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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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What Would $5,000 Invested in Nvidia Be Worth Today?

Small fortunes have been made for those investing in Nvidia stock. But how much would have they earned if they bought before it skyrocketed?

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What Would $5,000 Invested in Nvidia Be Worth Today?

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Investing in Nvidia has been highly lucrative, especially for investors who got in early.

As America’s largest chipmaker, its stock price has soared given its critical role in powering AI. Last year alone, its share price jumped 272%, vaulting it into becoming one of the world’s most valuable companies.

This graphic shows how much a $5,000 investment in Nvidia would have grown over time, based on data from Yahoo Finance.

Investing in Nvidia Before the AI Boom

Below, we show how much an investment in Nvidia would have increased in value over the last several decades:

Year Invested (January 1st)Stock PriceStarting ValueValue Today (as of Feb 15, 2024)
2000$0.77$5,000$4,718,052
2010$3.85$5,000$943,610
2015$4.80$5,000$756,854
2020$59.11$5,000$61,460
2023$195.37$5,000$18,595

For those who bought in 2000, a $5,000 investment would be worth over $4.7 million today, with Nvidia’s stock price rising 94,261% over the time period.

At the time, Nvidia had just invented its graphics processing unit (GPU), which allowed computer graphics to render more seamlessly in video games and video editing. These high-performance units complete complex computing tasks, and Nvidia was creating leading technology at the time.

Over the last decade, Nvidia has increasingly focused on AI technology, with key developments launching as early as 2012. Yet it was not until 2020 when its share price really began to soar as the company’s end customer segments increasingly became data centers and cloud computing, alongside video games.

In fact, since 2020 alone, its share price has soared 1,129%—making a $5,000 investment worth twelve times as much today.

So far this year, its stock price shows no sign of stopping, driven by its outsized role in the AI chipmaking market. Roughly 70% of all chips are sold by Nvidia, outpacing key competitor AMD by a landslide.

The company’s Q4 revenues topped $22 billion, setting another historical record, amounting to a 265% year-over-year increase in revenues. In 2023, Nvidia sold 2.5 million chips with customers including OpenAI, Microsoft, Meta Platforms, and Alphabet. The price range for these chips can span anywhere from $16,000 to $100,000.

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