Blockchain technology is of great interest to individuals, companies, and financial institutions all over the world. Many people argue this technologically will not be able to transform the way we use services and tools, but there are some decent counterarguments to be made. Never underestimate what blockchain technology can achieve, as we have only just begun to scratch the surface.
Blockchain Technology is Here To Stay
One of the most obvious use cases for blockchain technology comes in the form of disrupting the financial sector. Not just in the form of Bitcoin itself but also because it allows transactions to be cleared and settled within minutes, rather than waiting days or even weeks to complete transfers. As a result, operational costs will be lowered for financial institutions, which will hopefully result in lower fees for customers as well. Right now, transferring funds around the world is both expensive and time-consuming.
Staying on the topic of finance for a moment, blockchain technology could help transform financial markets as well. Regarding accountability – a process that is far from clear or transparent right now – the blockchain can make a major difference. But there is more to it than just that, as this technology could allow for High Frequency Trading, in the long run, coupled with smart contracts and automation.
Unlike what most people would assume, there is a huge market out there regarding real-time bidding for advertising. In fact, this is a US$30 billion business right now and that number will keep on increasing in the years to come. As far as blockchain technology is concerned, it would help to improve the overall speed, improve tracking of transfers, and reduce the overall costs associated with the process.
It goes without saying the Internet of Things initiative stands to gain a lot from blockchain technology as well. At some point, there will be a crossover between these sectors as they are both becoming immensely popular. Also, they are attracting the same type of crowd, which can only lead to future innovation in both industries. Blockchain integration in the Internet of Things sector can range from automated payments to decentralizing electricity usage and much more.
Last but not least, there is the video game sector. Any players collect a ton of virtual “junk” in these games as part of their achievements, yet there is no way to monetize their hard work. Additionally, there are quite a few people out there who would love to create new in-game items but have no idea on how to distribute them to players. Blockchain technology could help them create new assets and sell or trade them with other players.
Future Use Cases Have Yet To be Discovered
These five examples are just the tip of the iceberg as to how blockchain technology can have an impact on our daily lives. The best use cases still have to be discovered, though, as there is a lot of exploring left to do regarding what this technology is capable of. With so many bright minds looking at all of the available options, great things will be achieved.
In theory, there is nothing blockchain technology can’t achieve over the next few years. The only limit is our imagination, and how much of our daily lives we want to disrupt by deploying this technology. Exciting times are ahead of us, ladies and gentlemen, that much is certain.
What are your thoughts on the future of blockchain technology? Which sector – other than finance – is most prone to disruption in your opinion? Let us know in the comments below!
Images courtesy of Shutterstock, Tbwa, Pro Blogger