Whenever we think of a technology like Blockchain, we often envision the manifestations of this new distributed ledger out of the reach of the common man.
However, it should be understood that any new technology can be considered more effective when the most common users benefit from it, even without realizing that they are enjoying its fruits.
Technologies like GPS, digital payment gateways, and social media can be cited as good examples of how new technology should affect the lives of ordinary people, even without them realizing it. Maybe blockchain hasn’t reached that level yet, but it surely is on the path of progress towards that area.
LET’S LOOK AT SOME TERRITORIES WHERE BLOCKCHAIN HAS HAD A VERY CONSIDERABLE IMPACT.
cryptocurrency
It goes without saying that the most prominent manifestation of distributed ledger technology is cryptocurrency. Bitcoin might have been a small technological breakthrough back in 2008, but in less than a decade since its inception, it has created value both in terms of viability and profitability.
Often when we think of cryptocurrency, we don’t think of anything other than bitcoin. There are many cryptocurrencies in circulation and it has all the credentials to effectively replace traditional currency, or in blockchain jargon, ‘fiat’ currency. With the advantages like decentralization, immediate transfer, and zero cost involved in banking, cryptocurrency is poised to be a viable alternative to traditional currency, and it may not be surprising to discover one day that the largest money ecosystems , like stock markets, embrace cryptocurrency.
Supply chain management
Perhaps one of the most obvious beneficiaries of the rigidity and automation aspects of blockchain is supply chain management. Supply chain management is a typical example of a process that is easy but not simple. Although the processes involved in supply chain management may seem easy on the surface, there are many complications involved.
With blockchain technology, supply chain management can be handled with the utmost ease and efficiency. Almost every step in the process can be conditionally automated, eliminating the need for human intervention and the associated elements of uncertainty. Imagine if everything related to supply chain management course was not only automated but also made foolproof!
real estate tokenization
Real estate is the Peter Pan of the investment world: the most beautiful, traditional investment avenues but also the most profitable and reliable. However, there are many disadvantages associated with investing in real estate. The first of these is that high-value commercial real estate is out of reach for ordinary investors. This results in greatly reduced liquidity, making the asset not very profitable for a considerable amount of time. On top of that, even if investors could offer to invest in commercial real estate, they might not feel comfortable putting all their eggs in one basket.
Tokenizing real estate is the panacea that the investment world was looking for. By dividing massive real estate into small but tangible chips, everyone gets a piece of the pie. This not only diversifies the asset’s investment portfolio, but also improves its magnitude of liquidity.
Gaming
Little, but people expected something as casual as gaming to be combined with something as serious as Blockchain. As ironic as this pair is, it is testament to the fact that blockchain is here to impact almost every segment of our lives.
There are different manifestations of blockchain technology when it comes to the world of gaming. For one thing, they reside entirely within the specific blockchain. On the other hand, there are games where the ownership of virtual assets only resides in the blockchain. This gives players the opportunity to convert their virtual assets into real assets that give them some value. This proves a better alternative to the traditional female system where all assets vanish into thin air the moment the game company decides to pull those games offline.
Photo Credit: Tumisu / 852 Pixabay Images A Glimpse of the Future
The fact that there are many blockchain application development companies around the world should be a strong enough signal to herald the growth of blockchain as a technology in the near future!
There have been instances where even IBM had predicted that there is a maximum need for five computers in the world. However, today we see the complete opposite of what has been said. That is the case with any new technology. Today, there could be a lot of debate about whether or not such a change is a viable technology. However, there will be a time in the future when blockchain will be an inevitable part of our lives.
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Categories: Technology
Source: vtt.edu.vn