Blockchain applications have gained surprising momentum in the financial services industry.
Major banks and financial institutions worldwide have invested in blockchain startups or formed group efforts to test the technology collaboratively. Yet the newsworthy events coming out of the financial industry can sometimes mask blockchain’s potential in other industries that may not be making splashy headlines.
Change is slow, but blockchain technology is picking up steam in several other sectors of the economy far away from financial services – and some researchers are looking to explore applications beyond finance as well.
The Centre for Cryptocurrency Research and Engineering, a research effort established last fall at Imperial College London, was awarded a grant last February by the Engineering and Physical Sciences Research Council, a government entity that provides public funding for research.
Dubbed Cryptocurrency Effects in Digital Transformations, or CREDIT, the grant will support research into distributed ledger technologies in industries other than financial services.
Dr. Catherine Mulligan, the project's chief investigator, believes in the disruptive potential of distributed ledger technologies. She has previously worked on initiatives research at the intersection of digital tech, connected devices and urban living areas.
Describing the project, Mulligan outlined the research goals, telling CoinDesk:
“We're looking at how we can apply distributed ledgers or cryptocurrencies outside of financial services. So we're looking specifically at the disruptive effects of distributed ledgers in a variety of industries like energy, insurance, healthcare.”
The research, expected to last until July 2017, hopes to establish a methodology for evaluating the impact of blockchains on a variety industries, from music production to the car leasing sector, looking at the question from the angles of both startups and existing market players.
In addition, the project's investigators aim to craft policy proposals for lawmakers and government agencies.
More:
http://www.coindesk.com/blockchains-beyond-financial-services/
