When we talk about the historic financial developments of the past decade, we cannot miss mentioning blockchain technology. Referred to as the Decentralized Ledger Technology (DLT), the mechanism has emerged as one of the most robust disruptive resources in the global financial realm. Ever since the cryptocurrency market gained momentum, tech enthusiasts have shown keen interest in blockchain exploration. Firms are spending thousands of dollars on expanding research and development programs for blockchain-based innovative solutions. In addition, several industrial and non-industrial sectors are infusing blockchain technology into their core systems to optimize their working potential.
By blockchain, we hint toward a decentralized ledger channel seamlessly accessible to the public. The DLT infrastructure comprises interconnected blocks where users store transactions. Each block is secured through cryptographic encryption to ensure high-end security, transparency, and immutability. Due to the lack of a central authority, blockchain supports decentralized and transparent working. Instead of a single governing authority, there are several network nodes in a blockchain network. Furthermore, the data entered in a block is tamper-proof, so intruders cannot alter the transactions in one block without changing all subsequent blocks and the network’s consensus.
If we consider the present situation, we can see that blockchain technology is sprawling as a full-fledged industrial unit around the globe. Investors are investing their hard-earned money in blockchain projects to reap early bird benefits. Moreover, blockchain developers are experimenting with smart contracts to explore new technological clusters such as Metaverse, Decentralized Finance, NFTs, e-gaming, etc.
This article will discuss the various industries quickly drifting towards blockchain technology to enjoy a revolutionary shift in their working paradigms. We will also understand why there is mass blockchain adoption in 2022. Let’s start:
Top Industries Supporting Mass Adoption of Blockchain Technology in 2022
Banking and Finance
The banking and finance realm is one of the pioneers of blockchain proliferation. Banking institutions worldwide are turning to blockchain for establishing a paperless, user-centric, and transparent working system. In addition, the technology helps facilitate improved management, efficiency, and safety levels.
- Blockchain simplifies operational activities for the banking ecosystem. It facilitates real-time, multi-party management of transactions across the globe.
- Speedy and accurate reporting through an automated decentralized mechanism ensures error-free transactions.
- Point-to-point fund transfers between individuals and firms without a central authority intervention accelerate the settlement process.
- Digital assets offer more liquidity to customers. The decentralized network processes transactions at a lower cost.
- Permissioned access to blockchain data increases security and transparency. It also helps banks to expand their netting.
- Blockchain helps financial institutes in issuing letters of guarantee during purchase contracts. Usually, an Ethereum blockchain developer uses smart contracts to ensure reliability in terms of contracts.
HSBC- HSBC uses the R3 blockchain platform to enable the storage of digital assets for its global community. The solution serves as a digital vault and significantly lowers the custodial and storage service costs. With blockchain, HSBC investors get a fair chance to keep track of their money in real-time.
Offline real estate transactions frequently involve face-to-face interactions with numerous parties. The amount involved in real estate contracts is very high, so parties must deal with tedious paperwork. However, the advent of blockchain has brought about a significant change in the real estate sector. Blockchain systems now use smart contracts to tokenize real estate so they can be traded like virtual assets such as ether and bitcoin.
- Blockchain removes the involvement of third-party agents like lawyers, banks, and brokers.
- When we cut out the third-party involvement, we also cut out their fees and the hefty commission they take from us. So, Blockchain is an extremely economical option for real estate buyers and sellers.
- As we know, blockchains are decentralized, so the information stored there is accessible to all the permissioned participants. This helps to ensure transparency.
- The tokenization of real estate on the blockchain has made real estate purchases convenient and economical. The process helps to trade real estate assets like stocks. People who cannot buy costly properties can own a percentage stake on the blockchain network.
ATLANT is a real estate platform that uses blockchain technology to bring transparency to transactions. Landowners can tokenize their estates and liquidate them via token sales. The tokens can then be exchanged for fiat.
The supply chain industry is quickly adopting blockchain technology to enhance its working capacities. The data moving across a supply chain network is not always easily accessible. Supply chain users demand better sourcing and visibility of data. Blockchain helps supply chain firms use data to handle disruptions and improve resilience.
- A blockchain developer creates solutions that provide improved data visibility to participants across all the activities involved in the supply chain.
- The use of smart contract technology helps to face disruptions. The contracts get activated when the decided conditions are met.
