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5 Possible Places the Blockchain Industry Could Influence

  • Aileen Scott 
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Blockchain technology is taking over the global business and trade domain. It is increasingly entering uncharted territories with each day passing by. The said tech has already brought big disruptions to the fintech industry, and now it’s breaking into almost every industrial sector, ranging from travel to music to real estate, among many others. The sector it’s affecting the most, at the moment, is database management. Blockchain technology is being deployed to better the security and privacy of digital data and thereby securing it safely for varied businesses across industries. 

Talking about the blockchain industry’s global market size, it’s soaring at an unprecedented pace and is forecasted to grow from $3 billion this year to $39.7 billion by the year 2025, thereby registering a highly impressive CAGR of 67.3%.

Blockchain Certifications Going Popular with Ever-Growing Jobs in the Sector

Blockchain certifications have been in high demand online, because of the boom observed in the number of job openings in blockchain, of late. There have opened umpteen blockchain-based startups across the globe, and they urgently need skilled professionals that can handle the operations at their respective firms.

It’s a great time for blockchain professionals to bag an entry-level job in the said sector, given the number of opportunities at their disposal, and the world around them. But, do gain a competitive advantage by acquiring an industry-relevant certification that will power your resume by manifolds.

5 Emerging Applications of Blockchain Tech

Deconcentrated (Decentralized) Finance

Deconcentrated finance means creating an ecosystem of financial apps that are built on the foundation of blockchain tech. Such applications are constantly growing at a lightning pace, thereby moving the custody of capital assets from centralized banks to blockchain-based decentralized apps. Since the advent of such DeFi applications, economic activities across the world have multiplied manifolds, but there have been seen instances of hacks and malware attacks too, on such digital cryptocurrency exchanges.

Measures are being taken to improve networking security in blockchain-based digital transactions. This year may witness the introduction of a tamper-proof blockchain network that will be resistant to hacks and malware attacks.

Statistical Transparency

With a plethora of online streaming channels available in the digital music market, artists find it difficult to transparently track the number of hits their music, or media, has got. And that’s the reason for their monetary struggle because of not being paid fairly in terms of the royalty fee. The burning issue in this sector is the blurred transparency in statistics.

Blockchain can certainly help make the statistics transparent to the world, as the records(data) on a blockchain-based platform are considered tamper-proof. It will rectify the ‘rights management’ part for the artists, and hence, a fair monetary payment will get issued to their rightful owners.

5 Possible Places the Blockchain Industry Could Influence

Supply-Chain & Logistics Management

Blockchain tech, and supply chain, go hand in hand with each other. The mentioned disruptive tech provides for precise, transparent, and authenticated transactions with full auditability, alongside assigning pre-determined fees. The profit-making, using blockchain tech in the supply & logistics industry happens, because of the removal of intermediaries, which helps cut costs. Moreover, the chances of fraud are negated in the processes, because in a blockchain-based tracking infrastructure, the transactions are irrevocable.

Banking & Finance

Banking and financial services are the industries most affected by the said disruptive tech. Blockchain is going to further push the boundaries this year by introducing much more robust transparency in the banking sector. Centralized banks bring opaqueness to the banking infrastructure. Blockchain is expected to change that forever, this year.

Data Security & Privacy

Blockchain technology is changing the conventional way businesses handle customers’ personal data. It’s going to devise a way that will give full control to the consumers themselves, on their own digital data, and identity. Until this happens, and becomes a common trend among businesses the world over, companies will continue to secure data privacy by asking users’ permission for the collection of their personal data.