» WHAT YOU NEED TO KNOW: Currency of the future? Some argue it’s bitcoin
Are other companies using blockchain?
Engineers at GE Global Research are inventing ways to use blockchain. Engineers at GE Global Research are looking for ways to use blockchain to connect consumers and producers of electricity with batteries supplied by wind and solar farms. "Blockchain is this type of technology that comes in waves. It will happen, absolutely, whether we are there to take advantage of it or not," said Ben Beckman, lead scientist of the Complex Systems Engineering Lab at GE Global Research.
» Bitcoin surges in popularity: Common questions answered for you
What else can blockchain be used for?
For Michael Hiles, an entrepreneur and Eaton resident, the underlying blockchain technology has been an opportunity to start a new business. Hiles founded Cincinnati-based startup 10XTS, a venture lab that builds enterprise blockchain products and solutions for various industries.
» TRENDING TOPICS: Bitcoin prices are fluctuating. What’s really going on with cryptocurrency?
Blockchain technology is useful for more than just bitcoin. It can be used for tracking ownership, digital assets and even voting rights. It can create new ways to do business and offer new services to people throughout the world, the startup community claims.
“I think in 10 years, it’ll find its way into every industrial space,” Hiles said. “Just like the internet, no one ever thought it would do what it did, but here we are 20 years later and it has disrupted every industry segment. I expect that same impact with regards to blockchain-related applications.”
FIVE FAST BUSINESS READS
• Macy's to create 400 jobs at new Ohio distribution center
• This $2 million Warren County estate is a rural paradise with a resort-style pool
• 15 memories, moments at Elder-Beerman that influenced your lives
• Elder-Beerman parent company confirms liquidation
• You won't believe the inside of this INCREDIBLE Oakwood house