Gone are the days when people used to maintain a large chain of paper-oriented records for data preservation regarding their important credentials. Now, owing to rapid technological advancements like blockchain technology, the world is successfully evolving from paper-maintained perishable complex data to digitally secured data
Data preservation, identity and asset security, and smart digital operations are some of the major factors that have become necessary while evolving into the future. Given the importance of data security, different modern enterprises and firms are now utilizing the applications of blockchain technology. But what is blockchain technology? And what are some of the instances of blockchain trends that are dominating the world? This article is going to address these questions.
What is Blockchain?
Blockchain is a technology or system that helps store information or data to prevent its loss or hacking from digital theft. Essentially, blockchain technology is a digital ledger of transactions that duplicates and distributes data across the whole network of the system. Thus, when a new transaction occurs, its data is added to every user’s ledger for secure preservation. Plus, these records are made secured with immutable cryptographic signatures.
Blockchain technology is crucial for the new wave of the Internet, web 3.0, as it offers users smart data security, decentralization, and online individual freedom. This is why multiple blockchain trends are growing their market successfully in different sectors, including finance, healthcare, supply chain, transportation, retail, manufacturing, E-commerce, and many more. Thus, as per the Fortune Business Insight report, experts have estimated that the growth of blockchain trends will increase from 7.18 billion USD (2022) to $163.83 billion by 2029 globally. It means that blockchain technology has great prospects, given a CAGR of 56.3% from 2022 to 2029, and is less likely to become obsolete in the future.
Different Blockchain Applications
Below are the top six blockchain trends that are dominating the world:
1. Identity Verification
It is evident that with the emergence of multiple social media and online platforms, many people can easily create a false identity or assume the identities of others. Thus, creating multiple issues in confirming the credibility of a person.
According to a recent report, around 1.1 billion people are unable to prove their identity. The reasons for such problems include the loss and misplacements of personal documents and credentials or lack of formal registration during birth. Also, on online platforms, it is easy to assume someone else identity to commit multiple acts with ulterior motives.
Seemingly, Blockchain technology has become the best answer to such problems, as it provides secured identity verification to users. For instance, since 2007, Estonia has been using blockchain applications for national identity purposes. It proves significant for them as it requires only digital signatures rather than huge paperwork records. Hence, this is where the application of Blockchain is gaining consistent momentum among individuals, institutions, and different enterprises.
2. Secure Asset Tracking
Another blockchain trend dominating the world is the one that helps in asset tracking and maintenance. In today’s time, proving ownership of your possessions, assets, and resources has become crucial, especially when the world has become overly saturated with people and products.
Also, due to countless transactions of money and operations of assets, there is a probability that your item may get lost, misplaced, or stolen. This is where the applications of Blockchain trends come into play.
It is the safest, easiest, and most secure way to track your assets and possessions and prove your ownership. For instance, IoT innovation like TrackPro follows blockchain trends and technology to help track different assets smartly via web or mobile applications. This kind of blockchain application is vital for retail, construction, and manufacturing industries.
Plus, it can also consist of smart tagging systems that would help verify the credibility of the products, whether it is of the claiming brand or not. Therefore, it will eventually prevent theft and misplacements of assets while confirming a person’s ownership easily.
3. Easy Revenue Generation
Smart blockchain trends are dominating the world as a safe way of generating money for enterprises and companies. Usually, companies make their shares publicly available. This practice helps them get the necessary investment to complete their monthly or annual targets or achieve a certain goal. Plus, this, in turn, help them to gain profit and multiply their revenue.
Likewise, this act of going public can make an enterprise vulnerable and open to exploitation by external entities. However, with Blockchain applications like ICO or Initial Coin Offerings, companies can now raise their revenue without going public.
ICO is technically based on digital currency, which works with understanding the crypto industry. Moreover, this process is simple as it involves details of the firm on a whitepaper. And if a person like the idea, then the company’s vision gets financial support via digital currency. This way, a company can double or triple its profits by not getting exploited at a public level. In addition, the application of blockchain technology makes money safe and secure. It helps in maintaining hack-free digital records of money trails and transactions. Plus, paperless digital records make transactions easily accessible and eco-friendly.
4. Digital Parking Payments
As discussed, Blockchain applications are making money transactions transparent and easy. Generally, payments are made through physical money, which may cause issues like fraud, lack of money transaction records, and mishaps like theft and robbery. This may lead to great troubles, loss, and disagreements between two or more stakeholders.
Blockchain technology can easily avert the abovementioned conditions by providing a simple and secure digital transaction method. For instance, ParkSmart is an IoT innovation that helps in providing a hassle-free parking methodology. It has also incorporated blockchain technology principles for payments for parking fines. It utilizes smart payment gateways like ParkMobile and Flowbird for digital contactless collection of parking fines.
Another example is MOBI which also utilizes Blockchain technology to help the owner of an electric charging station track and keep the digital records of the payment drivers owe to the charging station.
5. Smart Digital Contracts
Normally an agreement between two or more companies involves a lot of paperwork. This may result in a lack of transparency and unusual opposition among the stakeholders. Moreover, a physical or paper contract involves middlemen and mediators like lawyers, which may create a barrier between two or more parties. However, with blockchain trends, the world has started utilizing smart digital contracts for secure and transparent agreements.
The application of Blockchain helps cut out the part of the intermediaries while ensuring a direct and secure connection among the stakeholders. For example, Nick Szabo, a renowned computer scientist, has laid the foundation of smart digital contracts on the technology of Blockchain, helping in nullifying the role of different kinds of go-betweens.
Moreover, these smart contracts are flawless and efficient, which may cost a bare minimum of legal fees. Plus, with the boom in blockchain technology and smart contracts, different mediators may also consider making their services affordable to avoid going out of jobs or clients.
6. Reliable Supply Chain Management
Sectors like Supply chain or fleet management are complicated and demand greater energy and time for swift transactions and operations. Companies and enterprises may also face problems like lack of transparency, mismanagement, theft, and losses due to the complex operations structure.
Nevertheless, as discussed above, the applications of Blockchain technology can bring transparency to different operations and transactions of the supply chain or fleet management. It can help keep an efficient digital record of what is coming in and going out, keeping an eye on the product’s journey from the industry to the client. IoT innovations based on the principle of blockchain technology, like TrackPro, can also aid in keeping track of the products, services, and fleets’ motion.
Also, with such Blockchain trends, the customer and service provider can digitally access the product’s whereabouts from anywhere and at any time. This is why enterprises like Walmart and Statista are investing heavily to fully incorporate Blockchain technology for fast and secure operations and overall productivity.
To Sum Up…
In a nutshell, the application of Blockchain trends and technology is gaining momentum in the market globally. Its ability to provide secure, transparent, and digital systems, compels any industry to incorporate it for efficient data preservation, money transactions, and operations. Indeed, like any other advancement, Blockchain technology eases human difficulties, proving it to be the next big thing in the coming time.
