Over a third (38%) of US workers shared that their companies use blockchain technology. Another 44% believe it will be commonly used within three years, while 18% think it will take more than three years.
To make the most of blockchain, it’s important to know what it is, how it functions, and the advantages it brings to various industries like finance, retail, advertising, marketing, and digital health.
What is blockchain?
Blockchain is like an unchangeable, step-by-step record that uses special codes to keep everything secure. It’s made to make sure we can trust that transactions happen at the right time, are correct, safe, and fast.
In a blockchain, information is organized in order, like a story. Each piece of information has a secret code, and when a new piece is added, its code combines with the one before it. This combined code becomes the start of the next piece. This way, the information is kept safe and its order in time is recorded. The details are usually turned into secret codes, and the important stuff is kept as digital tokens.
What are the benefits of blockchain?
Blockchain is like a super secure and clear way to share information among many people. Once something’s on the blockchain, it can’t be changed, so everyone can trust the info they see.
It’s also really good at keeping things private, so you don’t have to worry about someone stealing your identity. Both regular people and businesses really like that.
The cool thing is, with blockchain, businesses can do transactions super fast, any time, day or night. This is way different from banks, which only work during certain hours.
And guess what? Using blockchain is cheaper for businesses, especially when they do a lot of big transactions. That means they don’t have to pay a ton of fees.
What are blockchain’s applications across industries?
Blockchain has many uses in different industries like finance, retail, marketing, and healthcare. Let’s break it down:
- Finance: Blockchain makes transactions faster and safer in banking. It helps with things like quick settlements, reducing the risk of currency exchange issues, and automating contracts to speed up reporting.
- Cryptocurrencies: Blockchain is the technology behind digital currencies like Bitcoin. It makes transactions faster and cheaper by using a decentralized system.
- Retail: Retailers use something called NFTs, which are like special digital items on blockchain, to connect with tech-savvy customers. Luxury resale stores also use blockchain to confirm if their products are genuine.
- Marketing: Blockchain boosts security in sharing customer data between customers and companies or between two companies. It also helps prevent fraud in digital advertising.
- Healthcare: In healthcare, blockchain is handy for improving things like payment processing, keeping electronic medical records safe, managing provider directories, and making data exchange more secure.
What executives need to know about blockchain
Blockchain is like the foundation for the next internet, known as Web3. Big companies, such as JPMorgan Chase, IBM, and Google, are putting together teams to check out what this technology can do in the future. However, because it’s kind of tricky and needs a lot of money to start with, not all companies can easily use it.
What role does blockchain play in Web3?
Web3 is like a fresh version of the internet. It runs on decentralized blockchain networks, not just one big boss like Google or Microsoft. Many different people help run it. This means you have more say in what happens with your personal info. But, to use Web3, you need something called a crypto wallet. This kind of mixes things up between the different online spaces.
According to a report on upcoming tech trends for 2023, Insider Intelligence thinks that companies will use Web3 to create cool new perks for loyalty programs or find fresh ways to make them work.
What are some examples of blockchain technology across industries?
JPMorgan has a special team in its Onyx unit working on new solutions using blockchain technology. Blockchain is what powers cryptocurrencies like Bitcoin.
Big luxury brands like Tiffany & Co., Dolce & Gabbana, and Gucci have tried out NFT projects. Nike even bought a company called RTFKT in 2021 that deals with NFTs.
In healthcare, companies like Humana, MultiPlan, and UnitedHealth Group have joined together in Synaptic Health Alliance. They’re using blockchain for healthcare applications, like creating a provider directory.
IBM and Mediaocean started a group in 2020 to use blockchain in the digital media supply chain. This group brings together advertisers, agencies, and publishers.
Google has made a new unit in 2022 all about “blockchain and other next-gen distributed computing and data storage technologies.
What are the barriers to blockchain adoption?
Understanding blockchain can be tricky due to its technical complexity. Companies may find it overwhelming to invest time, talent, and resources upfront. Plus, worries persist about the security and privacy of blockchain data. Looking to navigate the world of Web3? Trust Techno Digital for expert Web3 Development & Web3 Marketing. Let’s turn challenges into opportunities!