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- Industries worldwide are clamoring to get a hold of this new and exciting piece of blockchain technology
- Touted as a futuristic piece of technology, blockchain can radically change all sectors, including supply chains, logistics, and financial systems
Blockchain has been gaining popularity, and with increased adoption, it’s finding its way into different aspects of life as well. With its adoption, managing shared databases becomes much simpler, and its security is guaranteed by mathematical cryptographic means rather than trusting a particular individual. Let’s look at some cases wherein they can be utilized to the optimum.
End-to-end vaccine tracking
In the battle against the Coronavirus, the vaccine is humankind’s most potent weapon. However, the battle is far from over unless efficient distribution mechanisms are in place, and blockchains can play an important role here. They can be used to track vaccines from the point of manufacture to their administration, creating unalterable records every step of the way. However, to achieve high efficiency and speed, companies such as IBM are strategizing with pharmaceuticals worldwide to roll out a pilot project encompassing blockchains to track vaccines.
Enterprise-level blockchain
Contrary to its core principles, an enterprise-level blockchain is centralized in nature, adopted, and controlled by particular companies. Reducing costs and improving security incentivizes new companies to get a hold of this technology. Firms such as Tesla and MicroStrategy, among others, already have large sums of money invested in cryptos. The banking and FinTech sectors are likely to incorporate cryptos, or more specifically stablecoins – an entity pegged to real-world currencies to protect them from violations, soon into their operations.
NFTs – unique and authentic
Another wonderful use case of blockchains is their ability to preserve a non-duplicable set of tangible or intangible items digitally. They are termed non-fungible tokens (NFTs), they are a collector’s paradise, and unlike current digital versions, their uniqueness is guaranteed via the blockchain. The NBA had generated a revenue of about $230 million just by selling unique baseball video clips as NFTs. In the future, deeds of land and property could become NFTs, thus undercutting red tape in legislation.
As-a-service model
Like all the other advancements in technology such as Web2.0, IoT, and AI, blockchain can be offered on-demand to companies as-a-service. This would open up the market to recruiting highly skilled individuals in this field. Moreover, blockchain literacy is a beneficial and tradeable skill offering an average salary of about $100,000 per annum. More importantly, it would enable the advancements and mass adoption of blockchain expertise globally.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
