Surfacing technologies are exciting and bring innovation and new opportunities to the world. They change our lives, changing the way we think and work every day. Technological innovation can have much more impact on our daily lives. It can even disrupt entire sectors and change the way we do business.
As new technologies develop, the affected industries are taking initiatives to adopt new findings or get replaced. The latest technology that is quickly becoming the next significant disruption is blockchain technology. Blockchain is a digital accounting system used to record transactions securely. And this will have an impact on the way business is done around the world.
WinterGreen Research suggest that, the global spending of businesses across the globe on blockchain is $2.5 Billion and it is anticipated to reach $119.9 billion by 2024.
The most rewarding phase of blockchain revolution has already begun. Let’s skim around some industries that are the early and potential adopters of blockchain technology.
Segments With Immense Blockchain Technology Penetration
Education systems is seen to be transforming swiftly as the end user industries adopt pioneering and smart technologies. Thus, to keep curious heads in track with efficient learning platforms, blockchain comes out as a highly prioritized technology applicable in the learning and development segment.
The education sector is about to see significant advances with an emerging version of the Internet that combines blockchain, cryptocurrency, and virtual reality.
This new Internet will be known as “3DInternet” and has the power to create a class room like never before. SocratesCoin, an Ethereum blockchain open source platform, is taking comprehensive steps to achieve this. The company will create a global community of teachers, students, campuses, with inclusive programs of study. The learners that would be included in the high-tech education format would cover all ages, cultures, and locations.
- Industrial IoT
Without a central control system to identify themselves, devices can communicate autonomously to manage software updates, bugs, or power management.
Leading tech players such as Samsung and IBM are collaboratively working on a concept called (Autonomous Decentralized Peer-to-Peer Telemetry (ADEPT). This concept uses blockchain-type technology to build the foundation of a decentralized network of IoT devices. With ADEPT, a blockchain would serve many devices, which would no longer need a central hub to ensure communication between them.
IBM is also looking to make a considerable move in the cognitive and blockchain technology, which could be the recovery strategies for IBM’s legacy business, the report stated.
Next comes the segment which we all have been majorly relying on these pandemic days,
Entertainment entrepreneurs are turning to blockchain to make content sharing fairer for creators using smart contracts, with creation purchase revenue automatically distributed under predetermined license agreements.
British blockchain startup, JAAK also plans to partner with music rights holders and other stakeholders in the entertainment industry. JAAK, which provides a content operating system, is developing a platform that allows media owners to convert their media repositories, metadata, and rights into “smart content” that can automatically perform license transactions on the Ethereum blockchain.
- Supply chain management
One of the most extensively applicable aspects of blockchain is that it allows for more safe and transparent transaction monitoring. Supply chains are mostly a series of transaction nodes that connect to move products from point A to the point of sale or final implementation.
With blockchain, as products change ownership through a supply chain from production to sales, transactions can be documented in a permanent decentralized registry, reducing delays, extra costs, and human errors.
Walmart and Sam’s Club joined the IBM Food Trust, which uses a book distributed by blockchain. Retailers asked their suppliers, especially of leafy vegetables, to add their product data to the book. The system is used to facilitate quick tracing of the origin of food, which is an advantage in cases such as finding the source of contaminated products.
Currently, consumer inclined to the retail system is mainly related to their trust in the market in which they shop. Blockchain could decentralize that trust, linking it more to sellers in different markets and platforms than to the sites themselves.
Moët Hennessy Louis Vuitton (LVMH) developed a platform with a support of blockchain startup ConsenSys and Microsoft to authenticate luxury products through the blockchain. With AURA, the platform, customers can follow their products from design to distribution. For the brand, AURA offers extra protection against counterfeit products and fraud.
Blockchain Technology Where Does It Stands?
The result is a more transparent, open, and verifiable system that fundamentally changes the way the company creates value and wealth exchanges, enforces contracts and shares data. An increasing number of enterprises aggressively investing in blockchain as a safe and transparent way to digitally trace asset ownership across trusted borders.
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