Blockchain is an emerging technology that has been adopted in innovative ways by many industries. We cover some use cases in different industries in the following sections:

energy

A number of energy companies are using blockchain technology to create peer-to-peer energy trading platforms and simplify access to renewable energy. For example, consider the following uses:

A number of blockchain-based energy companies have created trading platforms for electricity sales between individuals. Owners with solar panels use the platform to sell their excess solar energy to neighbors. The process is largely automated: smart meters create transactions, and blockchains record them.

Blockchain-based crowdfunding schemes allow users to sponsor and own solar panels in communities that lack access to energy. After the solar panels are built, sponsors can also collect rent from the communities.

finance

Traditional financial systems, such as banks and stock exchanges, use blockchain services to manage online payments, accounts and market transactions. For example, Singapore Exchange Limited, an investment holding company that provides financial trading services across Asia, has used blockchain technology to build more efficient inter-bank payment accounts. By adopting blockchain, the company has solved several challenges, including batch processing and manual reconciliation of thousands of financial transactions.

Media and entertainment

A number of media and entertainment companies use blockchain systems to manage copyright data. Copyright verification is essential to fair compensation for artists. Multiple transactions are required to record the sale or transfer of copyrighted content. Sony Music Entertainment Japan is using blockchain services to make digital rights management more efficient. The company has successfully used blockchain strategies to improve copyright processing efficiency and reduce costs.

retail

Several retail companies use blockchain to track the transfer of goods from supplier to buyer. Amazon Retail, for example, has patented a distributed ledger technology system that uses blockchain technology to verify and ensure that all goods sold on the platform are genuine. Amazon sellers can map their global supply chain by allowing participants (such as manufacturers, delivery companies, distributors, end users, and secondary users) to add events to the ledger after registering with a certification authority.