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Blockchain Industry: 5 Potential Areas It’s Going to Impact

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Blockchain technology is taking over the global business and trade domain. It is increasingly entering uncharted territories with each day passing by. The said tech has already brought big disruptions to the fintech industry, and now it’s breaking into almost every industrial sector, ranging from travel, to music, to real estate, among many others. The sector it’s affecting the most, at the moment, is database management. Blockchain technology is being deployed to better the security and privacy of digital data, and thereby securing it safely for varied businesses across industries. 

Talking about the blockchain industry global market size, it’s soaring at an unprecedented pace, and is forecasted to grow from $3 billion this year to $39.7 billion by the year 2025, thereby registering a highly impressive CAGR of 67.3%.

Blockchain Certifications Going Popular with Ever Growing Jobs in the Sector

Blockchain professional certifications have been in high demand online, because of the boom observed in the number of job openings in blockchain, off late. There have opened an unpteen number of blockchain-based startups across the globe, and they urgently need skilled professionals that can handle the operations at their respective firms.

It’s a great time for blockchain aspirants to bag an entry-level job in the said sector, given the amount of opportunities at their disposal, the world around. But, do gain a competitive advantage by acquiring an industry-relevant certification that will power your resume by manifolds.

5 Emerging Applications of Blockchain Tech

Deconcentrated (Decentralized) Finance

Deconcentrated finance means creating an ecosystem of financial apps that are built on the foundation of blockchain tech. Such applications are constantly growing at a lightning pace, thereby moving the custody of capital assets from centralized banks to blockchain-based decentralized apps. Since the advent of such DeFi applications, the economic activities across the world have multiplied manifolds, but there has been seen instances of hacks and malware attacks too, on such digital cryptocurrency exchanges.

Measures are being taken to improve the networking security in blockchain-based digital transactions. Year 2020 may witness the introduction of a tamper-proof blockchain network that will be resistant to hacks and malware attacks.

Statistical Transparency

With a plethora of online streaming channels available in the digital music market, artists find it difficult to transparently track the number of hits their music, or media, has got. And that’s the reason for their monetary struggle because of not being paid fairly in terms of the royalty fee. The burning issue in this sector is the blurred transparency in statistics.

Blockchain can certainly help make the statistics transparent to the world, as the records(data) on a blockchain-based platform are considered tamper-proof. It will rectify the ‘rights management’ part for the artists, and hence, a fair monetary payment will get issued to their rightful owners.

Supply-Chain & Logistics Management

Blockchain tech, and supply chain, goes hand in hand with each other. The mentioned disruptive tech provides for precise, transparent, and authenticated transactions with full auditability, alongside assigning a pre-determined fees. The profit-making, using the blockchain tech in supply& logistics indutry happens, because of the removal of intermediaries, that help cut costs. Moreover, the chances of fraud are negated int he processes, because in a blockchain-based tracking infrastructure, the transactions are irrevocable.

Banking & Finance

Banking and financial services are the industries most affected by the said disruptive tech. Blockchain is going to further push the boundaries this year by introducing much robust transparency in the banking sector. Centralized banks bring opaqueness to the banking infrastructure. Blockchain is expected to change that forever, this year.

Data Security & Privacy

Blockchain technology is changing the conventional way of businesses to handle customers’ personal data. It’s going to devise a way that will give full control to the consumers themselves, on their own digital data, and identity. Until this happens, and becomes a common trend among the businesses the world over, companies will continue to secure data privacy by asking users permission for collection of their personal data. 

 

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