How Blockchain Technology Is Changing The World.
Funding to blockchain companies doubled between 2017 and 2020 and by 2022, global blockchain funding reached $26.8B. The most visible changes thus far are in the financial sector - from crowdfunding overhauls to decentralised finance (DeFi) apps impacting loans and credit, insurance and asset trading, infrastructure and security. However blockchain’s ability to enable more efficiency, productivity, innovation and creativity is seeing every industry transform and embrace this revolutionary technology.
From insurance to gaming to safer travel and even cannabis, the use cases are endless. Blockchain technology is a transparent, verifiable register of data transactions which operate through a decentralised platform. Requiring no central supervision, offering new ways to authenticate products and creating "smart" contracts, the world is rapidly changing.
Let’s take a look at how some applications from different industry sectors are utilised via blockchain, and how that impacts you.
Blockchain technology has the opportunity to disrupt the $5T+ banking industry by disintermediating the key services that banks provide, from payments to clearance and settlement systems.
Stock Trading & Hedge Funds:
New blockchain focused start ups are looking to automate and secure the process more efficiently than any past solution.
The crowdfunding industry emerged to “disintermediate” capital formation by giving backers or individual investors the ability to directly fund creators and entrepreneurs, providing a natural alignment with blockchain capabilities.
You’ll be seeing more of this Crowdfunding model with DBM so watch this space…
A digital form of money transacting on the blockchain which collectively maintains and validates transaction history. A series of protocols take place to enable peer to peer transactions without the need for intermediaries.
While some of the most successful blockchain companies are fairly centralised middle men, many new projects are innovating off-chain decentralized exchanges and investment platforms that work without the need of a third party to act as a clearinghouse.
Online and hardware wallets store cryptocurrencies in a private, non custodial way.
Will & Inheritances:
Wills are a highly specific kind of contract, providing an ideal use case for a blockchain smart contracts solution.
Companies are now developing a self-executing will system with a blockchain that will automatically distribute assets of an inheritance to beneficiaries upon confirmation of the trustee’s passing, eliminating the needs for executors and court battles regarding the integrity of the will.
Layering blockchain technology could make it easier to keep track of sensitive data as it is processed by accounting firms.
Loans and Credits:
Alternative lending using blockchain technology offers a cheaper, more efficient, and more secure way of making personal loans to a broader pool of customers.
With over 1.4B in the world unbanked, blockchain offers more equality and opportunity. These people have been up against insurmountable odds however there is now more financial inclusion due to blockchain.
For those making charitable donations, blockchain provides te ability to precisely track where your donations are going, when they arrived, and whose hands they ended up in.
TRAVEL & MOBILITY
Recording physical assets - like auto parts - on a blockchain is a prime example of where the technology can track ownership and authenticate genuine parts with a tamper-proof, neutral and resilient system.
This is obviously beneficial for planes, trains, boats, submarines - basically any mode of transport.
Other areas such as car leasing and sales, ride-hailing, public transport, trucking, air travel and aerospace and defence can all benefit from blockchain. Factors such as user experience, streamlining parts inventory and tracking, protection of assets and security can all be developed and improved.
Blockchain technology has the potential to revolutionize the healthcare industry by improving the security, accuracy, and transparency of patient data and medical supply chain management.
Blockchain can fulfil a traceable record in research and clinical trials.
Claims management efficiency can be vastly improved.
INFRASTRUCTURE & ENERGY:
A number of companies are leveraging blockchain technology to allow any device to securely connect, interact and transact independent of a central authority. A blockchain could serve as a public ledger for a massive number of devices which would no longer need a central hub to mediate communication between them.
This can cover internet infrastructure - software updates, bugs or energy management - city transportation, vessel arrival/departure, cargo tracking, power plants, securing data across industrial device networks.
An application of blockchain technology in the power and utilities industry has the potential to revolutionize the way energy is produced, distributed, and consumed, leading to a more efficient, cost-effective, and sustainable energy system.
One major application is energy trading. With blockchain, it is possible to create a peer-to-peer energy trading platform that enables individuals and organizations to buy and sell energy directly from each other, without the need for intermediaries.
This sector also includes 3D printing, construction, architecture and building, real estate, waste management and oil and gas production.
GOVERNMENT & PUBLIC RECORDS:
Blockchain can help lessen paper-based processes, minimise fraud, and increase accountability between authorities and those they serve.
The Swedish Land Registry has explored the use of blockchain for land registration, potentially eliminating fraud and reducing ownership disputes. It has also tested the use of smart contracts to execute property sales.
Voting can benefit greatly from blockchain tools which could serves as a foundational infrastructure for casting, tracking and counting votes - eliminating voter fraud and foul play.
Other key areas within this sector include Gun tracking, Law enforcement, Federal mail and World food / humanitarian programs.
Blockchain could decentralise consumers’ trust in a specific marketplace, attaching it more to sellers on various marketplaces and platforms than to the sites themselves.
A decentralised marketplace designed to empower retailers by giving them toatloa control over their retail space. Global Alliances can be created whereby any merchant who holds the native token is able to participate in the alliance. Those tokens also grant retailers the ability to vote on marketplace issues.
Luxury goods can be authenticated, customers can trace their products from design to distribution providing additional protection
counterfeit goods and fraud.
Walmart, one of the worlds largest retail outlets plan to launch it’s own cryptocurrency and NFT’s and is also focused on setting up shop in virtual lands (metaverse)
Customers can also purchase Bitcoin at kiosks within hundreds of its stores.
