Blockchain doesnt just improve existing industry applications, it overturns our very understanding of how those industries can operate.

Blockchain and cryptocurrency continue to occupy the top of the hype cycle, but what do you know about the full potential of blockchain? The underlying technology revolutionizing our concept of money is bringing rapid change to many areas of our lives we never thought needed to change, much less would.

See also: Blockchain, Unchained: 5 Key Use Cases

Deloitte expects that 2020 will mark the start of the Blockchain decade. Theres no reason to suspect otherwise. Everyone from banking to car sales is taking advantage of the technology that was the driving force upending our understanding of how currency even works.

Blockchain is a virtualledger. It processes enormous amounts of data by recording transactions in anearly corruption-proof format. Each transaction gets recorded into a blockof information and attached to the previous transaction before it. The ledgerremains unchanged in history but continually updates to reflect any newactions.

Bitcoin exploded thanks to blockchain, but entrepreneurs in other industries quickly noticed applications in other areas besides finance. Use cases are endless when were talking about a totally transparent, perfect record thats not easily falsified.

Now, everywhere youturn, industries are talking about it. Blockchain doesnt just improve existingindustry applications; it overturns our very understanding of how thoseindustries can operate. Skeptical? Here for the approval of Industry 4.0, Ipresent: Blockchains Great Upheaval.

Finance is reeling overthe possibilities, but what about other fields? Some exciting applications youmay not have considered are just on the horizon (if not already here).

Industrial IoT: Oh yes. Our newest industrial IoT phase is coming thanks to the telco edge, 5G, and a sprinkle of blockchain. In fact, it could be just the thing large enterprises need to manage truly large-scale IoT solutions to the ends of the earth.

Blockchain allowscommunication between incomprehensible amounts of devices. IBM and Samsung, forexample, are putting it to the test with the ADEPT network, allowing devices towork autonomously, managing things like software updates or energy management.

These use cases span arange of industries from energy companies to large scale agriculture or evenoil or natural gas. Blockchain provides solutions designed for autonomy,releasing these enterprises from the burden of centralized control.

Supply Chain Management: Blockchain enables a secure record of each stage of the production process. Much like purchasing or financial transactions, the supply chain is its own series of transactions.

Companies are lookingfor clearer and more efficient ways to check for compliance, sourcing, and manyother challenging aspects of operating in a global business world. Consumerswant to know not just where products are manufactured but where materials comefrom and when.

Blockchain might offersolutions to that issue. With blockchain records, the supply chain componentscould have transparent records that are nearly impossible to forge. Consumerscan check up on each portion of the production process themselves. Companieslike Walmart have joined IBMs Food Trust Network, a distributed ledger tracingfood origins.

Energy Management: Blockchain could provide distributed solutions to a historically centralized industry. Eliminating the middleman could bring down the cost of energy while providing better efficiency across the board.

It may also help solve challenges in delivering renewable energy. Two companies in Spain are experimenting with using blockchain to verify that power is clean, while a Brooklyn startup is using blockchain to allow consumers to buy and sell energy between neighbors.

Decentralizing energyopens up many options for providing energy and keeping down costs. Blockchainfacilitates many new ideas in the energy field that could also help energycompanies keep up with changing regulations, populations, and energyavailability.

Governance: Smart contracts. Verifiable transactions. Backgroundchecks. Businesses can use blockchain for a number of business applications.These ledgers provide compliance for contracts, ensure consistency, andfacilitate organization.

Blockchain can helpcompanies manage their entire workforce and operations with greatertransparency. The tool could also help companies overcome difficulties hiringworkers from overseas or overcoming border difficulties executing contracts orprojects from country to country.

Social purpose: Younger generations are forcing companies to reconciletheir actual business practices with their proposed mission statements.Blockchain could allow companies to verify their business practices and attractcustomer loyalty, a challenging prospect in the world of global eCommerce.

The fundamental shiftcould be a great thing. Consumers will have more control over the companiesthey support, choosing ones with missions that align with personal values.Companies will stand out in a crowd by offering records of things like sourcingor production methods.

Federal Mail: Yes, the post office could be up for an evolution. Adistributed ledger has the potential to reduce tracking costs and improvedelivery and streamline supply chain management. It could also streamline thefinancial side of the post office, helping a giant organization track thingslike money orders and verify customer identities.

In fact, the post office released a report back in 2016 outlining the potential of blockchain. The organization found numerous examples of

Blockchain is enablingcompanies to reach customers and empower them to operate without heavycentralization. Blockchain allows companies to make changes in their corebusiness models.

Beyond market forces,blockchain may contribute to the flexibility and transparency required forbusinesses to operate in a world of disruptions. Blockchain may also helpcompanies pivot and lean up operations, providing more customer-centricoperations in the process. Its exciting to see what will happen.

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The Decade of Blockchain: What That Means for Industry - RTInsights