Blockchain has been experiencing a renaissance due to changes and challenges brought on by COVID-19. In fact, blockchain is a useful tool for researching and treating the Coronavirus. This served as a powerful shot in legitimizing blockchain technology if you’ll pardon the pun.
The blockchain had already been evolving, like one of Ridley Scott’s Aliens before the lockdown, however. Social distancing and remote everything merely sped up and exacerbated what was already there to begin with.
So where do we stand with blockchain today? We’ve compiled some of the latest blockchain information and news to help you keep track of where the tech lies today.
Blockchain technology has gone mainstream. It’s becoming a support for some of the biggest industries on Earth. Everyone from governments to airlines have been adopting ledger-based technology.
Some of the most surprising blockchain information of 2021 is how normal it is. Blockchain and ledger-based technology regularly get written up on major websites. Blockchain has arrived.
Here are some other blockchain trends that are shaping the movement.
Coronavirus and COVID-19 have raised all manner of practical problems and technical considerations over the last 2 years. Even more, the consequences are quite literally life or death and the clock is ticking. This has inspired many mainstream organizations, including governments, to adopt new and novel technological innovations.
First was the development of the vaccine itself. This breakthrough occurred in record time and is a marvel of science in-and-of-itself. The discovery of the vaccine is just the beginning, though.
Now we’ve got to get it to people.
Blockchain has proven to be effective in vaccine delivery, tracking the vaccine for every step from manufacturing to dissemination. This should come as little surprise, given how effective blockchain is for keeping track of supply chain issues.
Blockchain could be integral in helping to combat counterfeit vaccines and treatments. This is major, as counterfeit COVID-19 vaccines have been hitting the market to meet rising demands. Not only is this shady to the extreme, it’s also highly dangerous. Someone thinking they’re vaccinated when, in fact, they’re sick could bring on a whole new pandemic.
Of course, blockchain as an investment opportunity should come as no surprise. After all, cryptocurrencies like Bitcoin and Ethereum helped bring blockchain to mainstream consciousness. They also made a lot of people a lot of money along the way.
Enterprise blockchain is any ledger that is owned and operated by one provider, who is usually the business owner. These are often deployed in service of new cryptocurrencies. These are certainly not the financial application for blockchain, though.
Blockchain is used for everything from manufacturing to mining diamonds. It’s also helping businesses to cut costs and stay more competitive.
Banking is one sector where we’re going to see more blockchain applications. The blockchain is perfect for securing financial transactions. It also makes organizations far less susceptible to data breaches.
These are some of the reasons that blockchain adoption nearly tripled in one year.
The business world has been trying to come to terms with digital technology since the late 20th Century. An always-on society with information that is easily send and never decays has decimated entire industries. The entire premise of scarcity has been called into question as traditional models like copyright are left reeling.
Artists and digital creators have been dreaming of ways to introduce scarcity and anticipation into the art world for decades. NFTs are the latest craze attempting to fill that void.
NFT stands for non-fungible token. It’s a blockchain ledger, where every block gets its own unique identity. NFTs are often used for sensitive materials like contracts. Their uniqueness is also being used for digital creations and art.
The time may be right for NFTs. We’ve gotten more comfortable spending money on digital assets. Look at digital libraries like Bandcamp or Audible, for instance. Buying physical materials is no longer the only business model.
Some are using NFTs for things like digital designs or software templates. Virtual fashion is even becoming a thing, as people are starting to deck out their avatars in Gucci and Prada.
Everything else is available as a service these days. Why shouldn’t blockchain follow their lead?
For one thing, blockchain takes some considerable technological skills to implement. You’ve got to be a proficient programmer and a data expert, in one go. It makes sense to let the experts handle the dirty details and then make their services available to the public.
The “as-a-service” model has been responsible for rapid developments in other industries that require high levels of skill and knowledge. Artificial intelligence and the Internet of Things are the two most famous examples.
With blockchain primed to follow a similar model, this could be the missing step that launches blockchain into widespread adoption.
Blockchain-as-a-Service is already causing the tech to work in new and novel ways. Some have been using it for digital contracts. Others are using it to power other decentralized technologies.
We’re going to see even more mind-boggling innovation in the next few years, you can rest assured!
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