6 Industries Revolutionized by the Blockchain
A ballyhoo of buzzwords is shrouding substantive value.
‘Blockchain’, ‘Web 3.0’, ‘Cryptocurrencies’, ‘Metaverse’, ‘NFT’, have entered the modern vernacular and brought with them a cavalcade of hype. And millions of dollars behind it. The excitement is not without explanation but we must remember the other side of this (crypto) coin: the underlying technologies.
Countless nodes make up the expansive distributed ledger of information on the blockchain. With data and smart contracts being stored on this publicly visible, decentralized platform, corruption and skullduggery is next to impossible.
It is these technologies that will sally forth fundamental transformation within industries. And that is where the true value and growth lie. Will these transformations be practical? Realistic? Profitable? Yes. Enterprises that are adopting blockchain and smart contract technology are industry leaders.
Blockchain can provide value in many different ways for the following industries:
1. Advertising Verified loyalty rewards can be swapped within a private, secure network of customers. Single-source advertising can be locked into web pages without annoying banners. Ads become more relevant and boost traffic and conversion. Example: Squawk-It
2. Marketing Targeting high-value customers is always a heavy lift. Blockchain and AI combine together allowing for specific incentives to target these customers based on patterns of spending. Retail and food service businesses will capitalize very well in this area. Example: Momentum
3. eCommerce Real-time shipping updates are possible with onboard chips verifying geospatial data of a given order. Track and trace technology is improved between checkpoints as well as estimated time of delivery.
Example: XYO Network. Moreover, products can be verified using serial numbers and product origins can be traced. Buyers can also use the blockchain for proof-of-ownership using digital identities. Example: VTT.
4. Web Hosting & Cloud Storage Websites are currently hosted on centralized servers which make them more vulnerable to crashing and hackery. Decentralized hosting on a blockchain makes web hosts untraceable on a distributed ledger of ‘ghost’ servers.
Example: Zeronet.
Cloud storage can be “rented out” on a blockchain to peer-to-peer networks. Different amounts of storage can be rented out for different lengths of time.
Example: Storj.
5. Cryptocurrency Investing & Trade All crypto trades are conducted on blockchains. Cryptocurrency trade consulting agencies use blockchains to track historical patterns of different coins’ valuations using the permanent distributed ledger on the blockchain.
Hosting cryptocurrency exchange networks can also be done via blockchain. Transparent, real-time valuations can be published and global transfers of trade can be executed.
Examples: Safetrading, Bisq, Ripple.
6. Crowdfunding & Lending Crowdfunding with cryptocurrency greatly increases security and decreases the chances for a scam to occur since the blockchain records everything in broad daylight.
Transferring money around the world can also be can be instantaneous due to the blockchain’s lightning-speed capability of transaction recording. Small transfer fees ensure and smart contracts