The emergence of cryptocurrencies has made a real revolution in the financial sector, but only some know that the blockchain can be used in almost any industry. Today we want to talk about when blockchain applications can be a great business solution and in which industries they can be used.
What is blockchain?
It is a unique database that can be compared to a ledger. The point is that this logs all data in real-time and stores it unchanged. At the same time, conducting financial transactions within this database is possible.
At the moment, this is the most secure database. As mentioned, all data is stored here unchanged. If someone decides to falsify this data (even the owner of the information), the block where the data is stored is destroyed.
Thus, blockchain can be used by companies interested in collecting real-time data and providing only truthful information.
What industries can use blockchain?
Blockchain product development can be helpful in almost any industry. Today we want to tell you some crucial examples.
Most often, blockchain is used in the financial sector. So, based on this technology, various exchanges and wallets are created to exchange and store multiple assets. The use of blockchain allows the use of crypto assets and provides good security for transactions.
Today, most transactions take place using smart contacts. It is a contract that guarantees all participants in the transaction an honest exchange of assets, knowledge, or goods.
Gradually, interest in decentralized token exchange grows, which does not have one center that affects prices and terms of transactions.
Many logistics giants want to make their supply chains transparent and reliable. Blockchain is a good helper in this.
Thanks to this technology, you can quickly and efficiently track where your goods are and accurately calculate the time and cost of delivery.
In addition, blockchain can benefit stores that buy goods from abroad. For the first time, this technology was used by Retailer WalMart. This technology allows better inventory control and provides evidence of the high quality of the goods. In 2006 there was a major scandal due to the fact that the supply of mango and pork from China led to outbreaks of salmonellosis. Using blockchain allows you to prove that the goods are of high quality and have good security.
Some engineering giants are also working on integrating blockchain technology into their work. For example, some factories collect information on harmful emissions into the atmosphere using blockchain to prove their production is environmentally friendly. And others, such as Ford, are trying to implement this into the system for exchanging information between vehicles. It is assumed that this approach will help to learn that a traffic jam is ahead quickly, and the system will suggest a more convenient and faster route.
In the past few years, interest in P2E games has been snowballing. It is because it gives a real opportunity to earn real money. They are based on blockchain technology because they actively use tokens and NFTs.
Axie Infinity, Thetan Arena, and Planetex are good examples of such a game. Many experts believe that the future of computer games lies in the Play-to-Earn genre.
Today, humanity is on the verge of transitioning to a new type of Web 3.0. It uses artificial intelligence and machine learning to make search engines more efficient and web pages more useful to users.
The hallmark of Web3.0 is the decentralization that blockchain can provide.
Today, various ecosystems are being actively created, and the largest of them is planetex.io. Although this project is still in development, it is very promising. It will combine DEX, P2E game, the NFT marketplace, and more. It is worth saying that the team of this company is also engaged in the development of blockchain-based software, so if you have an exciting idea, this can bring it to life.
Blockchain is widely used today in various environmental projects. So, it allows you to track the indicators of air, water, and mail pollution and record all data as accurately as possible in real-time.
It is worth saying that this industry has become more widely used in IoT, some of which have blockchain technology.
Another industry that can actively use blockchain is agriculture. It allows more efficient use of water resources and fertilizers. For example, the software can monitor rainfall levels and automatically turn on the irrigation system when needed, allowing better use of freshwater supplies.
It can also analyze the condition of the soil and determine what nutrients are missing and give recommendations on what fertilizers should be used.
The well-known pharmaceutical company Pfizer used blockchain technology during the sale of its Covid-19 vaccine to different countries, which made it possible to ensure maximum transparency of transactions.
Benefits of Using Blockchain
The use of blockchain has a huge number of advantages in different industries; among the most important are the:
- Ability to use cryptocurrencies;
- Transparency and truthfulness of data collected in real-time;
- High level of security;
- Increases the level of trust;
- Helps to develop new technological solutions;
- Focus on digitalization;
- Decentralization and many others.
To attract more partners, you need to prove that your company is ready to work as honestly and openly as possible, and blockchain becomes the best assistant in achieving this goal. Experts believe this technology can be used in almost all industries, and we are already seeing many large corporations and small startups start using blockchain.