Blockchain technology can have a significant impact on several industries and sectors. In this post we will highlight the most important ones.
Data and Security
Nowadays, you and me can store their data on a blockchain using platform like filecoin, arweave or bittorrent. What these platforms offer, compared to your normal storage device is enhanced security, privacy and the fact that the blockchain is always available from anywhere in the world. These features as we can call it, make it that storing data on the blockchain can be very interesting for a couple of sectors. Like the healthcare industry and the presidential voting procedure.
In the healthcare sector, the use case lies within the fact that the blockchain makes it possible for personal (medical) details to be uploaded on the blockchain. Ones its uploaded, the content’s aren’t visible to anyone. Unless permission is granted. To a doctor or a surgeon for example. This makes it, that the blockchain is both secure for the patient (and his or her details). While still being fast when it comes to providing these details with the people that need them to help you.
In the case of voting, it kind of works the same. As the data isn’t viewable for everyone and is temper-proof, it allows for a voting process that is guaranteed to be private, fair and secure.
Supply Chain Management
Within the supply chain management, the blockchain can be used in a variety of ways. With the first being the authentication and verification of products to make sure they are not counterfeit. To make sure of this, a nft from the manufacturer could be sent with the shipment of a pair of sneakers. Guaranteeing that the pair of sneakers are indeed legit and from the manufacturer. Another advantage of a system like this is that the product can also be tracked via the blockchain. Making it even more feasible for supply chain management and more trustworthy for the costumer.
A different example, that is still related to supply chain management, is the use of blockchain technology in warehousing. Robots can use the blockchain to navigate the warehouse and even receive orders for pickup over the blockchain. With this, the robots work very efficiently in accordance with each other. Ensuring that your order from amazon (or another retailer) gets delivered on time and without mistakes.
Financial Sector
Blockchain technology can revolutionize the financial sector in more ways than one. The most obvious one coming to mind is of course the offering of new financial assets, better known as cryptocurrencies and tokens. Just like stocks, these cryptocurrencies can be bought and sold on the markets, creating new trading possibilities that weren’t available before. But besides this, cryptocurrencies carry a real life use case. As they allow for cheaper and faster transactions, particularly across borders without the need of a bank or intermediary. Allowing more people to access financial services.
Another way blockchain technology is going to innovate the financial sector is by the DeFi or decentralized finance space. In which people can burrow and lend money easier through the blockchain, independent of where they are. This allows anyone, wherever in the world, to have things like a bank account (a crypto wallet), possibility for lending and even earning possibilities with their cryptocurrencies from staking.
Energy
The blockchain can also help out in energy trading. With smart contracts, surplus energy can directly be sold resulting in a more efficient energy grid. Moreover, when there is too little energy, smart contracts can also automatically purchase more. Even with specifics like energy source (renewable or not) or location.
Blockchain technology can also help with carbon emission trading, which is in essence the trading of rights for pollution. This market currently is known for its shady business dealings and blockchain technology can help out with its transparency. Allowing rights not to be sold multiple times (something that currently happens within the industry).
Real estate
In regards to the real estate sector, there are 2 major blockchain related innovations that will have a serious impact on the industry. Tokenization and virtual real estate. With the tokenization of real-life assets, real estate is expected to see a shift. Projects like realT are at the forefront of this, and provide users with fractional ownership of real estate in the form of tokens. With these tokens, the owner of the tokens is also owner of the real estate object it represents, with all things included. Like the rental income and the a part of the sale price if it gets sold.
With virtual real estate it sort of works the same, as you get a token that represents the ownership of a building. However it differs with normal real estate in the sense that virtual real estate only exists digitally. This real estate is usually located in-game or inside a metaverse and can just (like with normal real estate) be rented out and bought and sold.
Right now virtual real estate is in its infancy and due to that it’s hard to predict what it will bring to us. A few possibilities could be a companies office for costumer service within a metaverse or something like a casino, bringing entertainment to the metaverse.
Entertainment and media
Blockchain technology can have several advantages for the entertainment and media sector. As the blockchain has an immutable record of ownership, intellectual properties can be easily stored their. Things that can be considered are things like movie or music rights. The blockchain also allows for easier transfer of those rights and thus added liquidity for those assets.
Furthermore can smart contracts be used for licensing and distribution of the intellectual property. As smart contracts have the advantage that they can automatically keep track of paid compensations and copyright infringements.
Another way the blockchain can have an influence on the entertainment and media industry is by having entertainment-based blockchains. An example of this being the TRON blockchain, that allows its content creators to earn by distributing and creating content. Furthermore, content creators can also be tipped in cryptocurrencies if users like the content.
Disclaimer
Please note that the information provided in this blog post is for informational purposes only and should not be considered as financial advice. The content presented is based on personal opinions and research, and it is recommended to conduct your own analysis and consult with a qualified financial advisor before making any investment decisions. Cryptocurrency investments carry inherent risks, and the author and website shall not be held responsible for any financial losses or damages incurred. Always exercise caution and make informed decisions when dealing with cryptocurrencies or any other financial assets. Lastly, please conduct your own research into the legality of crypto within your jurisdiction. Furthermore, trading can carry significant risk and should only be conducted with an amount that you can afford to lose. This is not financial advice.