The Blockchain is new, but it’s not as new as many people think. The technology was actually first introduced in 2008 when an anonymous creator released the peer-to-peer payment system via a simple white paper press release. If you’ve ever traded or purchased Bitcoin, you have used the Blockchain. This is where all cryptocurrency is minted.
While blockchain tech has been around for over a decade, it is still in its infancy. Major institutions are already recognizing the power and value of the Blockchain via their investment in crypto and blockchain technology. This is thanks to both the value of the currency and the security that can be found on the Blockchain. If you are interested in the immediate future with blockchain tech, here are the three industries that are set to benefit most from it in 2022.
- Real Estate – Millions of dollars of land around the world is underutilized and can be used as collateral on a loan because it is improperly talented. Even worse, this land is mostly owned by poor people. A decentralized system will help get rid of this problem, so people can get the most out of their land. It will also help reduce a variety of transactional issues that occur in real estate transactions, thanks to the Blockchain’s ability to trace them.
Poor countries will be able to benefit from a blockchain-based land market. Not only will it increase liquidity, it will help landowners more able to get land-backed loans. This can be a huge boom to third-world countries that are having issues monetizing and getting the most production out of the land they own.
- Supply Chain – Supply chain management has been a major story in the news lately. Ships around the world are stuck at sea, waiting to unload their wares. This has caused a disaster in some industries when it comes to getting merchandise and products where they need to go. People who understand the Blockchain predict that the technology will improve this issue.
How will it help? IBM has already started to work on it through its development of TradeLens, a Blockchain-based platform that seeks to connect. The company expects to save businesses around the world billions of dollars on operational costs in the coming years, and that’s just the start.
- Identity – When you create a social media profile, you don’t really own your identity. The company that owns the platform does. It’s now theirs to monetize and sell to interested parties that want your information. With the Blockchain, you can make your social presence and identity work for you.
The privacy and security created by the Blockchain will completely change the way you use your identity online. Now, you have more control over how it is used and where it goes. You can also get paid anytime someone uses your identity that is minted on the Blockchain, no matter what coin it is minted on.
The trust, privacy, and security that Blockchain creates are going to lead to a variety of technological innovations that are going to be used across many industries. These three are just the start.
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