Blockchain technology has often come under fire, with many claiming that the technology is stuck in phase one and has progressed little over the past few years. A lot of this argument is based on the fact that mainstream adoption hasn’t yet been achieved. But with huge companies such as IBM, HSBC, and Facebook exploring use cases and solutions based on the technology, the argument doesn’t seem to stand to stand on its feet.
By taking a deeper look at the state of play across different industries, it becomes clear that blockchain technology is having an influential and transformative impact. Below, we take a look at four industries that are being directly and positively impacted by blockchain.
Blockchain in finance
Banks across the globe including Goldman Sachs, JP Morgan, and HSBC are already looking into the benefits of blockchain technology. Their aim is to optimise and streamline processes, giving customers much faster transaction times and improved security over their funds. While some banks are already carrying out transactions on the blockchain, others are simply investing in research and development.
It’s obvious that traditional finance institutions are trying to stay ahead of the curve. That’s because blockchain technology and its decentralisation methods can threaten the way things have always been run. The technology offers multiple benefits that resolve some of the shortcomings of long-standing finance systems and corporations. These include:
- Easier cross-border payments
- Quicker transaction times, negating bank holidays
- Reduced transaction costs
- Fraud reduction
- Greater immutability and trustBlockchain revenues in the financial sector is predicted to hit $462 billion by 2030. To find out more about how blockchain will change finance, download this definitive guide to the industry.
Blockchain in gaming
The gaming market, especially video games, is forecast to be worth more than £138 billion in the next two years. Blockchain is certainly helping to drive this growth in value. Decentralisation could well be the future of gaming thanks to the opportunities and benefits that blockchain technology can bring to the industry.
There are a numbers of ways that blockchain could transform the gaming industry. Players and developers alike will be able to reap the rewards of decentralisation in a number of ways. Digital ownership will become more prominent as gamers can attain full control over their virtual assets. By storing their assets on the blockchain things such as asset theft, duplication, or hacks can be massively reduced.
On this note, it’s important to recognise that gaming isn’t just an industry – it’s an ecosystem that relies on payments and transactions. By making transactions on the blockchain, developers can rest easy that will receive their payment in a faster, more transparent way.
The story around blockchain in gaming is an in-depth one, especially with the emergence of decentralised applications. To find out more, download this definitive guide.
Blockchain in the energy industry
The energy industry is renowned for its monopoly of high prices, imbalanced supply and demand, and emissions regulations. So what role does blockchain play in the energy industry? Again, decentralisation is the answer.
Decentralisation in the energy sector takes away control from any single regulator or energy body. Energy will no longer strictly have to come from the grid. Instead, off-grid and micro-grid energy production can take place. This decentralisation will give individuals and businesses much more choice when it comes to energy, allowing them to look for locally provided, sustainable energy that offers much more competitive rates.
Blockchain technology can also give rise to peer-to-peer trading platforms. This will mean energy becomes a tradeable asset that individuals can buy and sell directly with one another. There are already some start-ups trialling this method, such as Power Ledger and Electron.
To find out more about the role of blockchain in energy, make sure you download this definitive guide.
Blockchain in the retail industry
The market value of blockchain technology in retail will be 29 times higher in 2023 than in 2018, according to an analysis by FinTech entrepreneur Monica Eaton-Cardone. Blockchain will play a vital role as shopping experiences online and on the high street continue to change.
There are five key roles where blockchain will have a direct impact, including:
- Supply chain management
- Inventory management
- Authenticity verification
- Auto-renewal and subscription services
- Customer loyalty and data programmes
Retailers, regardless of industry, are facing more pressure than ever before. Competition is fiercer than ever and customers demand better convenience and immediacy. From all angles, trust in retailers in crucial to their success. Blockchain technology can give them the transparency and streamlined operations they need to keep customers onboard.
To find out more about how retail will continue to be transformed by blockchain technology, download this definitive guide.
Just because blockchain adoption hasn’t happened in the mainstream yet, doesn’t mean it won’t happen at all. The use cases outlined in each of the guides below are simply paving the way and providing examples to the masses about how blockchain works and the opportunities it can offer. It will take education and willingness to reach mainstream adoption across many industries, but it’s exciting to see an already positive start.