Block Chain Technology
Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding). Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.
Blockchain Use Cases
Just as soon as crypto became popular for payments and finance, developers have created blockchain games to introduce the many solutions that the technology can bring to gaming problems such as economic manipulation by gaming companies, payment woes, possible shutdowns, and imbalance gameplay. By implementing an open-source, distributed, and transparent network for players to participate in, blockchain introduces innovations such as real ownership of assets, consensus-driven updates, decentralized marketplaces, streamlined tokens, and more.
One of the earliest popular examples of blockchain in action is CryptoKitties, a game where people can collect and breed digital cats, with transactions being handled on the Ethereum blockchain. At one point, CryptoKitties generated so much hype that it dominated network traffic on Ethereum. Since that fad died down, developers have created newer, more sophisticated blockchain games such as Alien Worlds, Axie Infinity, Cartesi, The Sandbox, and more.
Blockchain brings better service in the real estate industry, which faces problems such as slow transactions, administrative disputes, and distrust between buyers, sellers, and intermediaries. Implementing blockchain real estate systems allow for automation of routine tasks and contracts, transparent listing and data tracking, and reduced costs.
Beyond better service, blockchain unlocks innovative business models for real estate, such as fractional ownership of otherwise hard-to-share assets, digitized contracts for faster transactions, real estate crowdfunding through tokenization, and more.
The insurance industry is rife with inefficiencies and vulnerable to fraud. As a records-intensive industry, insurance benefits from blockchain, with use cases such as better fraud detection, recordkeeping, and reinsurance (insurance for insurers). Blockchain also unlocks innovations in insurance business models by making it possible for insurers to offer more sophisticated versions of on-demand insurance and microinsurance products.
The potential of blockchain insurance innovations to solve problems is so high that about 80% of insurance executives have either already adopted or planning to pilot blockchain technology across their business units.
While security is a wide-encompassing topic, ranging from individual accounts to entire nations, blockchain has a solution for problems on each level. On the individual level, blockchain security solutions include self-sovereign identity, where individual users can fully control their personal information, as well as protected data transmission, secure private messaging, and security layers for Internet-of-Things household devices such as thermostats and routers.
In the organizational level, companies have implemented blockchain for distributed record-keeping, preventing denial-of-service attacks on single points of vulnerability such as websites. Even the governments of countries such as Australia, Malta, and China are using blockchain for security purposes.
NFTs, or non-fungible tokens, have become a hot topic in the art world, as works of art created using the technology have started being sold for millions of dollars at auctions. The development of NFTs has brought us crypto art and digital collectibles, with artists, musicians, and influencers increasingly using the technology to profit more from their authentic, unique work. The use of NFTs can extend from digital art and music to proof of authentication documents for real-world assets such as artworks and jewellery.