What Industries can Blockchain Change (Which Areas will Blockchain be Applied in the Future)

08/15/2023 16:14 • Metaverse Matters • 78 views

What industries can blockchain change? What changes can it bring to the industry? Let’s take a look together: 1. Bitcoin

Bitcoin is the first decentralized network, reaching its all-time high on December 24, 2017. However, its price dropped afterwards due to market plunge. Currently, the largest cryptocurrency by market capitalization is Ethereum, which is now valued over $100 billion, meaning that Ethereum’s price has risen by over 350% since November last year. Additionally, there has been a very apparent trend over the past year, that is, a decrease in the supply of Ethereum to around 1 million, but this growth is not as fast as previously imagined.

2. Bitcoin Trading and Settlement

While Bitcoin is considered a secure way and is becoming increasingly popular over time, there are many potential security issues it may face. For example, when people purchase a digital asset, they may encounter a series of attacks that lead to users being unable to access their own private keys or mnemonic words. Hence, Bitcoin is restricted as part of a new network due to its limited quantity, high volatility, and susceptibility to hacking. In case of a similar event, Bitcoin will become even more difficult to trace and mainstream. On the contrary, if investors want to invest their funds in it, they must ensure that they do not lose any money.

3. Smart Contracts

Smart contracts can perform complex tasks without sacrificing integrity by using blockchain to achieve distributed ledger. The platform also provides an open system to verify the data and operations of all participants, which will be transferred to the chain in the next few years and shared with all of us, whether individuals or companies. Smart contracts can help developers easily build smart contracts with different types of applications. For example, automatic execution of tasks does not require trust in third parties, only the software vendor needs to create a smart contract, and then programming and deployment can be done off-chain.4. Insurance

1) Security Token

According to a recent report released by Cointelegraph, “the insurance industry has generated more than €50 billion of insurance funds in 2021.” (TheBlock)

2) “Banking”

Blockchain-based applications provide better products for insurance companies. In addition to traditional insurance, blockchain can also improve payment processing in the financial sector and reduce fraudulent behavior.

3) Cross-border Remittances

To address the aforementioned issues, the Bank for International Settlements introduced a project called “cross-border remittances” in early 2020, aiming to eliminate friction costs and inefficiencies in the multi-tier transfer process. This technology can simplify the global trade finance process and shorten international payment speed.

Which Areas will Blockchain be Applied in the Future

As a new generation of information technology, what areas will blockchain be applied to in the future? Let’s take a look together.

1. How will IoT devices track data?

2. Where will digital currencies be used?

3. Can Bitcoin and Ethereum replace the US dollar?

4. U.S. SEC Chair: Low possibility of cryptocurrencies being used for illegal financing.

5. In which areas will blockchain be applied in the future?

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What Industries can Blockchain Change (Which Areas will Blockchain be Applied in the Future)

Which Areas will Blockchain be Applied in the Future

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