Blockchain is now leading the technological revolution in the modern world, transforming more and more areas of activity and business. The popularity of the new decentralized technology was largely ensured by cryptocurrency, the interest of which is mainly speculative. However, large capital has helped the fledgling industry skyrocket from the use of a few tech geeks to the huge technology used by banks, ministries, tech companies, retailers and software.
An important blockchain achievement is the practical demonstration of a world without middlemen. If technology is automated, for AI to learn to operate without constant control, then companies, markets and exchanges are being used for blockchain to self-regulate their activities.
According to forecasts, over the next 10 years, more and more relationships and transactions will have a P2P format, provided by smart contracts and decentralized technologies. Last year at the World Economic Forum in Davos, a forecast was announced that by 2027, 10% of all global GDP will be stored on the blockchain!
how it works
To fully understand the potential of blockchain, you need to understand the basic principles of its operation. Apart from users, within the blockchain network there are miners or verifiers whose task is to collect transactions and create blocks. Each block contains a hash of the previous block and header, as well as information about the transaction and the terms of the smart contract. Thus, it is impossible to change history in a decentralized chain, as each new block contains information about the previous one, and is confirmed by thousands of unrelated individuals.
Areas of Use and Capability of Blockchain in Business
Blockchain is not only interested in finance. For example, it is difficult for telecoms to maintain Service Level Agreements (SLAs) because of the vast amount of data and different equipment from manufacturers. Standardization and a single bookkeeping can solve this problem easily. In addition, many problems can be solved in transportation, information, trade, mining, logistics, energy and other industries where there are a large number of intermediaries and contractors.
The largest corporations have also joined the trend. Nestlé, Dole, Unilever and Walmart are working together to track supply chains that include farmers, brokers, distributors, processors, retailers, regulators and consumers. Microsoft is developing an Azure-based cloud blockchain, and is helping a young project develop blockchain applications for Orange IoT and business automation.
The sports industry, which is always characterized by a large number of intermediaries between parties, has also started to master the blockchain. However, apart from reducing the number of intermediaries in business relationship chains, the investment potential of tokens and cryptocurrencies from sports clubs, promoters or athletes is no less interesting. For example, FC Barcelona, in collaboration with blockchain startup Chillies, was one of the pioneers of blockchain integration into the game, releasing its digital token bar
Recently, a digital release The coin CIS was announced by the largest promoter organization in the world of martial arts “AMC Fight Nights Global“. The startup is going to develop a blockchain ecosystem in the world of MMA, using new tokens to attract investors, confirm participants at VIP clubs, and social initiatives such as helping injured sports veterans Doing and creating a P2P betting site. Everyone can join the project and contribute to the digitization of the future world, especially as the AMC token price is 5 times less than the future trading price! Of the new AMC cryptocurrency Details are available Here.
Now, overall, businesses and management are learning to use blockchain in their activities, mastering its infrastructure. Full implementation of decentralized technologies can lead to drastic changes in the structure of the modern business world. Funds will be used more rationally, information will be real, personal data will be securely encrypted, and everyone will have equal access to tools and functions, regardless of social differences. The only blockchain security threat that engineers and scientists are talking about is the power of quantum computers. However, this will not happen soon, and we can see future warfare between the two advanced technologies. I am sure it will be exciting!
Image by Paul Birman from Pixabay