Thread by @PastryEth

Top industries #Ethereum is in the process of disrupting

1. Banking

Moving $$ around the world is a logistical nightmare for even banks themselves

A simple transfer has to bypass a complex system of intermediaries before reaching a destination

The whole process is inefficient, and people are racing towards a better solution

2. Art/Collectibles

The art industry has already begun adopting blockchain & tokenization as a way to increase access to the art market & reduce tx costs

NFT’s are used to certify ownership of art, allowing for artists to create a unique signature for each piece of art sold

3. Gaming

NFT’s have potential to massively disrupt the gaming system as we know it

Unlike the current scenario where you don’t really “own” your in game purchases, NFT’s “prove” ownership of digital assets, & makes them easily transferable among the entire ecosystem

4. Music

The music industry is littered with greedy record companies soaking up massive amounts of sales from customers & only distributing a tiny amount to creators

Using the blockchain, artists can find new ways to interact with their fans, & get paid from them directly

5. Supply chain

With #ETH, txs can be stored in a permanent decentralized record, & monitored securely & transparently

This can greatly reduce time delays and human mistakes. It can also be used to monitor costs, labour, & even waste/emissions at every point of the supply chain

6. Forecasting/Predicition markets

#Ethereum is set to change the entire approach to research, consulting, analysis, & forecasting.

Such technologies allow for monitoring and placing bets on anything from sports, to stocks, to elections in a completely decentralized manner.

7. Networking/IOT

Cloud services require vast computational resources & storage capacity, which can be inefficient when it comes to launching IoT products

Blockchain tech can help facilitate more decentralized cloud services, increasing connectivity, security, & comp power

8. Insurance

The insurance market is based on trust management

Blockchain is a new way in managing trust & can be used to verify any type of data in a contract

A large # of people either don’t have insurance or lack qualifications for it, & $ETH can act as an unbiased insurer

9. Storage

Data on a centralized server is inherently vulnerable to hacking, data loss, or human error.

By decentralizing the storage of information, blockchain tech prevents a hacker from gaining access to all info at once, creating a more robust & sound ecosystem for data

10. Charity

Common complaints in the charity space include inefficiency & corruption, which prevents money reaching those meant to have it

#ETH provides those making donations the ability to precisely track where donations go, when they arrived, & whose hands they ended up in

11. Voting

Elections require authentication of voters’ identity, secure record keeping to track votes, & trusted tallies to determine the winner

Using #ETH, votes can be captured as transactions on a blockchain, and governments and voters would have a verifiable audit trail.

12. Governance

Government systems are often slow, opaque, and prone to corruption.

Through the use of DAO’s, #ETH can significantly reduce bureaucracy, increase security, efficiency, & transparency for corporations

13. Health

Use of #ETH could allow hospitals & others in the healthcare value chain to share access to their networks without compromising data security & integrity

Better data collaboration could mean more accurate diagnoses, more effective treatments, & cost effective care

14. Energy management

Energy management has been a highly centralized industry for a long time.

Energy producers cannot buy it directly from each other and have to go through a private intermediary

However, #ETH allows for a global Peer-To-Peer energy marketplace

15. Lending/Borrowing

Traditional banks & lenders underwrite loans based on a system of credit reporting

#Eth opens up the possibility of P2P loans, complex programmed loans, & a faster & more fair process in general

The top 5 banks in the US control $3.7T worth of lending

16. Digital ID

Banks can spend up to 3 months executing KYC proceedings

Apart from time & effort, complying with KYC rules costs banks money (est $500m/year).

Using blockchain for KYC could reduce requirements for banks by 10%, equating to cost savings of up to $160M annually

17. Payments

While crypto is a long way from replacing fiat currencies when it comes to payments, the last couple of years have seen significant upward growth in tx volume for both $BTC & $ETH.

In fact $ETH became the first to settle $1T in tx’s in one calendar year (2020)

18. Crowdfunding

“ICO’s” are changing the way we think about how companies are financed

ICO’s occur globally & online, which allows an exponentially higher # of investors

Filecoin, (raised $257m), & EOS ($4B) are excellent examples of the powers of this new fundraising model

19. Advertising

Transactions around the advertising space are being replaced by programmatic ad methods

Utilizing the blockchain, value can be ascribed to advertising audiences through targeted actions, which returns purchasing power back to users.

20. Augmented reality

AR is growing at a rapid rate, & has garnered the attention & massive amounts of research funding from the some of the largest corporations in existence

In a augmented reality, a digital currency such as $ETH will be most suitable for the transfer of value

21. Internet of value

#ETH is leading the way into the internet of value, a not too far away future where all forms of value are digitized & tokenized, freely transferable among a global network of participants without the need of a middleman or other third parties.

22. Securities

Financial markets track ownership through a complex chain of brokers, banks, & exchanges

These have been built on an outdated system of paper ownership that is slow & prone to failure

Moving assets onto the blockchain could save an estimated $24B per year

23. Trade finance

With #ETH smart contracts, payments between importers & exporters can take place in tokenized form contingent upon delivery or receipt of goods

Industries can set up rules that ensure automatic payments and cut out the possibility of mismanaging funds

24. Real Estate

Real Estate has been primarily concerned with listings & connecting buyers & sellers

However, the blockchain introduces new ways to trade, enabling online marketplaces & even fractionalized ownership to support Real Estate transactions more comprehensively.