Distributed ledger and blockchain technology have been in the spotlight for the past few years, with cryptocurrency leading the charge.
Steep price increases in assets like Bitcoin and Ethereum reveal that the hype behind blockchain is valid, and investors are putting money down on what they view as a promising future.
But crypto is just the tip of the iceberg for blockchain, as evidenced by a growing number of startup and venture capital-driven projects in this small segment of the tech sector.
To get a better picture of the landscape, look at the high demand for blockchain developers on the web – big paydays await those who bring the right skills to the table.
What are all these companies and engineers working towards, and what blockchain use cases can we expect to come to fruition in 2022 and beyond?
Let’s look at some of the most intriguing projects shaping up at the moment and see what the future holds.
1. Shipping and Logistics
Supply chain issues are one of the biggest problems facing the global economy, resulting in shortages and price hikes for everyday people buying groceries and filling gas tanks.
Blockchain aims to improve the efficiency and accuracy of the entire shipping process, increasing the logistical capacity for all participants in the supply chain, from manufacturer to recipients and users.
You can accomplish this by implementing broad-reaching, distributed databases that could track individual items, cut costs, and simplify workflows for every link in the chain.
2. Retail and Ecommerce
If supply chain management is the macro application of blockchain technology for commerce, the retail environment represents the micro.
Blockchain-based apps will soon allow retailers to track inventory with far greater precision, combatting loss, increasing transparency, and accelerating delivery and fulfillment from warehouses to small boutique shops.
Back-end technology will soon be entirely formulated using blockchain technology in the eCommerce space, ensuring that small companies maximize efficiency and profits without ever having to handle physical inventory.
3. Cybersecurity
Most web users may now be immune to the old tricks of fraudsters online, but more advanced cyber threats have made their way into the fold, with higher stakes than ever before.
At the heart of all blockchain technology is data integrity, made possible by “hashing” functions that make data incorruptible and impossible to change.
This change has enormous implications for how cybersecurity mechanisms operate and sets the stage for the next generation of web apps that put the power back in the hands of users rather than gatekeeping tech companies and cloud server operators.
4. Art, Media, and NFTs
The connection between blockchain and art is growing stronger by the day as non-fungible tokens (NFTs) continue to flood the mainstream and rise in price.
NFTs are a genuine cultural phenomenon and reveal the considerable upside potential for blockchain to support the next generation of artists in their efforts to create, distribute, and earn what they deserve for their work.
Maybe you’re a bit skeptical about spending 10 ETH (more than a new Toyota) on a picture of a zombified monkey, but keep in mind that we’re in the very first stage of the NFT life cycle.
Before long, we’ll be using the same underlying technology in music, film, writing, and other forms of content that is shared and consumed across the web.
This opens up the floor for creators to pursue their dreams and protect their intellectual property, an issue that has persisted in creative spaces for decades.
5. Insurance Industry
Accuracy and efficiency are the golden tickets to success and a satisfied customer base in the insurance world. If you’ve ever attempted to file claims or receive payments in the past, you’ll know first-hand that the process is relatively slow and open to error.
Blockchain systems can improve every aspect of the insurance process for providers, users, and any peripheral organizations involved.
Imagine a faster, more intuitive, and far more secure insurance experience that is free from the potential for fraud, with full transparency into the process from start to finish. Blockchain can bring this advanced reality, which is not far off.
6. Real Estate Services
Few transactions are more critical – and complex – than real estate deals. Whether you’re renting an apartment, buying a house, or taking out any form of loan to purchase a property, expect an excess of paperwork and plenty of frustration in turn.
Once again, blockchain networks can make real estate transactions go smoothly with less possibility of error and a better user experience for all parties.
After all, most dealings in the real estate realm are contracts of different types, and innovative contract technology supported by blockchain is considerably more secure and streamlined than the traditional approach to these processes.
7. Electronic Health Records
The healthcare system is bogged down by inefficiency and a lack of transparency for patients, service providers, organizations, and the databases that form its foundation.
If you’ve ever switched doctors, changed plans, or simply tried to pay for treatment through insurance or other means, you’ll know that it can be a long and tedious journey.
By implementing blockchain technology in the healthcare space, information remains intact and immutable throughout a patient’s lifetime, giving providers a clearer picture of their past, present, and future of health.
As we anticipate a steep rise in the demand for healthcare services moving forward, blockchain could not have come at a better time with these types of applications.
8. Gaming and Play-to-Earn
Video games went from an obscure form of entertainment to a strong pillar of daily life and socialization for millions of people worldwide – and not just kids, either.
Adults and elderly folks are also getting into the game, and blockchain provides more immersive, personalized experiences for everyone eager to compete and have fun in these virtual worlds.
From a game developer’s standpoint, blockchain offers a wide range of opportunities for monetization and IP protection in an increasingly competitive landscape.
Gaming will soon be inseparable from blockchain systems that underpin digital identities, facilitate in-game payments, and allow users to capitalize on their creative and competitive impulses in these gaming environments.
9. Education and Credentialing
The education space has transformed dramatically in the 21st century, and the old-school way of earning degrees and certifications is nearly obsolete.
In its place, we’re seeing organizations grant digital forms of credentials and a more “a la carte” approach to education focused on hard skills and quick placements in the workforce.
There may indeed be a market for traditional four-year degrees and the classic “college experience.” Still, the next generation of students are watching the clock – and their wallets – so that blockchain-based skill-building is a far more appealing prospect.
10. Citizen Data Management
Digital identification is closer than we might think, and blockchain is at the heart of it all.
From driver’s licenses to medical statuses, expect applications with all your relevant data available in a secure yet accessible format to navigate the world.
Crypto is the Gateway to Blockchain
Intrigued by these projects and want to get more involved? Cryptocurrency is still the most developed and relevant form of blockchain technology, from mining and trading to token creation and much more.
Sources:
34 Disrupting Blockchain Applications | Built In
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