Blockchain Tech. ‘a Big Game-Changer’ for transforming the Industries

Blockchain Tech. ‘a Big Game-Changer’ for transforming the Industries

  • Understanding the robust nature of the blockchain technology
  • Metaverse will be the next big thing to watch out for in 2023

Blockchain Technology has gradually shown the impactful or immense potential and capability over the past few years.  It has opened up new dimensions or new arrays of new possibilities and opportunities for businesses and individuals due to its robust security features and techniques and privacy enhancing capabilities.

As a result many new startups, new businesses and industries have been adopting this form of technique into their working process which provides the user the best security features. It has been observed followingly that it is rapidly increasing the adoption of the blockchain technology which is becoming the integral part of enterprise operations. The potential benefits of blockchain technology such as security and immutability(not capable of breaching its security thread) making it trustworthy for any entity that uses it, including businesses, industries.

Further blockchain technology also offers transparency in transactions that can be viewed publicly on a blockchain network. Since its decentralized mode, it becomes highly secure where the cyber attacks are minimum or there is no scope for the failure at any point for the hackers around the globe.

Blockchain Tech. ‘a Big Game-Changer’ for transforming the Industries
Pictorial explanation of the Blockchain Technology

Top Blockchain Techniques which could be a game changer in 2023 for the industries

Defi2.0 – Defi is the combination of two words i.e. “Decentralized Finance”, which is a type of a blockchain based on finance whose role is to eliminate the intermediates or middle person involvement which are basically known as “Banking Institutions” or Banks in simple words or other financial institutions.

Instead it allows users to directly access lending, borrowing and investment services on the Blockchain Network. Thus DeFi is a great alternative to outdated practices in finance. By using blockchain technology, banks and financial institutions can expedite their lending and loan processes such as checking the credit scores of that particular individual.

NFTs – NFT is understood as a non-fungible token where non fungible means “Not Replaceable” or “Uniqueness of the product” and Token is meant by “Certificate of the ownership”. So when a user’s asset is being taken over with paying a certain amount is known as NFT.

They are basically following the concept of the blockchain technology to maintain its transparency, so its buying and selling is synchronized with crypto currencies. NFT’s are basically created in and sold out in digital platforms and listing their assets in a marketplace where buyers used to own such NFTs. Such process is known as Minting.

MetaverseMetaverse is a new concept which is taking existence due to the invention of the crypto-currencies and NFT’s which provides a platform of entering into the Virtual Reality World where a user can enter to such space with the usage of Artificial Intelligence technique(AI) which is 1000s of kilometers away from his home or can enter different country with the usage of metaverse.

In simple example to understand the concept of metaverse, in a shopping mall there are several gaming zones taking place which gives the user equipped himself/herself in such a manner where he/she can feel the experience of that virtual reality world, so with that concept it is taken into the Digital Currency world as Crypto, the mode of transactions can be made through Crypto-currencies like Bitcoin, which is well secured by the Blockchain Technology which will be going to change the whole perception on the ongoing industry’s working process. Since the outflow of the covid-19 pandemic, many things have been changing and introduction of the metaverse world concept is taking place.