March 6, 2024
Blockchain is revolutionary for the business industry, as it can protect one of the most critical values of a company ―data. As cloud technology is getting outdated for high-tech organisations, blockchain seems to be the future of data management, as it’s safe, cost-effective and easy to handle due to improved interfaces. As businesses explore the potential of blockchain, understanding the underlying technologies, such as ethereum code, is crucial for integrating future trends effectively.
With blockchain’s development comes cryptocurrency adoption, in which investors approach Bitcoin and Ethereum as available payment methods for extended customer areas or as investments to gather more funds. Indeed, most leaders believe Bitcoin to be the greatest store of value, while Ethereum opens the path to technologisation, so now is the perfect time to learn how to buy ETH.
Regardless, blockchains provide multiple opportunities for businesses to evolve and explore unknown horizons for growth, so here are upcoming blockchain trends to take advantage of.
As traditional games slowly reveal more issues, blockchain gaming becomes more appealing to gamers and players worldwide. Playing on decentralised networks doesn’t require the involvement of third parties since DAO members can maintain it. The basis of decentralisation here works similarly to cryptocurrency, where nodes, validators and miners globally contribute to a safer network.
Blockchains benefit from interoperability, so they can communicate with others and associate with potential market competitors for enhanced services and products. This is how in-game ownership and play-to-earn incentives are encouraged to develop because the increasing user number helps maintain the networks and make them a sustainable and functional space.
Blockchains are the perfect ecosystems for gaming-related creations to be made from NFTs, metaverse and P2E games. The most significant function of these games is that players own in-game assets compared to traditional gaming, which can make them lucrative with safe further investments.
The Internet of Things industry delivered numerous technologies we use today in healthcare, wearables and home automation. IoT is everywhere around us, and it can soon accept blockchain in business integration to mitigate security, scalability and remote access.
Blending blockchain with IoT has plenty of benefits for companies, such as safeguarding data, ensuring flexibility and generating new business value. Some great examples of how these concepts work together include companies that use blockchain-based wireless infrastructures to connect low-power IoT machines to the Internet.
Others build zero-trust security applications for enterprises and governments for improved data integrity. Therefore, IoT and blockchain can be used in various cases, from freight transportation and component tracking to operational maintenance data.
Asset tokenisation involves transforming physical and nontangible assets into a digital representation to facilitate ownership and increase liquidity. For instance, real estate or art can be tokenised, as well as equities or intellectual property. The tokenisation process occurs on blockchain, so companies must use it to benefit from it.
Businesses can take advantage of tokenisation to purchase parts of an asset, which is a common practice in real estate, especially NFTs. In 2021, when these assets were significantly popular, people used to buy shares of an NFT property, allowing them to receive ownership and allocate a safe number of investments into them.
The tokenised assets market is rising because companies can access accessible ownership shares and increase their liquidity to collaborate with more potential investors. Exploring comprehensive asset tokenisation services can provide businesses with innovative ways to manage and leverage their assets efficiently. At the same time, tokenisation allows transaction processes to undergo smoothly, reducing operational costs. Furthermore, businesses that tokenise their assets can better manage risks.
Blockchain delivers metaverse capabilities to various industries, but the fashion sector seemed to leverage it better. In the metaverse, users engage with products in 3D-enabled digital spaces through VR and AR. Since these ecosystems live on the blockchain and allow customers to connect with others, play games and even shop for their favourite clothes, using them improves the customer experience.
That’s why fashion companies like Balenciaga, Gucci, Adidas and even Prada approached the metaverse for people to try on clothes, explore themed environments or buy NFT collections. Blending these two industries was a step ahead in fashion and proof that blockchain is the future.
The metaverse exists in many other massive companies, such as Microsoft with Teams, Epic Games with Roblox and Decentraland with Ethereum-based virtual ecosystems. Usually, the metaverse is mainly used in entertainment, but it can expand to many other industries.
We’re used to SaaS (software as a service) technology, the main base of cloud computing, gamification, customer relationship management (CRM) and more. Compared with traditional software, the architecture is considerably helpful in supporting scalability, virtualisation and configuration.
However, SaaS must overcome challenges regarding customisation, security and speed. Features provided by blockchains are more inclusive, so BaaS is the ideal cloud-based infrastructure for innovative companies. Blockchain-as-a-Service can accelerate blockchain adoption by deploying applications quickly and with less investment. This service allows blockchain leading companies to choose the best blockchain protocol for their activities and communicate with others through interoperability.
Although blockchain is still in its early years, a few sectors approached it to bring innovation closer. For instance, financial services were the first to adopt blockchain, whether for cryptocurrency usage or similar assets, like stablecoins.
Healthcare follows financial services, where blockchain was leveraged for data protection and drug supply chains, where the most problems come from in the industry. Media and entertainment are third on the list, even though blockchain has expanded in various sectors, from art, music and Web3 social media.
The government is adopting blockchain as well for data safety because the information stored in their systems is essential. At the same time, blockchain usage is the best current way to mitigate transparency and combat corruption using smart contracts that automate the execution of agreements based on predetermined conditions.
Blockchain is a relatively new technology on the market, as it increased in popularity in the past few years. Still, since it provides unique features of interoperability and transparency, its adoption is accelerated. Numerous companies adopt blockchain to safeguard their data, improve system security and ensure scalability. In contrast, others use it to nurture innovative ideas, such as blending it with IoT, the metaverse and gaming.
