Blockchain technology was initially invented to power Bitcoin, the top-rated cryptocurrency; simply put, a blockchain is an immutable chain of data blocks that can be added to when a transaction takes place; a decentralised open-ledger system is a good description.
Here are just some of the business sectors that use blockchain technology.
- Banking & finance – Traditional banking is finally merging with digital cryptocurrency, largely thanks to blockchain technology. The fact that DeFi development services are in high demand is a reflection of the industry in general and its inevitable movement into blockchain. Bitcoin was invented by Satoshi Nakamoto, which was designed to host the world’s first digital currency and the system overcame the double-spending issue that digital currency faced.
- Supply chain management – Blockchain is perfect for tracking and managing inventory; indeed, most large organisations run blockchains to manage supply chains. Each transaction/process is recorded and added to the chain in the form of a new block, therefore, any item can be tracked in real-time.
- Transportation & logistics – Both are tailor-made for blockchain networks, with global networks for shipping and regional networks for companies and corporations. Managing and tracking cargo consignments used to be a collaboration, however, blockchain technology came to the rescue. It is expected that AI will play a vital role in further development.
- Real estate – Land titles can be effectively managed with blockchain; indeed, most nations are now storing land title deeds on a blockchain as it is the most secure system available. Properties can be listed on a blockchain and as the systems are developed, more businesses will switch to decentralised data management.
- Online gaming – The world of gaming has been revolutionised by high-speed Internet and the use of blockchain networks, which are secure; a blend of public and private systems enables gamers to securely interact with the game and other players.
- Intellectual Property Rights – Blockchain networks record IPR and much like any other asset, ownership can be transferred by adding new data blocks. Any non-physical asset can be managed this way; blockchain development is moving at an alarming rate and we need more young people to get into blockchain development.
The list of sectors using blockchain is growing; here are some of the advantages of using blockchain.
- Decentralised, no central control.
- Very secure using digital cryptography.
- Transparent transactions.
- Data is immutable.
- Processes can be fully automated.
If you would like to learn more about blockchain technology and how it can benefit your business, start with a Google search to find a top Australian DeFi developer and let your journey begin.
If you are a coder and you are looking for a challenging and rewarding career, blockchain offers unlimited potential. Most Australian universities are teaching blockchain development and once you are certified, the world is your oyster, so to speak.
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Eamon