How are modern technologies (blockchain, NFT, etc.) changing individual market sectors?

Blockchain is Changing the world for the better

Blockchain has long gone beyond the limits of the cryptocurrency community and is successfully finding itself more and more widely used in various sectors of the economy.

Somewhere it accelerates traditional business processes, somewhere it allows you to save tens of billions of dollars by optimizing them.

In this article, we have collected 10 of the most interesting areas of using blockchain technology outside of the cryptocurrency community.

Banking and financial sector

International financial institutions are still cautiously working with cryptocurrencies, while blockchain technology is being used very actively. The main scope of its application in the world of finance: simplification and acceleration of bureaucratic procedures, reduction of the cost of international transactions and secure storage of information.

Moreover, we have long been talking not about experiments, but about the large-scale commercial use of technology. For example, the Depository Trust company has been using blockchain technology in its work for more than three years, which helps it process information on more than 90 million transactions worth more than $ 45 billion every day.

Logistics and transport

Impressive economic results were achieved thanks to the use of blockchain in logistics. It would seem that it is difficult to change something in such a conservative sphere, nevertheless, it was possible. The distributed registry technology makes logistics more transparent, allows you to track cargo along the entire route, optimizes the loading of transport and warehouse complexes.

The business quickly appreciated the advantages that the use of blockchain gives it. Moreover, the higher the volume of traffic, the greater the financial effect. For example, one of the flagships of the international logistics market, the Danish company Maersk, has been successfully using the TradeLens platform based on blockchain technology since 2018.

Tourism

The hospitality industry is another branch of the economy in which blockchain brings business and customer relations to a qualitatively new level.

One of the most interesting projects in this area is the GuestShain platform. It offers a new business model of interaction between tourists and hoteliers (without intermediaries), which has the potential to change the entire market. The innovativeness of the project lies in the tokenization of the number of accommodation facilities.

Each day of stay in each specific room corresponds to one NFT, by purchasing which, tourists, on the one hand, guarantee their future accommodation, on the other hand, provide hoteliers with a stable and predictable flow of funds, which they can begin to dispose of even before the service is rendered.

Game Dev

In recent years, the gaming industry has been one of the main locomotives of the entire cryptocurrency community. In the acute phase of the pandemic, only Big Pharma grew faster than the shares of gaming companies.

The aggravation of the economic crisis slowed down this growth somewhat, but did not stop it. And the game worlds, the further they go, the more they turn into business spaces with their own internal and external markets, currencies and the need for constant transit of funds to and from the game world. Blockchain and smart contracts have given the game rendezvous everything it needs.

Healthcare

The use of blockchain technology in medicine and healthcare is developing in three directions. The first is tracking the supply chains of medicines (in compliance with the conditions of cargo storage).

The second is the digitization of patient data arrays (outpatient records), so that any doctor anywhere in the world will be able to access the information he needs about any patient.

The third is the introduction of smart contracts into the work of insurance companies, which greatly simplifies and practically automates the process of registration and registration of insurance claims. Good results in this direction have been achieved by the PokitDok blockchain platform, which has a history of more than 10 years.

Public administration

Blockchain demonstrates its effectiveness wherever there are databases and there is a need to protect the information contained in them. There are a lot of such databases and such information in the field of public administration.

IBM has been the leading company developing blockchain solutions for database administration at the state level for several years.

Electoral system

Blockchain has managed to gain recognition at the state level in organizing and conducting various kinds of voting. The mechanics of the process are extremely simple: a unique smart contract is created for each expression of will, in which clear conditions for the victory of one of the candidates are prescribed, each voter's vote corresponds to a token, which is taken into account by the smart contract.

There are many examples of successful use of blockchain voting. Since 2020, they have been successfully practiced in many European countries.

A good cause

A lot of money revolves in the field of charity. Every year, citizens and commercial organizations donate hundreds of billions of dollars to help those in need.

That's just not all the money and not immediately reach the addressee. Classical charitable organizations are extremely inefficient from a financial point of view, incur high administrative costs, and their activities are highly bureaucratic. In this area, it is considered quite normal if a charitable foundation spends 30 to 40 percent of donations on self–financing and transfers money to those in need with a delay of several months.

The use of blockchain technology brings charity to a qualitatively new level of transparency and efficiency. Instant transfers around the world make help much closer to those who really need it, and thanks to smart contracts, this help becomes truly targeted.

There are several large integrator companies in the world that create customized blockchain solutions for charitable organizations. One of the most famous is the Humans Care Foundation (HCF).

Copyright

In the era of total digitalization, the issues of copyright compliance acquire a new sound. The technical ease of borrowing leads to permissiveness. Classical legal institutions are not able to provide reliable copyright protection.

To do this, they are too conservative and clumsy, which cannot be said about the blockchain, which from a technical point of view is excellent for performing a security function. Once entered in the register, information about the ownership of a particular intellectual property cannot be changed and, equally important, information about it is easily verified at any time with Internet access.

At the moment, there are several successfully developing blockchain projects working in the field of copyright protection, perhaps the most interesting of which are PatentBox and Proof of Existence.