Expansion Of Blockchain Technology In Industries

Expansion Of Blockchain Technology In Industries

Blockchain technology has already made an impact on many industries. Many projects have been originated from it and industries are embracing it. E-commerce, Banking, Healthcare, Insurance are some of the principal businesses where blockchain has been implemented across various verticals.

The distributed, decentralized nature of blockchain and independent consensus make it more reliable use. It allows Blockchain to expand in several industries such as bioinformatics and genomics, space science, gaming and augmented reality (AR), digital content patent and intellectual proprieties, agricultural, education, real estate, entertainment and also in the retail industry.

In Bio-Informatics

Bio-informatics is a science of collecting and analyzing complex biological data and also develops a software tool to understand the data. Immense research has been carried out on:

  • Genes, to find the genetic basis of disease
  • Understanding adaptations of species and their biological changes
  • Finding out desirable genetic pattern to grown certain species
  • To find out the biological structure of virus and bacteria of incurable disease and to find out their weaknesses, which can be utilized to prevent other species from various diseases.

Blockchain can be applied to save authenticated data, research, formulas and possibilities to share required information between various research organization to do studies.

In Space Science

In Space science, use of blockchain technology provides many advantages. DSM (Distributed spacecraft mission) is an example which can be imagined as β€œrelaying” or coordinated joint mission among several spacecraft. According to NASA, artificial intelligence (A.I.), together with the blockchain technology could be used widely to create β€œspace-based sensor networks” for its efficient management.

Online Gaming

In online gaming industries, many projects are already taking blockchain as their platform. Introducing encrypted Blockchain ledgers to the gaming industry will create a trust to safe and secure storage of users game related data. Paid games will be more reliable, and can provide a platform for users to generate more money. It'll also help to protect the game from piracy and multiplayer games can be played on a distributed system. Use of computing power using blockchain decentralization concept game developers can use power from various machines, improve UI and visuals to run. It also increases the possibilities of adding AR based content which will give a new dimension in decentralized gaming.

In IP &Content

In Intellectual Property (IP) use of blockchain and related distributed ledger technology gives possibilities for IP protection and registration and as evidence. It will be a cost-effective way to speed up such processes. Use cases may include proof of ownership, authentication, registering and clearing IP rights, controlling and tracking the distribution of (un)registered IP, digital rights management, establishing IP agreements or licenses through smart contracts.

In Agriculture Industry

Agriculture industries have countless possibilities to practice blockchain. From land data to producing food data and source can be organized in a more effective and secure way. Blockchain technology can reduce fraud, decreasing costs and promoting efficiency in agricultural industries.

In Education Industry

In the education sector, blockchain can be employed to design and store records, research, certificates, etc. It will provide an effective way of accessing records and can also be applied to verify the records, sharing of authentic research data with a reliable source of information.

In Real Estate

In Real Estate and Land Rights: The Blockchain technology can be used in-store information on property, ownership and can provide a safe and secure system for managing the legal information of properties and its ownership. It will also eliminate real estate fraud. Distributed ledger can possess data of old records from one generation to another and a history of sales and purchase of the same property.

In Entertainment Industry

In the Entertainment industry blockchain can solve the issue such as copyright infringement, piracy, and content reuse. Using blockchain technology and cryptocurrencies, artists, writers, and musicians could distribute their content with real source and authenticity.

In Retail Industry

In Retail blockchain distributed ledger technology can be adopted to improve supply chain goods tracking and authenticity of goods.

Conclusion

Blockchain due to its decentralized, transparent networks and cryptography is more reliable to use in many industries where digital payment, authenticated information, reliable source of information, performance and easy distribution plays a crucial role. Constant growth in consensus and performance of blockchain has made it more accessible for use and soon be significant in various industries.

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