Blockchain technology is most commonly associated with cryptocurrencies like Bitcoin and Ethereum. This application of blockchain tech has become so popular that it’s now traded on forex platforms, and has even inspired its own comic strip in the form of The Cryptos.
But the technology’s applications go further than just acquiring and growing digital assets. In a nutshell, blockchain tech works as a transaction ledger that keeps copies across computers within a network. Blockchain also allows information to be recorded and distributed digitally with the utmost security, thanks to sophisticated cryptography. Because of this, blockchain has found its purpose in other industries outside of finance as well.
In this post, we’ll take a quick look at what the future looks like for blockchain technology across different industries.
In Finance
Organizations and companies dealing with money require the most secure data protection mechanisms — and what better way to heighten data security than by using blockchain tech? The Startup explains that blockchain solutions provide superb security because of their decentralized nature. That’s why we’re more likely to see blockchain solutions used as validation tools and mechanisms that connect the physical world to digital assets as a security measure for banks and other financial institutions.
As this feature is deployed, more bank holders and card holders are more likely to trust their banks. Furthermore, human data entry can be removed in key validation processes thanks to blockchain tech, mitigating the risk of error and fraud.
In Gaming
The world of gaming is not one to shy away from using new tech to improve the gaming experience, and blockchain technology has found its way into the gaming industry in a number of ways. For one, it allows a parallel and continuous gaming experience as distributed ledgers give gamers the ability to use their avatars and items on different platforms. This feature will work with innovative gaming formats like virtual reality. The data stored on the ledgers can also be used for algorithms to create a fully personalized virtual experience for gamers who have different tastes and needs.
Blockchain technology’s unmatched cryptography can also be used to protect the digital assets and cash you store on the ledgers. Through this, gamers can feel that what they’ve worked hard for in-game and in real life is safe and sound. Already, an article by HP notes how the blockchain-based games and collectibles market is set to be worth $4.5B by the end of this year, with the likes of CryptoKitties, Gods Unchained, and OpenSea leading the way. Without a doubt, blockchain technology elevates the gaming experience, and we’re more than excited to see these future applications in play.
In Smart Contracts
This application of blockchain technology is incredibly powerful and extends to any field of business where contract law can be applied. Raconteur defines smart contracts simply as a direct, digital relationship between interested parties — but there’s more to smart contracts than just that. Basically, smart contracts are computer programs that supervise all clauses of an agreement, from how it’s facilitated to how it’s executed. As the smart contract regards the condition as complete, it can enforce itself on participating parties. Smart contracts revolutionize how companies do business as this removes the need for middlemen to execute an agreement, making processes more efficient and effective.
But despite the success of smart contracts, this blockchain application has yet to reach mass adoption. Small and medium-sized companies can benefit from smart contracts, and it’ll be exciting to see how this technology benefits smaller enterprises in the coming years.
As we continue towards an increasingly digital world, we’re bound to see more revolutionary applications of blockchain technology across different sectors. With it finding a place in different industries, it won’t be surprising if we wake up one day and find blockchain technology closely intertwined with practically everything we do in our day-to-day lives.
