Blockchain companies are doing everything they can to take over the tech space. But the average consumer still doesn’t know a great deal about the technology, despite it being around for many years. The reason for this is that a lot of the applications remain hidden. Most experts believe that blockchain is a proven technology, but training people on it and finding relevant applications is more challenging than many early entrepreneurs realised. Even so, progress is being made. Blockchain companies plan to take over the tech space, offering rather unreliable interactions that promise users a superior experience across platforms. So, what are the 6 strategies that are being implemented?
By Team Savant
Image: Arthur Mazi
Attracting Talent
One way blockchain companies plan to take over the tech space is to use their technology to attract talent. The fact that venture capitalists and investors are plowing so much money into the field is helping to attract more talent, growing the industry, and improving its overall output. Eventually, if you put enough geniuses in a room, they will come up with something.
New Finance
But besides this interesting effect of investment support, the finance world is also making its way into blockchain and doing so quite aggressively. Blockchain, perhaps more than any other technology, has the ability to displace existing firms and replace them with something new. That’s because it undermines the primary purpose of banks and lenders: to create trust.
New finance models are allowing users to trade, lend, and borrow without the need for a financial intermediary. The technology is lowering costs substantially and even enabling new protocols, changing the nature of the industry and how it operates.
Expanding Web3 Development
Related to this, there is also the ongoing expansion of web3, the new face of the internet. Blockchain is making it possible for developers to offer higher levels of service not seen before, allowing users more control over their data and digital identities.
Things like web3 news networks are expanding the public consciousness of these developments. New brands are better able to take control of the airwaves and talk about their innovations (which wasn’t something that was possible before).
Even decentralised social media may become more important in the future. The idea that you could have metaverses without gatekeepers is exciting to some, and scary to others.
Reinventing Data Privacy
Blockchain companies are also planning to take over the tech space by redefining how users think about data privacy. In the past, people were highly dependent on specific gatekeepers being honest. But in a decentralised world, that could all change because of the power of cryptographic technologies using similar systems to Bitcoin and Ethereum.
For example, you could see the emergence of decentralized secure storage where information is kept in a network, not on a single server that someone could potentially control and leak. Zero-knowledge proofs could also emerge in this space, reducing the requirement for heavy surveillance.
Better Supply Chain Management
Then there are the benefits of blockchain for supply chain management. The technology is making it more straightforward for firms to detect issues like fraud and counterfeiting, which are both serious issues when moving goods around the globe, especially to third-world countries.
Blockchain-supported supply chain management works because it creates a record of activities that can’t be changed on any specific computer. This technology means that it is easy to see where issues are arising, even if a large number of bad actors try to coordinate.
When combined with RFID tags and other physical security measures, detecting foul play becomes even more straightforward. Companies can see where their products are in real time and don’t have to rely so much on the honesty of everyone involved.
New Gaming
We could also see the integration of blockchain into various gaming applications in the form of real digital assets, like non-fungible tokens (NFTs). The idea here is to limit the supply and ensure that everyone’s online property has a unique marker that is theirs.
The hope is that these systems will provide gamers with superior economies. Individuals will be better able to play games across platforms and also trade with others in a fair and transparent manner.
Currently, it is ultimately up to the game’s developers what they do with in-game assets, and they can inflate them however they want. But with blockchain, that would stop and power would pass back to gamers themselves. New economies would emerge, and people would feel more confident putting more time into games, knowing that the studio could never undermine their efforts.
So there you have it: how companies are using blockchain to take over the tech space.