Although blockchain got its start with cryptocurrencies, in 2019 it’s seeing applications in nearly every sector, according to Joseph Lubin, the co-founder of Ethereum in a March 12, 2018 video.
A Quick Sit-Down
While blockchain has been steadily taking over the world, there are those who still do not understand or have an interest in what the technology can do for organizations.
Fortunately, Joseph Lubin, the founder of ConsenSys was able to take some time between Ethereum’s recent hard fork and the consideration of gas fees to make a March 12, 2019 video with ConsenSys media in which he explained some of the non-financial applications of distributed ledger technology (DLT).
Question and Answer
Lubin opened with examples from a wide variety of industries and explained their interest in blockchain technology. According to him, the financial sector was the first to get involved in the space because they sought to remove expensive intermediaries and also because they saw the uprising in the tokenization of assets.
Since then, a number of banks are making use of it for a wider array of purposes including decentralized infrastructure systems to manage securities.
Another sector beyond the world of finance, are content creators who, with blockchain technology, will have easier access to their audiences. Lubin cited Ujo Music, a ConsenSys project, as a prime example as the platform currently helps over a thousand artists upload their content. Lubin stated that artists are looking to move away from traditional business models to have access to a larger share of revenue.
By making use of a platform that uses smart contracts, artists can enjoy more income while intermediaries like promoters and record companies are excluded from the business model.
As for the journalism industry, Lubin says that blockchain could help reverse the decades-old trend of large corporations buying up media outlets and pumping information through them with no regard for journalistic integrity. He then spoke about Ethereum’s partnership with Civil to pursue this exact objective.
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