Ecommerce giants Walmart, Amazon and Alibaba are all exploring ways to integrate blockchain tech into global trade.
FOOD & BEVERAGE:
Blockchain serves as an accountability platform that can help cut down on food recalls, mislabeled products, and confusion over where an issue arose.
Monitoring the food supply chain with blockchain can trace contamination issues to their root.
Pilot programs are being tested where consumers can get access to data stored on the project blockchain. By scanning a QR code on the packaging, it enables them to see how far the product has traveled from farmer to store.
CROPS & AGRICULTURE:
A blockchain record can establish a level of trust between merchants that otherwise might not have experimented with one another. It supports the expansion of the market to encourage healthy competition between sellers.
Companies can digitise, buying, selling and storing of grain and other commodities. Relationships between players, from farmers to stock traders become centralised, transparent and secure.
Food safety, traceability and sustainability is improved in the breeding and raising of livestock by blockchain tech.
The fishing industry could become more sustainable, eco-friendly and legally compliant.
Between 20-30% of the fish sold in the US are caught illegally.
A blockchain system could verify where, when and how tuna fish are caught. Consumers will be able to scan a QR code to trace the fish “from bait to plate” and confirm they’re buying legally caught, sustainable tuna with no slave labor or oppressive working conditions.
INFORMATION AND COMMUNICATION:
Telcos can use smart contracts to automate the negotiation, settlement and implementation of service-level agreements with roaming coverage in multiple countries.
A number of messing platforms are integrating blockchain and crypto-related capabilities into their apps to enhance user security and privacy.
New platforms are emerging to level the playing field for writers and encourage collaboration among authors, editors, translators and publishers.
EDUCATION & ACADEMIA:
From a mainstream perspective, deploying blockchain solutions in education could streamline verification procedures, thereby reducing fraudulent claims of unearned educational credits.
This is currently remains a manual process that is heavily dependant of paper documentation and case-by-case checking.
Innovative homeschooling ecosystems are now being developed utilising blockchain tech. Not only by streamlining the delivering of the education but making the content more relevant to todays’ society and requirements.
Blockchain also provides a platform for parents to create income streams with business solutions. This makes it a holistic homeschooling model replacing an antiquated education system.
MUSIC & ENTERTAINMENT:
The industry stands to benefit from blockchain-powered processes, like content micropayments, the elimination of content aggregation, more reliable and accurate royalty distributions, and support for consumer-to-consumer sales.
Entertainment entrepreneurs are turning to blockchain tech to make content sharing fairer for creators using smart contracts.
Artists have used blockchain Crowdfunds to bankroll their work giving them more control over their intellectual property and profits.
The sweeping nature of blockchain technology, unhindered by geographical boundaries, means creators and consumers alike who did not have access in the past will be able to interact with the industry. Independent filmmakers unable to navigate the complicated web of movie industry financing can now tap into a vast pool of new resources, both from major investors and crowdfunding platforms powered by blockchain technology. It could also mean more consistent returns for media companies that are better able to address piracy. Artists and content creators can leverage tools with a greater insight into how content is accessed and distributed.
Movies being auctioned off as NFT’s allows retails investors to access fractional ownership. Movie buffs can now own a piece of film.
Blockchain could help dramatically reduce the cost of video traffic by decentralising video encoding, storage and content distribution.
GAMING & LEISURE
Blockchain tech enables gamers to have a more even playing field for competing, getting rewarded (paid to play), and exchanging assets across digital universes.
These rewards can be spent in game and traded on a crypto exchange for other cryptocurrencies, or exchanged back to fiat currency.
Online gaming is now considered a competitive sport with coveted titles to win, major cash prizes and even a black market.
Virtual worlds provide a platform for the user s to experience whatever the builders have dreamt up.
In 2022 Decentraland partnered with the Australian Open to host a virtual -reality tennis tournament, complete with a digital recreation of the Rod Laver Arena and virtual meet-ups with professional players.
Very cool if you’re a tennis buff…
SOCIAL MEDIA CONTENT:
Other companies are reimagining social media networks as platforms where people are paid for the content they produce, and users can maintain anonymity.
Twitter now allows tipping of creators with Bitcoin, while TikTok is partnering with NFT artists to create art based on viral content on the platform.
CLOUD COMPUTING & STORAGE:
Blockchain tech can help facilitate more decentralised cloud services, increasing connectivity, security and computational power.
Companies offer blockchain cloud storage with the additional benefit of lower transaction costs of storing information in te cloud,.
Users can also rent out their unused digital storage space in a peer-to-peer manner, potentially creating a new market for crowdsourced cloud storage capacity.
In 2017 Brave crowdfunded $35M in 30 seconds during its Basic Attention Token (BAT) ICO, (Initial Coin Offering)
Instead of using a middleman like Google of Facebooks ad arm, advertisers will list directly onto Braves’ blockchain-based browser. Users who opt in receive fewer but better targets ads without malware.
Paid to watch blockchain systems enable users to be rewarded in cryptocurrency to watch ad’s.
Whether you realise it or not, you are most definitely already using blockchain technology in your every day life.
Blockchain is transforming the way we transact, work, generate income, manage wealth, shop, travel, educate, entertain, communicate, and much more….
There are many more applications, I’ve barely touched the surface of what’s possible. However you can now see the applications being used with blockchain technology. Perhaps you’ll dream up something innovative and creative using this powerful technology.
If you would like to learn how you can use the same blockchain tech as we do at DBM to create consistent income, come and join the DBM Academy to find out more.
Register here: https://www.dbm.academy/registration-da001
Keep Soaring and Stay Free.