You’ve likely heard about it in the news, blockchain technology and cryptocurrency have everyone talking. This revolutionary new technology class has astounding potential and is already being used in many different ways. It’s important to keep up with emerging technology because you never know how it could affect your own life. Let’s see some of the ways blockchain is already being used and some proposed ways it could be used in the future.
Banking and Transfers
If you know anything about cryptocurrency, you most likely know that it has been heralded as everything from the “next evolution in banking” to a currency that will “replace fiat.” It’s more likely that legacy banks will integrate blockchain into their systems and reap the benefits that this technology poses, as opposed to replacing banks altogether.
Cryptocurrency has some very enticing benefits for users. If you control your own funds, you can send them to anyone in the world, without a middle party involved. Depending on which cryptocurrency you choose to use, the transfer can also be lightning fast and with miniscule fees. Many mobile apps have already been developed that make storing and transferring your cryptocurrency a breeze, similar to mobile banking apps.
Online gaming of all types could also benefit from integrating blockchain technology. In fact, these two industries seem like a natural fit together. If we look at online gaming platforms for poker, blackjack, or other classic casino staples, we’ll see numerous ways blockchain could be used to enhance the games.
For instance, take online roulette. To see the benefits of using blockchain, it’s first important to understand the anatomy of roulette. For such a simple game, there are a lot of intricacies involved including odds, outcomes, numerous different types of bets, and more. Blockchain technology could be integrated with online roulette to track everything a player is doing on the platform, as well as all of their account details.
Blockchain is essentially a digital ledger that cannot be changed, only added to. It’s fascinating, and there are many other mind-blowing facts about cryptocurrency. Blockchain would be very useful in tracking all of the data that online games use, as well as help to show that the games are fair for all players. When we look at other popular online video games types like MMOs, blockchain can be used to track in-game items and currency. This way, ownership is always recorded and accounted for.
Logistics / Supply Chain Management
Logistics is a particularly complicated field that most average people don’t have any knowledge of. The logistics industry revolves around shipping products across the world, be it by air or in shipping containers aboard freighter ships. Normally, thousands of these containers are shipped at the same time. It can get very difficult to track all of these crates and parcels accurately.
Blockchain helps in this sector. Logistics companies can become more efficient when they have full knowledge of where their containers are and can track all of their motions live. This distributed ledger technology can greatly help to reduce any bottlenecks or clerical issues that may arise at the loading or unloading docks. Tying blockchain with IOT (internet of things) devices will create a massive worldwide network that companies can use in mutually beneficial ways.
NFTs (Digital Ownership)
If you pay attention to business trends, then you have likely already heard of NFTs in 2021. NFTs, or non-fungible tokens, are essentially digital certificates of ownership that can be used to confirm the proper owner and sales history of both physical and digital goods. This can greatly reduce the need for paper records and documents, making a more efficient and green-friendly system.
NFTs can be used for numerous types of media, but one of the biggest uses we’ve seen so far is for digital art. Previously, there was no proper way to ensure the ownership of graphic design projects, or images online. Pictures are often used online without the approval or knowledge of the actual owner. NFT systems will track where these pictures are being used.
This creates numerous opportunities for artists, photographers, even musicians to finally receive compensation for their work. In fact, we have seen some record breaking figures in just the past six months alone. Digital Artist Beeple received $69 million for a collection of 5000 pieces of artwork just months ago thanks to the NFT market.