The trade.io Liquidity Pool and the projects shaking-up business with the blockchain
One of the strengths of blockchain technology is how it can improve transparency and open-up access to previously closed systems. Two recent stories provide similar examples: first, the projects in Israel and Russia that are allowing people to buy ‘shares’ in diamonds – something that was impossible before.
And second, the work of IBM on bringing blockchain technology to areas such as the fashion industry, where the supply chains have often been implicated in practices that are environmentally-unfriendly, or in which workers are mistreated. Again, the blockchain here brings transparency.
There are plenty of other sectors where blockchain technology is having a similar effect. In insurance, for example, startup Etherisc created a Decentralised Application (DApp) on the Ethereum blockchain to monitor flight delays and sell flight delay insurance. The DApp used historical data to determine premiums and then monitored flight information to automatically pay policy holders in the event of a delay. The payment was processed automatically without any manual verification or claims process.
Tackling identity management and government
Cambridge Blockchain is using the technology to tackle identity management – offering compliance checks and ensuring that individuals remain in control of their data – something that has previously been lacking from traditional companies in this space.
Government services are another area that has previously been opaque and where errors and fraud can be costly. In the United States, the state of Delaware has piloted a company registration system built on the blockchain, while Estonia has been testing blockchain-based voting technology.
Blockchain as a disruptor
Meanwhile, the trade.io Liquidity Pool could be described as a blockchain-powered investment bank. Owners of trade tokens (TIO) loan them to the Pool which can then use them to make markets and provide liquidity.
It’s a groundbreaking approach and one that gives TIO an appeal that goes beyond the typical crypto token investment. Technology news site, The Next Web said The Liquidity Pool was creating a “democratisation that the markets should have been able to offer by default but which has been lost due to the present financial setup”.
These ideas are at an early stage but they all demonstrate ways in which blockchain technology could up-end business-as-usual in a wide range of sectors. Ideas like these are only the beginning. In the coming months and years we will see blockchains applied to all kinds of sectors.