There is no denying that technological advancements are continuing to impact our daily lives. If you are an avid follower of all things crypto, then you’ll know that 2021 has been an interesting year. But
There is no denying that technological advancements are continuing to impact our daily lives. If you are an avid follower of all things crypto, then you’ll know that 2021 has been an interesting year. But 2022 proves that there is so much room for blockchains to improve and integrate into various industries. CMS Wire’s Rich Hein says blockchain is slowly advancing into the mainstream. It’s here to stay as more people understand how advantageous it is to move money around it.
We are now at a point where more industries are welcoming the use of blockchain technology. Executives from different sectors are incorporating blockchain into their business models because they are already seeing its potential. For many, the future is blockchain. Below, we list down the industries blockchain is slowly shaking up.
As the human population grows, the demand for more accessible services grows. This is especially true for the agricultural sector where people have been asking for more technological transformation. Blockchain can help the market expand, increase transactions and improve the supply chain.
Another avenue where blockchain could revolutionize revenue streams is by pursuing incentivized farming. For example, Yale School of the Environment’s Professor Robert Mendelson explored buying carbon credits for companies not hitting their required emissions reduction targets. Farmers can take advantage of this and sell their carbon credits in the market.
Blockchain is said to be a technology that will be more important to the legal sector in the years to come. We often see the law as a traditional bureaucratic system and integrating blockchain technology will help improve that.
Fintech columnist James Gonzales provided an overview of how blockchain technology can shift and streamline the profession. Starting with smart contracts, blockchain can automate leases and would eliminate the need for a legal team. Notarization can also be streamlined through blockchain technology. In this, blockchain will be the decentralized ledger that stands as a guarantor of documents.
As technology grows, both blockchain and the gaming industry also further develop. Microtransactions enabled the gaming community to push pay-to-win games forward. Nowadays, blockchain is also being introduced through play-to-earn types of games.
In a previous blog written by Cryptured.com, Axie Infinity was used as an example of how gaming is being transformed by blockchain technology. Players of play-to-win games are rewarded with digital assets they can redeem and use in the real world.
The use of blockchain technology is being explored after a lot of disturbing slip-ups within the food industry. Integrating blockchain can provide people with a way to monitor the supply chain and trace contamination issues.
SupplyChainDigitals’s Matt High talks about IBM’s food trust – the company’s blockchain system dedicated to improving the supply chain. Their distributed ledger can easily recall contaminated food, trace the origins of the food, and more.
Public Transport Industry
A lot of people in different cities or states depend on public transportation to get around. However, these systems can be inefficient. Blockchain technology can help optimize the systems by helping cities understand how people use public transportation.
Blockchain can make paying more efficient by reducing paper trails and by utilizing a universal payment system for commuters. This would compile all transactions and help commuters settle them in one go. Commuters can also provide transit data and exchange them for crypto-tokens.
This article was specially written for Cryptured.com by Alice Palmer.