Exploring the Practical Applications of Blockchain Technology
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Exploring the Practical Applications of Blockchain Technology

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In a few short years, blockchain technology has been steadily gaining traction in traditional business applications around the world.

So much so, that blockchain-focused venture capital fundraising tripled to $3 billion between the years 2017 and 2018.

Four Practical Uses for Blockchain Tech

Today’s graphic from Noah Coin highlights four major sectors where blockchain technology is being used to innovate and enhance important business processes.

In an increasingly digital world, which industries are being transformed by blockchain?

Exploring Four Practical Blockchain Application

One of the primary benefits of blockchain technology is its immutability─the unchangeable nature of the “ledger” of data posted to the network.

This critical feature can provide widespread benefits across a variety of industries around the world. Let’s dive into some key examples.

Major Practical Applications of Blockchain

1. Financial Services

Recent numbers show that the asset management industry could cut costs by $2.7 billion every year by moving to blockchain tech. Practical applications of blockchain in the financial services industry include client screening and onboarding, recordkeeping, data privacy and security, and trade processing.

Similarly, the insurance industry is fraught with errors and costly mistakes. The FBI estimates that over $40 billion a year is lost through fraud across all non-health insurance industries.

Example solution:

  • RiskBlock, a proof-of-insurance product, helps insurers save time and money through automated processes, and it helps insured individuals validate their insurance claims securely and quickly.

2. Smart Contracts

Blockchain and smart contract technologies function well in instances where legal contracts are required to maintain ownership rights and data privacy laws. These customizable, self-executing smart contracts on the blockchain can be easily managed by all parties.

Issues with ownership rights and royalties are commonplace within the entertainment industry. To navigate these issues, blockchain technology offers an unchangeable, traceable, real-time distribution and reporting network for all involved.

Example solution:

  • Ujomusic is one such application that is helping artists track their royalties worldwide.

3. Digital IDs

According to the World Bank, over 1.1 billion people worldwide still have no way to prove their identity. At the same time, companies and financial institutions in both traditional and digital markets are being required to follow more stringent know-your-customer (KYC) initiatives.

Despite this, many providers are still not sufficiently meeting these standards; to further complicate things, regulations vary widely from jurisdiction to jurisdiction.

Example solution:

4. Blockchain Internet of Things (IoT)

Gartner predicts that 20.4 billion IoT-connected devices will be active by the end of 2020, with some estimates showing the IoT market will reach $3 trillion annually by 2026.

Blockchain-enabled IoT devices would operate faster and more securely for both users and businesses─enabling less centralized control over the financial industry, internet usage, and ownership rights.

Example solution:

  • Helium uses a decentralized machine network to simplify connecting anything to the internet through a blockchain, wireless network, and open-source software.

A Blockchain-enabled Future

Blockchain technology promises to be the next major tidal wave of innovation. While still in its infancy, practical blockchain applications are becoming more mainstream.

As blockchain adoption spreads, it can become a driving force for promoting equitable societies, solving complex economic issues, and transforming how we live and work every day.

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Infographic: 11 Tech Trends to Watch in 2023

This infographic highlights eleven exciting areas within the world of technology worth keeping an eye on in 2023.

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11 Tech Trends

Infographic: 11 Tech Trends to Watch in 2023

It can be tough to keep up with the rapid pace of innovation.

Each new year delivers the full spectrum of progress from game-changing breakthroughs to incremental advancements in a wide variety of fields.

In a noisy media landscape fueled by hype and speculation, it can be tough to know where true value is being created. The infographic above, which draws from CB Insights’ recent report on 11 Tech Trends To Watch Closely in 2023, helps narrow down some areas of focus:

  1. Immortality-as-a-service
  2. The secret invasion of super apps
  3. Fintech’s rapid regeneration
  4. Bots in the house
  5. Virtual power plants
  6. Healthcare’s invisibility trick
  7. Smell goes digital
  8. Femtech turns to menopause
  9. The bio-based materials boom
  10. India’s tech ascent
  11. Regenerative agtech takes root

The report draws information from earnings transcripts, media mentions, investment activity, patents, and more to arrive at the trends listed.

We’ll examine three of these trends below in a bit more detail.

Setting the Stage: Clash of the Super Apps

The concept of a super app⁠—an all-in-one smartphone application that integrates a wide range of services⁠—is far from new. In fact, for years now, WeChat has been the go-to app for many Chinese citizens to chat, order services, pay bills, and more.

A natural question comes to mind: why doesn’t an app like that exist in Western countries yet? Well, there are a couple of key reasons:

  1. Consumers and regulators alike are wary of providers holding so much personal information and power. In China, WeChat actually had government support, integrating public services into the app. As well, expectations of personal privacy are completely different in China than in Western countries
  2. Unlike China, which rapidly adopted digital payments, North America and Europe had preexisting near-ubiquitous financial networks in place. Super apps were a game changer for millions of unbanked consumers in China and beyond.

The situation is changing rapidly though, and 2023 could be the year that the foundations are laid for a clash of various Big Tech incarnations of the super app.

In late 2022, Microsoft was rumored to be building a super app using Bing as the foundation, and recent investment into ChatGPT adds fuel to that fire. Even Elon Musk hinted at his ambitions to turn Twitter into a one-stop-shop for just about everything.

There are still significant barriers to bundling a plethora of services into a single app, but that isn’t stopping companies from racing to be the one to do it. To the victor go the spoils.

The Resiliency of Life Extension

The concepts of immortality and age reversal have been a preoccupation of mankind since the dawn of time, so it stands to reason that technology that promises extra lifespan and quality of life continues to be compelling for individuals and investors alike.

Players in this space can approach life extension and anti-aging from a number of different angles, from supplements to tinkering at the cellular level.

Two high-profile examples in this space are Calico, which is a subsidiary of Alphabet, and the Jeff Bezos-backed Altos Labs. Other billionaires have expressed an interest in life extension as well, including Peter Thiel, who has definitive views on mortality.

I believe if we could enable people to live forever, we should do that. […] I think it is against human nature not to fight death. – Peter Thiel

In 2023, look for more investment and news from startups focused on gene therapy, genome analysis, regenerative medicine, or “longevity in a pill”.

Beyond Plastic: The Bio-Based Materials Boom

Public pressure is mounting for producers of consumer goods to change the way they manufacture their products.

The good news is that many of the largest producers of consumer packaged goods and apparel have some kind of plan in place to use more post-consumer recycled plastic in their products. The bad news is that not enough plastic is recycled globally for companies to source enough material to produce their products more sustainably. As a result, many companies are exploring the option of ditching plastic entirely.

For example, materials derived from seaweed are an active area of innovation right now. Mushrooms and algae are also commonly-used materials from nature that are being used to create biodegradable products. In one particularly interesting example, a company called MycoWorks recently began working with GM Ventures to explore the use of mycelium-based leather alternatives in GM’s vehicles.

While researchers and companies are just scratching the surface of what’s possible, consumers are likely to see more tangible examples of bio-based materials popping up in stores. After all, brands will be very eager to talk about their increasingly plastic-free product lines.

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