The world needs transparency now more than ever especially on the digital space and that is what Blockchain guarantees. With Blockchain, several individuals, brands, companies, and even governments can carry out activities in a reliable and transparent ways. Blockchain has moved beyond surface implementations in Cryptocurrency and has moved towards diverse applications, giving room for more opportunities. 2020 has been a prelude to the diversification of blockchain applications. Thanks to the pandemic, several upcoming blockchain trends were magnified. As a result of the pandemic, several businesses have gone digital and are still going digital, providing more blockchain opportunities.
Many businesses are continually incorporating Blockchain to help improve cybersecurity. More and more efforts are actively being put into the blockchain initiative. With COVID-19, this process has been made even faster for specific projects but slower for a few others. Because of the massive effect on the economy, long-term, practical, and speculative blockchain projects have been cut, and the timeline extended. This, however, would unfold as the market gets restructured or regulatory changes are implemented. On the other hand, short and beneficial projects made massive headway.
With the rise in blockchain initiatives and application, it is only expected that Blockchain’s opportunities and uses would increase by 2021 and the years that follow. Here, we have compiled a comprehensive list of some of the key blockchain opportunities you can leverage in 2021.
A platform for Marketing Financial Services
As you know, Cryptocurrency is also a form of money. However, it is based on a different technology – Blockchain. The same way money can be utilized; Cryptocurrency can also be. It can be loaned, saved, and used to build investments on software platforms where Cryptocurrency transactions are supported. Since it’s a form of money, it is likely to become integrated into a financial instrument, giving rise to different financial products.
Through the innovative ability of blockchain technology, investments, loans, and trading with derivatives and synthetic instruments can also have a blockchain variant. One way this can be achieved is through the Exchange Traded Funds (ETFs). This can give way for more people to partake in investments, loans, etc., securely.
Software and Website Development
With Blockchain comes trust, openness, and confidence as a result of the high security it offers. However, Blockchain is primarily software technology, only at the highest level possible. For website and software developers, Blockchain opens them to new possibilities and provides new tools to enhance their jobs. Through Blockchain, these developers can confidently build more modern and top-tier applications that are completely decentralized and highly secured.
This is to say that blockchain technology can enable web and software developers to design and build novel applications. In addition to this, Blockchain can also design advanced APIs such as client APIs, transaction scripting language APIs, Data APIs, and several others.
Namecoin has taken advantage of this opportunity and has conveniently built an alternative blockchain technology. This technology is used to apply a decentralized variety of the Domain Name Server (DNS).
Blockchain refers to blocks forming a chain linked by cryptography that stores data and records in linear containers. Just as you may have noticed, data stored there is identified by your signature, which is partially visible to the public. However, whatever data you have stored can only be unlocked and accessed by you. This can be done by inputting the privately assigned keys to that block of data.
Although there are several cloud file storage solutions such as OneDrive, Dropbox, Google Drive, etc., these storage solutions continually face critical challenges such as data control, security breaches, and privacy issues. When using these storage technologies, individuals have to rely on third parties for confidentiality, and this hasn’t worked out so well.
With Blockchain, however, several individuals can store information without relying on a third party to keep their information confidential. A brand that has keyed into this innovation to provide completely confidential and secure platforms is Storj.
More people can key into this and create similar brands that, in turn, provides true privacy and improved security of information.
Just like every other industry, the legal industry also has a lot to gain from blockchain technology. Validation of documents is a huge part of standard procedures. However, central authorities usually do it and, thus, prone to corrupt practices, human errors, and security risks.
Blockchain changes the narrative. With this technology, documents can be stored and also validated without errors. Through proof of existence, individuals can anonymously and safely store their documents and have them certified whenever they want to.
Management of Digital Assets
Just as assets are continually being digitized, blockchain is consistently providing opportunities for individuals to manage these assets efficiently. With blockchain, individuals are sure that their assets are not only organized but also secured. Also, alternative blockchain options can be used to manage digital assets.
Secure Record Management
Considering that blockchain technologies are highly secure and decentralized, they offer excellent opportunities to manage records. Records such as legal, hospital, educational, and every other record can be stored privately with blockchain and easily retrieved.
Provides Anti-counterfeit solutions
One of the greatest and growing world trade issues is counterfeiting. With blockchain technology, this problem is only expected to be reduced to the barest minimum in every industry. Blockchain offers a more decentralized and highly secure solution to existing counterfeiting solutions, relying on third parties’ help. Through blockchain technology, brands, merchants, and companies can jointly create a network to store up any information or document that serves as proof of their product or service authenticity.
The company, BlockVerify, has taken advantage of this to provide anti-counterfeit solutions through blockchain for brands and merchants also.
Ownership and Copyright
With the rise and growing popularity of the internet, copyright has grown exponentially and impossible to handle. This is due to the ambiguity of laws concerning copyrighting in the digital sphere and because it is nearly impossible to verify most digital documents and properties.
However, blockchain makes it easier to verify the authenticity of documents and properties and identify the owners. This technology provides a secure counterfeit-proof way through which documents can be verified. With this, the pricey notarization fees would also be scrapped out. Companies that have taken advantage of these opportunities include Block Notary, Stampers, Proof of Existence, etc. This helps solve ownership issues in film industries, insurance, music, and every other industry. It also gives room for several investment opportunities.
Investment in Blockchain Start-ups
With the rapid growth of blockchain technology, it would only be wise to invest in it, as there’s a guarantee that it would bring massive revenue in the next few years. Large or even medium-sized companies can take up partnership opportunities with start-up blockchain companies. In addition to partnering with start-ups, individuals or companies can also build their team of blockchain developers who would apply this talent to core technology. Partnership with start-up companies would be highly beneficial as blockchain is rapidly taking over every industry.
Budget-Friendly Payment Solutions
The speed of the current financial process is nothing compared to that of blockchain technologies. Several financial institutions currently search for ways to integrate blockchain technology into their financial process for more efficient services. Through blockchain technologies, businesses and companies are provided with cost-effective payment solutions. This way, the services of third parties such as PayPal and commercial banks, would no longer be needed.
Companies such as Ethereum and Codius have identified this opportunity and taken advantage of it by offering partners contracts.
Better Healthcare Services
Blockchain technology has positively impacted every industry, including the healthcare sector. Through blockchain, information such as patient admittance date, surgical results, and other data is secure and accessible.
Here, records are not only secure and accessible but also time stamped. This makes tracking more comfortable and reduces medico-legal issues.
This is beneficial to the health sector by tracking inventory of medical supplies, secure storage of records, tracking clinical trials, automation of insurance approvals, etc. Companies have taken advantage of this opportunity and are still doing so.
The Blockchain industry is sure to cause massive but positive disruptions in the business processes of several sectors. However, this would require time and effort too. With the current COVID-19 trend and the blockchain’s popularity, it wouldn’t be long before the government accepts blockchain benefits. Once it is accepted, it can now improve public and financial services regardless of the country. Also, several start-ups have conveniently keyed into this lifetime opportunity because of blockchain technology’s massive benefits. Although some of these start-ups are going to fail, some others will thrive. As these start-ups fail, they gain more knowledge and experience on how to and how-not of this technology.
With increased popularity, several individuals need to acquire new skills to keep up with the trend and improve their business processes.
As 2021 draws closer, we expect to see more implementations and even more opportunities for blockchain technology. It would only be wise to evolve with technology and carefully keep up with the market trend to identify opportunities quickly.