5 possible places the blockchain industry can impact

Blockchain technology is taking over the global business and commerce domain. It is increasingly entering unknown territories with each passing day. The aforementioned technology has already brought major disruptions to the fintech industry and is now breaking into almost every industry sector, ranging from travel to music to real estate, among many others. The sector it is currently impacting the most is database management. Blockchain technology is being deployed to improve the security and privacy of digital data and thus ensure it is safe for diverse businesses across industries.

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

Blockchain certifications are gaining popularity with ever-growing jobs in the sector

Blockchain certifications have been in demand online, due to the boom observed in the number of blockchain vacancies, recently. It has opened countless blockchain-based startups all over the world, and they urgently need skilled professionals to handle the operations of their respective firms.

It’s a great time for blockchain professionals to take an entry-level job in said sector, given the number of opportunities available to them, and the world around them. But gain a competitive edge by acquiring an industry-relevant certification that will fuel your resume with diversity.

5 New Applications of Blockchain Tech

Decconcentrated (Decentralized) Finance

Decentralized finance means creating an ecosystem of financial apps built on the foundation of blockchain technology. Such applications are constantly growing at a lightning pace, thus shifting the depository of capital funds from centralized banks to blockchain-based decentralized apps. Since the adoption of such DeFi applications, financial activities across the world have multiplied, but cases of hacks and malware attacks on such digital cryptocurrency exchanges have also been seen.

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

Statistical transparency

With a multitude 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 received. And that is the reason for their money fight because they are not being paid fairly in terms of the royalty fee. The burning problem in this sector is the unclear transparency of the statistics.

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

Supply chain and logistics management

Blockchain technology and supply chain go hand in hand. The aforementioned disruptive technology ensures precise, transparent and authenticated transactions with full auditability, along with allocation of predetermined fees. The profit-making use of blockchain technology in the supply and logistics industry is due to the removal of middlemen, which helps cut costs. Moreover, the chances of fraud in the processes are negated, because in a blockchain-based tracking infrastructure, the transactions are irreversible.

Banking & Finance

Banking and financial services are the industries most affected by the aforementioned disruptive technology. Blockchain is going to push the boundaries even further this year by introducing much more robust transparency into the banking sector. Centralized banks add opacity to the banking infrastructure. Blockchain is expected to change that forever, this year.

Data security and privacy

Blockchain technology changes the conventional way in which companies handle customers’ personal data. It is going to develop a way that will give full control to the consumers themselves, over their own digital data and identity. Until this happens, and becomes a common trend among businesses worldwide, companies will continue to secure privacy by asking users for permission to collect their personal data.