Beyond Cryptocurrency: Blockchain Use Growing Rapidly Outside of Finance Industry

The increase in crypto use along the last few months has confirmed the long-held feeling that a revolution in the finance system is underway. Bitcoin, and many other altcoins, have increased in fiat value. Even more interesting is the growing interest by many financial institutions, reputed investment firms, and major central banks. However, the action we see underway in the financial sector is just the tip of the iceberg. The blockchain technology that underlays the cryptocurrencies is being adopted by other industries, and promises to change all aspects of how modern institutions function.

The fact that distributed ledger technology has usability beyond cryptocurrencies has been appreciated since the early days of Bitcoin. Now that crypto use is mainstream, those uses are being investigated and put in practice at a remarkable speed. The list of industries is being exponentil as more uses are found.
Insurance is definetely a field that is adopting blockchain technology. Several actors in the industry have moved this way, and more are for sure to follow. Shipping cargo giant Maersk, for instance, has developed a blockchain based tool to better manage the complex processes needed in maritime insurance. The system will be live in early 2018 and is part of a partnership with some tech companies such as Microsoft and blockchain firm Guardtime.
The medical industry is implementing a wide range of blockchain solutions. Link Lab and Chronicled, have joined forces to develop a system to track pharmaceuticals via the supply chain. Other initiativefs are creating blockchain platforms for maintaining medical records. A partnership between Beth Israel Deaconess Medical Center and MIT has developed Medrec, a record keeping application that it is claimed to be far better than those currently in use. So wide, is the range of medical applications being developped that in the next years blockchains could underpin every aspect of the industry.