7. Real World Application of Blockchain
How is blockchain being applied to businesses today?
While blockchain technology is still at its early stages, it has already become a powerful new tool. Unrestricted access to a global and open database gives this technology the ability to be accessed anytime, anywhere, by anyone. This is a major pivot from the closed and centralized systems we are used to having today, and it can offer tons of new advantages in the digital age.
Cryptocurrency has been the first major use case of blockchain and has acted as a proving ground for demonstrating that the technology truly works. What used to be dismissed as ‘fake internet money’ only a few years ago has blossomed into a marketplace worth over 1 trillion dollars. However, it is only the tip of the blockchain iceberg. Blockchain, sometimes being referred to as a distributed ledger in the business world, has become a more widespread and accepted technology over the last several years.
Financial firms such as JPMorgan and BlackRock have even begun to take interest in blockchain concepts such as:
- Tokenization of real world assets
- International monetary transfers
- Storage of wealth
As blockchain technology continues to evolve and become more widely adopted, new use cases will be discovered every day. Below are just a few ways that companies are already applying blockchain to their business practices.