Blockchain technology has already started to disrupt several industries with its mind-boggling technology, based on the concept of the public ledger. Not only will it be used in several other industries, but soon it is going to be the prime technology that will be used in all the industries.
Even investors and businessmen do not know all the specifics of Blockchain, and if you have read the article this far, I am sure even you want to know what Blockchain is and how it can be implemented in other industries.
Do not be intimidated by this term as the concept on which it works is really very simple. It is basically a form of database that contains systematic information and is stored on the computer electronically.
I am sure you have used google sheets, where you have stored and updated information relating to your assignments. Blockchain is quite similar, except it is a public ledger, and you can only add information and not edit anything. Anyone using Blockchain technology can see it, which is why it is called a public ledger.
5 Upcoming Applications of Blockchain Technology In 2021
Many industries have already started implementing Blockchain Technology.
1. DEFI apps
In 2020, the total amount of cryptocurrencies used on Decentralised Apps for placing bets surpassed a staggering billion dollars.
Do note this is not the amount people made from the bets, but the money that people invested in the bets, so you can imagine how much people won.
The trend of using Decentralised Finance applications has never been more alive. You can trade on the Bitcoin Era App. People are increasingly shifting from traditional payments apps to decentralized finance apps.
It is soon going to reach a point when the regulators and the governments have to accept DEFI apps as an accepted mode of payment.
2. Blockchain For Social Good
Don’t for once think that Blockchain technology can only be implemented in healthcare and finance. Researchers have found out that Blockchain technology can be used to stop the spread of misinformation.
The research and development of the New York Times initiated an idea that would record everything that is there is a photograph’s metadata, and then it would decide if it was appropriate for social media.
As people start becoming more accepting of Blockchain, a lot of new ideas and minds can go into solving real-life problems through Blockchain.
3. Use of Crypto Cards
The main reason why all people have not yet been able to make use of cryptocurrencies to their fullest potential is that using Blockchain and cryptocurrencies and Blockchain requires you to be technologically literate. This is where Crypto cards come in. They are just like debit cards, but instead of being connected to your bank, it will be linked to your crypto wallet.
4. Blockchain Unique ID
The way major industries have started embracing Blockchain technology, there soon will be a unique ID for all crypto investors. Governments will give out crypto id in order to lower the chances of fraud. It will be used to keep track of medical records, tax identification records, etc.
5. Use Of Blockchain Technology For Cross Border Payments
In just a matter of years, Blockchain will be the prime technology used for cross border payments. Currently, Blockchain is viewed in a bad light and is associated with only cryptocurrencies, especially Bitcoins.
People who don’t know the potential think that it is used for illegal activities, but once it is accepted by the Government, things will change.
Blockchain is just like any other database where information is stored, but the price difference between a normal database and Blockchain is the structure in how the data is stored.
Blockchain stores all the information groups, called blocks, whereas a database stores data into tables. As the name suggests, Blockchain is a chain of blocks of data.
It is decentralized, and when one transaction is performed, it stays there for the rest of its life. Soon the world will embrace Blockchain technology with open arms.