- DLT speeds up the process of supplier onboarding. The ledger records all the data of new vendors so that it is accessible to all the parties working on the network.
- It restrains manipulations or theft in payments, inventory, warehouse operations, deliveries, etc.
- The participants in the supply chain get access to the same data, which eventually helps to ensure uniformity and trust building. It keeps conflicts in check.
Food and pharmaceutical firms are switching to blockchain technology for improved supply chain management and control. Retail giant Walmart uses blockchain to trace the supply chain of its pork products imported from China. DHL believes that blockchain helps in maintaining the supply chain logistics. The transactions can be easily traced, authenticated, and controlled without third-party intrusions.
Blockchain is used in an excellent way in the educational sector. Technology is helping educators and students simultaneously. Schools and institutions are adopting blockchain-based teaching-learning to enhance the level of education. Digital classrooms allow teachers to unravel better opportunities for students. It has provided transparency in the educational sector along with incentivizing learning.
- Blockchain enables students to take control of their academic identities by giving them ownership of their personal information.
- For graduates looking for work, blockchain makes verifying the integrity of the credentials listed on their resumes easier. It offers them greater control over what an employer can access.
- Higher education institutions can save time and money by streamlining the verification process using blockchain to award diplomas.
- Employers use the link to the digital copy of a candidate’s diploma accessible on the blockchain to verify its credibility. By verifying information, employers can select the best candidate for the job.
- It is more difficult for candidates to fake their academic credentials, thanks to the enhanced security of storing information on a blockchain.
Gilgamesh- It is a popular knowledge-sharing portal that uses ETH smart contracts. In Gilgamesh, readers, students, and authors can connect and share their views on books. For their contribution, the platform offers them GIL tokens as incentives. Owners can use these tokens to buy e-books.
Blockchain has managed to bring a groundbreaking development in the e-gaming industry. The technology is disrupting the power and control system by promoting using cryptocurrencies, smart contracts, and NFTs. The online gaming industry is improving the level of gaming experience for users.
- The technology allows gamers to customize their digital avatars and give their characters a personal touch.
- As all the transactions are stored on the blockchain, the owners do not lose access to their purchases even after they leave the game.
- Using NFTs and cryptocurrencies ensures that transactions are safe, immutable, and transparent.
- Blockchain helps to facilitate provable gaming.
- The DLT supports privacy for users. The system does not require gamers to provide their personal information.
- The Ethereum developer community is curating Ethereum blockchain-supported DApps for encouraging a more user-centric gaming experience.
It leads the gaming industry as one of the best metaverse games. Launched in 2017, Decentraland allows customers to buy virtual lands tokenized in the form of NFTs. The portal has its native currency called MANA. Users can personalize their assets using Decentraland’s digital avatar system, tools, etc.
Cybersecurity has emerged as a potential industry, especially after the widescale shift toward digitalization. Today, we are actively maintaining multiple profiles on different social media platforms and sharing personal information with other data portals. As digital data is becoming a powerful resource for industries to exploit, the risk of cyberattacks is increasing. However, blockchain is evolving as a potent solution for data security. The technology ensures that the data stored on the DLT remains free from attacks by intruders.
- Blockchain technology ensures that only authorized parties access the network and use the data.
- Cryptographic encryption helps to keep the data tamper-proof and safe even when flowing across new networks.
- Features such as immutability and data traceability help to maintain data integrity. The ledger records all the changes for the network nodes to access.
- The use of consensus mechanisms and smart contracts aids in reducing cyber attacks by a huge margin.
- There is no single point of failure in DLT. So, organizing an IP-based DDoS attack on a decentralized network is almost impossible.
Coinbase- The popular cryptocurrency exchange uses cryptographic encryption to store private keys and wallets for users.
With its global popularity, it is evident that blockchain technology is poised to revolutionize the way we think, work, and trade. The technology will likely pave the way for innovative projects that will thrive upon decentralization. Companies across different sectors are coming to terms with the brilliance of blockchain and, thus, taking appropriate steps to align themselves with blockchain technology and use it to their advantage.
Though it will take decades for this technology to integrate completely, we are already witnessing the rise of blockchain in several key industries. So why not safeguard your future in the blockchain sector by becoming a blockchain expert now? If you are still confused about how to learn blockchain concepts, then check the certification courses offered by Blockchain Council. The learning programs help you to understand the core concepts of the industry, along with a practical training experience.