetary transactions, but also host smart contracts and minimize the need for intermediaries. With blockchain’s transparency, something like use of an escrow could soon be a thing of the past.
Blockchain can aid the investment in real estate as well too. Whether it be personal real estate investments or investments in private equity funds that consist of a portfolio of real estate assets, historically real estate investments are long-term due to their illiquid nature. Investors are forced to tie up their capital for years at a time, often with no real return of their capital or profits until the investments are sold notwithstanding income earned in the process. This timeframe is typically in the 5-10 year range.
But with the advent of blockchain technology, properties and investment vehicles can be “tokenized,” allowing for multiple people to have fractional ownership and now hold a liquid investment, as the tokens can be freely traded on the secondary market. As an example, Muirfield Investment Partners has plans to offer a Tokenized Asset Offering (TAO) to address key structural issues within the private equity industry, fill a market gap for crypto investors and make private equity investing liquid and accessible to investors of all sizes and geographical location. Compliance with U.S. Securities laws is of great importance for this type of vehicle as there are a lot of eyes on the industry.
3. Hollywood is getting into the act of crypto fundraising and distribution through the blockchain.
A group of several production companies has formed an alliance to create a science fiction anthology series entitled New Frontiers, which will consist of five segments that combine into one narrative. Together, the anthology has a budget of five million dollars. What makes this project most interesting, though, is that the chapters are the first production to be entirely funded via cryptocurrency and distributed on the blockchain.
Funding movies over blockchain may result in a more audience-oriented, engaging version of Hollywood. It may also enable individuals and groups outside of the major production houses to better create, produce and distribute their films, putting additional power in people outside of Warner Bros, 20th Century Fox and others.
Viewing entertainment may become more accessible, and creating entertainment may not have to strictly be in the hands of major studios any longer.