Word of the Day | IRL

Word of the day - IRL

Word of the Day | IRL

IRL stands for "in real life". It's used to contrast the online world with the physical world.

Here is a way IRL is used:

  • "We met online but are going to hang out IRL this weekend."¬†This means they met on a social media platform or online game, but are now planning to meet in person.

In business IRL companies can benefit from applications of blockchain technology. The key benefits lie in increased transparency, security, efficiency and new revenue streams.

Some examples:

  • Supply Chain Management:¬†Imagine a grocery store¬†-¬†using blockchain, they can track food items from farm to shelf. This increases transparency, ensures food safety and identifies inefficiencies in the supply chain. Customers can even scan a QR code and see the origin of their food!
  • Luxury Goods:¬†High-end jewelry stores - blockchain can be used to verify the authenticity of diamonds and other precious stones. This combats counterfeiting and gives customers confidence in the value of their purchases.
  • Real Estate:¬†Real estate agencies - blockchain can streamline property transactions. Secure records can track ownership history, manage contracts and facilitate faster and more secure property transfers.
  • Creative Industries:¬†Musicians and artists - blockchain can be used to create unique digital collectibles (NFTs) of their work. This provides a new revenue stream, allows for direct fan engagement, and combats piracy.
  • Voting Systems:¬†Government elections - blockchain can be used to create secure and transparent voting systems. This reduces the risk of fraud and increases voter confidence in the electoral process.

‚ÄĆ

https://www.dbm.academy/faq for more blockchain vocabulary.