Currently, Blockchain is on a mission. The newly dubbed “Web3” technology, aims to decentralise the internet, taking power away from centralised units and redistributing it to its users. First and foremost, we shall define the technology. Blockchain is a fully decentralised, distributed database that relies on the entire network to verify a transaction. Instead of data being held in one particular place like it is today, it is stored across multiple computers, making it far more difficult to hack.
One of the biggest concerns is blockchains energy consumption and its implications for the environment. However, many protocols are bearing this in mind when building to reduce CO2 emissions. There are plenty of positives to the technology that outweighs the negatives, so let’s get started. Here are the 3 industries blockchain will disrupt this coming decade:
Finance
Finance is the most obvious sector that blockchain is looking to disrupt. The first cryptocurrency invented: Bitcoin, was created in response to the financial crisis of 2008. Furthermore, with the invention of Smart Contracts, a new space called Decentralised Finance (DeFi) has become very popular.
It is essentially a network that offers financial instruments without relying on traditional centralized institutions such as banks, brokerages, clearinghouses or exchanges. As many of the developing world do not have access to banking products, DeFi hopes to change all this, giving people options to both save and borrow all using Smart Contract technology.
Gaming
As the Metaverse gains traction, gaming will be the first major industry to utilise the technology. Currently there are many gaming networks such as Decentraland that use blockchain to build a virtual world. As the Metaverse becomes mainstream, these protocols will too, putting control into the hands of the creators and players as opposed to just the developers. Moreover, within the gaming space, online casinos will be revolutionised, as operators will offer more transparency.
Blockchain casinos will be available to everyone too; as in many places across the world, access is blocked such as in China or in Kuwait. On the other hand, with the use of a VPN there are platforms available for Arabic players that compare all the best online casinos. They find all the best welcome bonuses, advise on the legality of playing and provide comprehensive reviews on secure casinos. The transparency is very good, but with blockchain, as it’s a public ledger, players will have an even greater playing experience.
Real Estate & Assets
In a blockchain, the use of tokenisation has major benefits when it comes to real estate and purchasing a property. Through the use of Smart Contracts, an asset such as a residential or commercial property can be tokenized and sold to investors, giving them the opportunity to own X% of a property.
This can, of course, be done in other asset classes such as stocks and bonds, bringing more opportunities to the retail trader. The opportunities are endless in this regard as anything of value can be tokenized and sold from classic cars to fine wine to internationally famous artwork.
Legal
Many legal firms are currently adopting blockchain technology to negate all the documents needed. Through the use of Smart Contracts, two parties are able to make agreements with one another, only being executed when terms are met. For example, if Josh sold Jane an iPhone, both parties would agree upon the price, the condition of the item, and so on.
If terms are agreed by both sides, then the contract will be executed, giving Jane ownership of the iPhone and Josh the funds in his account. This innovation which reduces the need for 3rd parties will streamline a lawyer’s workload. Nonetheless, legal professionals will of course still be required as Smart Contracts will need to be written well to protect the individuals’ interests.
Conclusion
Ultimately, blockchain has the potential to change the world, with the same issues stunting its growth. Scalability remains the largest problem, but protocols such as Solana are providing solutions to cheap and fast transactions between the blockchain. Additionally, cryptocurrency has some PR issues, as many times Bitcoin is associated with drugs and money laundering in the global media. Nevertheless, if blockchain can provide solutions to make people’s lives better, the future is very bright.
Hi there! I’m Sethu, your go-to guy for all things tech, travel, internet, movies, and business tips. I love sharing insights and stories that make life more interesting. Let’s explore the world together, one article at a time!
