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Wednesday, February 1, 2023

How is Blockchain Likely to be Used in Different Industries in 2023 and Beyond?


The future of blockchain is here. In 2021, funding to blockchain startups skyrocketed to 713% Year-Over-Year (YoY), leading the market to reach $25.2 billion. However, blockchain isn’t solely used for banking and crypto, as many industries are guaranteed to benefit from this technology.

According latest study by Statista revealed that blockchain will grow in value relentlessly over the next decade, reaching over 39 billion U.S. dollars by 2025. Banking has become a prime location for blockchain investments, as its amount within the total industry’s overall value is approximately 30 percent of the total.

How Blockchain Will be Used in 6 Different Industries

The blockchain revolution is upon us. In the past decade, blockchain technology has revolutionized how businesses operate and interact with customers, and its potential is only just beginning to be tapped. It’s likely that in the next few years – by 2023 at least – we’ll see a massive shift towards blockchain as more industries look to harness its power. So, how can blockchain be used in business? Here’s an overview of six different industries where we’re likely to see a big impact from the blockchain industrial revolution.

The top blockchain trends of 2022 included the Metaverse, NFTs, and digital identity, but will we continue to see them in 2023 and beyond? What industries will use blockchain, and how?

1. Blockchain in Banking

Blockchain will impact banking more than any other industry. Banks like Citigroup, and Goldman Sachs are already diving into the crypto space because it promises more secure mobile payment methods. Crypto exchanges are commonplace and widely used in the United States.

The financial industry is experimenting with crypto-based crowdfunding, secure smart contracts for insurance, and non-editable wills on the blockchain. One of the most interesting ventures is P2P lending on the blockchain, which makes loans more accessible to 150 million Americans. 

2. Blockchain in Real Estate

The infrastructure and energy sector will adopt blockchain over the next decade to distribute ledgers and handle more complicated construction projects. Real estate blockchain applications can be used to record, track, and transfer property deeds, land titles, liens, and much more.

In the end, blockchain can mitigate real estate fraud because it allows transparency during and after transactions. Artificial and virtual reality applications make it possible to buy virtual land, giving investors another way to diversify their portfolios (and live right next to big celebrities).

3. Blockchain in Retail

While retail businesses can use cryptocurrency as payment for items, blockchain is capable of so much more in this industry. It could decentralize the trust consumers have in businesses, as it gives buyers the power to connect to manufacturers, brands, retailers, and third-party sellers.

What’s more, blockchain technology makes it easy to monitor the food supply chain and trace issues (i.e., contamination) to the source. It can control the source and sale of regulated items, like cannabis, and crack down on gift cards or loyalty program fraud in the eCommerce sector.

4. Blockchain in Health Care

HIPAA and similar healthcare information protection laws do what they can to secure patient data, but nothing offers more protection than blockchain. Blockchain technology can share patient information across platforms securely, enabling cost-effective treatments and diagnosis.

The backend of healthcare is complex, slow, and expensive, but blockchain could speed up its processes, especially when it comes to claims management. There’s a possibility it could lead to improved healthcare before the treatment phase, as it opens the door to faster innovation.

5. Blockchain in Entertainment

Entertainment entrepreneurs can use blockchain to create smart contracts. Since they can attach a crypto wallet to said contracts, content creators will receive payment directly into their accounts rather than producers. This ensures the people who make the content get their cut.

Blockchain in entertainment is well documented. It’s used in gaming, social media, gambling, sports management, art, and photography. After 2023, we may see blockchain used in video streaming. A decentralized media streaming platform could disrupt Netflix and Youtube.

6. Blockchain in Communication

In the communications industry, blockchain will be used to collaborate and engage with different sectors. We’re seeing the rise in smart contracts in telecommunications as it automates the negotiation and implementation process, especially with international service-level agreements.

Messaging apps, like Signal and Status, are already integrating blockchain and crypto into their systems, enhancing user privacy and security. Blockchain can help verify academic credentials automatically, which shortens the interview process for schools, governments, and employers.

Conclusion:

In conclusion, blockchain technology has the potential to revolutionize a wide range of industries in 2023 and beyond. Its unique combination of distributed ledgers, consensus mechanisms, smart contracts, and cryptography create opportunities for efficient data storage and decentralization. From healthcare to finance, blockchain’s promise of secure, trustless transactions and improved data access is only beginning to be realized. As more innovative applications are developed, the potential for blockchain technology to catalyze transformation across industries will continue to expand.

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