What are The Many Uses of Blockchain Technology? Experts give their opinion (Exclusive)
Industry Experts give their opinions on the many uses of Blockchain Technology
As part of our ongoing series on blockchain technology and cryptocurrencies, E-Crypto News reached out to several industry leaders and experts who gave their opinions and insights as to the many uses of blockchain technology.
Sukhi Jutla Co-Founder and COO at Market Orders
Blockchain can be used in the publishing industry allowing authors to publish direct to the market and receive payment instantly when books sold. I did this with my book.
I’m also developing a blockchain-based supply chain solution to track the movement of gold and diamond jewelry from the supplier to the retailer”.
Points to Note
- Blockchain Technology can be used in the publishing industry,
- Blockchain Technology works well for supply chain solutions, especially those involving sensitive items.
Marwan Forzley, CEO of Veem, Author of “Small Business in a Big World: A Comprehensive Guide to Doing International Business,”
“Blockchain technology has continually proven itself as a leading funds transfer option for security, speed, and cost. Blockchain’s open banking model enhances the business relationship between payers and payees by offering a level of transparency and security that other payment option lack. As blockchain technology evolves and innovators continue to improve the platform, we will see more creative applications in healthcare, publishing, law, and more. Recently, as Facebook’s introduction of Libra has shown, blockchain will remain a driving force in next-generation financial innovation. Blockchain won’t replace banks tomorrow, but it is paving the way to the future of finance.”
Points to Note
- Banking may actually occur on different kinds of blockchains in the future.
- Cost reduction and fraud reduction are some of the advantages of blockchain technology where transactions are concerned.
- Blockchain technology also helps to reduce the foreign exchange charge for banks
- The future of banking certainly would have one thing or the other with blockchain technology, provided the right innovative environment exists.
Serg Metelin, Head of Developer Relations, Block.one
“The first wave of blockchain technology brought products like Bitcoin, which amassed a strong following based on the promise of secure, independent, decentralized ways of transferring currencies. In the later generations of blockchain technology, users wanted more generalized applications that were not just focused on currencies.
That’s how smart contracts and other applications came to life.
With the increase of the scalability of blockchain technology, there was a larger opportunity to include real-world situations, for e.g. digital asset ownership, financial transactions, a more transparent supply chain.
A popular use is in the gaming industry. For example, Mythical Games applies true ownership of digital assets. Players own the assets in the game, such as a helmet or a sword, instead of other games where the developers control the ownership of the assets.
Blockchain technology is also used in the services industries. Moonlighting, a mobile on-demand hiring platform, uses a Blockchain Profile Management Solution on Block.one’s EOSIO protocol.
Block.one has been a pioneer of high-performing blockchain software, and we are poised on the edge of the early adoption of this technology, as more enterprises take a more serious look at incorporating this next-generation infrastructure.
Blockchain will become part of the tech toolset embedded in most companies, and I think we will see a greater interest in the digital identity features as well as other functions such as the decentralization of custodian ownership and the opportunity to reduce reputational risks through using more secure platforms.
Any business that handles user data is a potential adopter of blockchain technology. But it’s important not to fall for fads, but to identify the goals for why your company will benefit and how blockchain technology will improve and enhance your business processes.
I think that any implementation should be thoughtfully considered; you want to be wary of creating still-born projects that create an organizational distrust that might hamper the future adoption of this revolutionary technology.
The most pressing need might be in social media and combating fake news. Blockchain identity which gives privacy, control and security to personal data is a direct response to this problem.”
Points to Note
- The first generations of blockchains were based on tokens as currencies in their use-case scenarios.
- Ownership of assets is what users on different blockchains are about right now.
- The gaming industry has been an early adopter of blockchain technology with an emphasis on user ownership of assets.
- Digital identity is going to be a fundamental part of future blockchains.
- Social media and the handling of fake news is one critical area that blockchain technology can be useful.
Do you have any other uses for blockchain technology? Please let us know in the comments below!