Blockchain is now leading the technological revolution in the modern world, changing more and more areas of activity and business. The popularity of the new decentralized technology has largely been ensured by cryptocurrencies, the interest of which is largely speculative. However, the huge capital has helped the fledgling industry soar from the experimentation of some tech geeks to massive technology used by banks, government departments, tech companies, retailers and software.
A major blockchain achievement is the practical demonstration of a world without intermediaries. When technology is automated and thanks to AI learns to work without continuous control, companies, markets and exchanges get used to the self-regulation of their activities thanks to the blockchain.
It is predicted that over the next 10 years, more relationships and transactions will have a P2P format provided through smart contracts and decentralized technologies. At the World Economic Forum in Davos last year, a forecast was announced that 10% of total global GDP will be stored in the blockchain by 2027!
How it works
To fully understand the potential of the blockchain, you need to understand the basic principles of how it works. In addition to users, there are miners or validators within the blockchain network whose task it is to collect transactions and form blocks. Each block contains the hash of the previous block and header, as well as information about the transaction and the terms of the smart contract. Therefore, it is impossible to change the history in the decentralized chain as each new block contains information about the previous one and is confirmed by thousands of unrelated people.
Areas of application and potential of the blockchain in business life
It’s not just finance that is interested in blockchain. For example, it is difficult for telecommunications to maintain a Service Level Agreement (SLA) because only data and equipment come from manufacturers. Standardization and a single ledger can easily solve this problem. In addition, it can solve a number of problems in the transportation, information, commerce, mining, logistics, energy, and other industries where there are large numbers of intermediaries and contractors.
The largest companies have also joined the trend. Nestle, Dole, Unilever and Walmart work together to track supply chains that include farmers, brokers, traders, processors, retailers, regulators and consumers. Microsoft is developing an Azure-based cloud blockchain and Orange is supporting a young project in the development of blockchain applications for IoT and business automation.
The sports industry, always characterized by a large number of intermediaries between the parties, is also beginning to dominate the blockchain. In addition to reducing the number of intermediaries in business relationship chains, the investment potential of tokens and cryptocurrencies from sports clubs, organizers or athletes is no less interesting. One of the pioneers of blockchain integration in sport was, for example, FC Barcelona in collaboration with the blockchain startup Chiliz, which launched its digital token BAR
Recently the release of a digital coin was announced by the largest funding organization in the world of martial arts in the CIS “AMC FIGHT NIGHTS GLOBAL”. The startup will develop the blockchain ecosystem in the world of MMA and use the new token to attract investors, confirm participants of the VIP club and social initiatives such as helping injured sports veterans and setting up P2P betting websites. Anyone can join the project and contribute to the digitization of the future world, especially as long as the AMC token price is five times lower than the future trading price! Details on the new AMC cryptocurrency can be found here.
By and large, companies and management are currently learning to use the blockchain in their activities and to master its basic functions. The full implementation of decentralized technologies can lead to colossal changes in the structure of the modern business world. Resources will be used more rationally, information will be genuine, personal data will be securely encrypted, and everyone, regardless of social differences, will have equal access to tools and functions. The only blockchain security threat that engineers and scientists talk about is the performance of quantum computers. It won’t be soon, however, and we may witness a future war between two advanced technologies. I am sure it will be exciting!
Image by Paul Birman from Pixabay