Blockchain Technology in Business

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The blockchain is a technology that many experts consider it to be the future. However, we know a lot of historical examples when such expectations did not materialize in reality. Will the same happen with blockchain?  

Several years ago people who dived deep into this technology, predicted that we would be looking at revolutionary implementations of the blockchain technology. What was once considered to be something out of a science fiction movie is becoming a reality today. Take China, Russia, and the USA for example. At this point, they are speeding down the racetrack to be the first countries to apply the blockchain technology in the military operations. Dubai is also working on 20 applications for blockchain within its government operations.

We see examples of attempts to implement the blockchain technology in many aspects of our society. Government and military aside, what another aspect can that technology be implemented? Can the business community profit from it? Shortly: yes, it certainly can.

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Currency

Currency replacement is the most obvious application of blockchain technology.

Since the dawn of humanity, people used various ways to pay for products or services. At a certain point in time, people exchanged valuable items for it – a goat for getting your cave cleaned. That payment method later was replaced with coins, which were later replaced with the paper money we are currently using. As thing are moving along at the moment, businesses may rely on getting paid in digital coins.

It is true that only a small percentage of people believe in this change. The last change in currency was the replacement materials with the money we use now. In this case, the blockchain will completely change the currencies, but at a certain point in the future, businesses will rely on the blockchain technology for payments for their services.

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Cloud storage

Cloud storage is something that was initially rejected with people saying that they don’t want to keep their data on someone else’s storage. Amazon’s S3 cloud storage from 2006 was something that people wanted to use: for that time it was the future but were still skeptics. Fast forward a decade, and we live in an era where almost every person connected to the internet is storing something on the cloud.

As the cloud business started to grow, so did demands for storage. What was once a server rack used by only a handful of companies turned in to numerous cloud storage warehouses all over the world. So, you might ask yourself, what changes can blockchain make in this line of business?

Right now, the cloud storage that we know relies on physical servers located somewhere. The decentralized network can provide storage for your files or even your websites. It is a concept that is already proven. The Shift is the proof of concept – it is a website hosted on decentralized storage.

Gaming

Some might think of this paragraph as a joke, but truly, it is not. If you take into consideration that in 2018 the gaming industry had a revenue of 43 billion dollars, you should have an idea of how big it is. But the real question is what can blockchain do good  when it comes to games? Quite a lot.

At this point, Ethereum is the most popular altcoin buzz on the internet. The blockchain that is behind it is “responsible” for developing a game called Beyond the Void. The game is a hybrid strategy game located in space that is a combination of action, strategy and 1 vs 1 competition. The entire game is developed on the blockchain technology and along with it is the game’s marketplace. A b2expand claim that the goal of the market is to have full ownership of the purchased items. Standard games that we play and items that we buy don’t belong to us; we only pay to use the items.

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Beyond the Void is the first game based on this kind of technology and we should see some major shifts in the gaming industry in the next decade or so. That shift will be towards the blockchain technology.

Conclusion

If you ask anyone that has even the basic understanding of the blockchain technology, they will say it is the future. As much as most of it is not easy to understand for the majority of people, technology has the potential to make some radical improvements to today’s businesses.