Blockchain is on the lips of everyone, from individuals to institutions these days. Analysts are calling the advent of blockchain (together with other cutting-edge technologies such as artificial intelligence, internet of things and virtual reality) the fourth industrial revolution. However, exactly what is blockchain? This article breaks it all down in a comprehensive “what is the blockchain 101” report.
The blockchain was initially introduced by Satoshi Nakamoto, the inventor of Bitcoin, as a time-chain concept. Bitcoin transactions would be created and validated in a decentralized, peer-to-peer network and stored in a public ledger, which was later called “the blockchain”.
Blockchain technology is many times hailed as a massively disruptive innovation across industries. As such, blockchain is often linked to the advent of the ”fourth industrial revolution”, or Industry 4.0. Nevertheless, the notion of blockchain technology being a cutting-edge technology means that some people assume it is a novel technology only being explored by blockchain startups.
Many analysts believe blockchain technology may represent a paradigm shift akin to the introduction of the internet. When all is said and done, blockchain technology may end up becoming the greatest invention of the 21st century. However, despite its numerous use-cases, many still believe that blockchain equals bitcoin. We don’t know about you, but that doesn’t sit right with us. So, in this guide, we will be looking into some top 10 blockchain use cases. These are all use cases that show that blockchain technology applications lie far beyond merely powering a monetary system.
Certain buzzwords are currently making names for themselves in the cryptosphere. Most notably, these include DeFi, NFTs, and oracles. These could conceivably be among the top trends that may act as catalysts for a potential 2020/2021 bull run. Another buzzword that is making the rounds, although perhaps does not receive as much attention as the previously mentioned terms, is blockchain interoperability.
Blockchain is arguably starting to make it into the mainstream. The banking sector has embraced blockchain technology with open arms, and the logistics sector and even the administrative industry are beginning to follow suit. As such, people are now looking elsewhere for the next big thing. Some of the most interesting up and coming industries for blockchain use cases are the music and art sectors.
What do organizations like EY, Microsoft, Coca-Cola, AMD, Duke University, and many others have in common with revolutionizing business processes? The short answer is Baseline Protocol, a set of techniques allowing companies to leverage blockchain technology in revamping their business processes. Let’s dive in!
The global economic landscape is changing, and this has only been expedited by economic turbulence caused by the recent pandemic. Digital payments have already replaced cash in many countries, and while central banks across the world debate the implication of Central Bank Digital Currencies, it is becoming clear how blockchain is rebuilding the global economy.
As mainstream adoption of blockchain technology continues to accelerate, many businesses and organizations are looking for ways to implement blockchain into existing business models. However, many businesses feel they don’t have the time or the resources to start from the ground up. Blockchain as a service (BaaS) assists in creating tailor-made blockchain solutions for business enterprises that improve accountability and promotes transparency.
As the conversation about clean and sustainable energy becomes ever more present, the use cases for blockchain in the energy sector are becoming more compelling than ever. As major energy providers across the globe transition from cheap, unsustainable, coal-based energy production, the increasing demands for efficient cryptocurrency mining present an interesting intersection between the two industries.