Digital technologies are entering every aspect of our life at a steady pace. However, according to predictions from Huawei in collaboration with Oxford Economics, the digital economy is expected to comprise 24.3% of the world’s gross domestic product by 2025, giving it an astronomical valuation of around $23 trillion. Among the few innovative technologies leading this revolution is blockchain.
The fact that data, once it is in the database, cannot be changed or deleted without informing all involved parties takes possible uses of this technology to a new level. That said, “Big Four” audit firm PwC surveyed 600 executives around the globe and found that 84% of respondents already use blockchain in their organization in one way or another.
Although there are also many reports that this system needs more active monitoring — and there have been attempts by government authorities to do so — blockchain is here to stay.
A report by analytics agency Gartner forecasts that by 2030, the blockchain market will be worth over $3.1 trillion. Adrian Lee, the senior research director at Gartner, said:
"Product managers should prepare for rapid evolution, early obsolescence, a shifting competitive landscape, future consolidation of offerings and the potential failure of early stage technologies/functionality in the blockchain platform market."
Let’s find out how blockchain technology is changing various industries.
Massively multiplayer online games, otherwise known as MMOs, have become hugely popular around the world, with people joining communities that allow them to engage in a shared ecosystem and earn currency or credit within the parameters of the platform. However, Horizon Blockchain Games is trying to revolutionize online gaming with its Ethereum-powered platform called Arcadeum. Horizon is trying to modify the idea of ownership in games. With Arcadeum, the company has a different take on in-game items. It establishes who owns a particular in-game item and then allows it to be traded verifiably, making the selling and buying of items easily traceable from player to player. With this project, Horizon is giving more control to players by leveraging technology that is typically associated with cryptocurrencies in order to build gaming features that resonate with users. The Arcadeum wallet operates as a secure wallet for gamers to store and manage their collectibles.
For example, SkyWeaver, a free trading card game, uses the Ethereum blockchain to provide a reliable and secure environment for players to transfer ownership of their digital cards between one another. SkyWeaver has digitized the physical collectible card game using blockchain technology.
Gas, oil and energy sector
BP and Royal Dutch Shell announced in 2017 that they would lead a blockchain-based trading project with other members such as Statoil (now known as Equinor), Koch Supply & Trading, Gunvor and Mercuria, along with some banks such as ABN Amro, ING and Societe Generale. The project aimed to eliminate dependence on conventional paper contracts that produce huge amounts of paper documentation.
Blockchain allows the energy sector to monitor its transactions, verify the origin of certificates, digitalize registries and control output. I think, in the long run, blockchain technology will help the energy sector reduce its operating costs, increase the reliability of its operations, and accelerate efficiency in domestic trading operations.
Blockchain makes it possible for companies to track their manufactured goods throughout their lives, from shipping facilities to consumers in stores. Besides, as blockchain enables businesses to maintain a transparent flow of data, it allows coordinating details between all involved parties in the production and consumption chain.
For example, using blockchain for automotive spare parts and warranties helps to track counterfeit products and even assists businesses in making informed decisions. It is often difficult to differentiate between spares and original parts based on their appearance. The percentage of low-quality spare parts is increasing in the market, and when they fail to perform soon after service, it damages the reputations of car manufacturers and dealers. However, blockchain technology can help manufacturing industries in various ways and within multiple niches.
Blockchain technology within the automotive industry represents a powerful tool for data storage and transmission by smart cars. It can collectively store data about specific vehicles from various registries and help prevent falsification of data. For example, when a particular vehicle goes onto the market, its entire data will be available for the owner, including its repairs and services, the number of fixes, if it has been in any accidents and other information.
It’s not wrong to say that significant players in the auto industry have been looking for opportunities to explore blockchain technology. A couple of years back, Toyota Research Institute revealed a new project that integrated blockchain into smart car technology to help maintain a registry for the exchange of data among smart vehicles. In addition, Volkswagen is in the development stage of coming up with a blockchain-based platform that enables smart cars to exchange information regarding road conditions. This technology can effectively help reduce the number of accidents and facilitate drivers by guiding them to prepare for or avoid severe weather conditions.
For some of the world’s biggest companies and several industries, blockchain is no more the technology of the future. A lot of companies already understand how blockchain technology can revolutionize their business operations and processes, and some of these corporations are already at the implementation or planning stage of their blockchain-based systems.
From financial systems to healthcare, blockchain is disrupting every single industry out there. I believe the integration of blockchain into company systems, enterprise apps and commercial institutions will positively impact the very core principles of the various industries that dominate the world today. Blockchain has the potential to change the worlds of industry and business just as the internet did, and the shift has already begun.
The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Jane Collen is a creative content writer and digital marketer at TekRevol. She works closely with business-to-customer and business-to-business companies, providing blog writing, video scriptwriting, ghostwriting, copywriting and social media marketing services.