Beyond its well-known financial applications, blockchain has potential in other sectors, such as:
- trade and supply chains,
- creative industries or
In the manufacturing sector, a blockchain could serve as a tamper-resistant record of digital file ownership.
This can help to prevent unauthorised use, theft and infringements.
Or in the energy sector, smart contracts could manage supply-and-demand flows towards the optimal use of available energy.
For example, in microgrid energy markets, individuals could trade renewable energy with others in their communities with (near) real-time pricing.
However, key challenges need to be addressed, such as
- convergence with other digital technologies,
- cost of migration and interoperability,
- applicable laws and jurisdictions, and
- feasibility of new business models and incentives.