Conversations around crypto are usually dominated by talks about cryptocurrency, decentraliwed finance, and other means of trading assets digitally.
As the financial world moves towards incorporating blockchain technologies, other related sectors will inevitably see further benefits from using the ledger.
One of the more popular reasons why industries are keen on adopting the blockchain is automation. Via automation, the blockchain can help streamline inefficient, time-consuming, and resource-consuming processes – including that of investing in private funds and securities. But what else can this automation do for us?
The blockchain industry is predicated on development, progress, and theoretical optimism in possibilities for the future. The metaverse concept remains popular in technology conversations, alongside the prospect of Web3 – and there is a great deal of fun in trying to envision what it may look like.
Although it’s near impossible to predict the future, the blockchain has given birth to new economies and asset classes – giving opportunities to budding entrepreneurs, investors, and developers to bring about a revolutionary change in innovating the internet.
As everyone is scrambling to figure out and define what both the metaverse and Web3 are by carving out their own spaces and brands on the blockchain, it’s easy to overlook what can be done with the blockchain outside the scope of operating solely on the internet.
Blockchain in the real world
It may seem far-fetched to imagine how the blockchain can be used outside the context of decentralised applications (dApps), NFTs, and token trading, but it can be done.
Blockchain technology firms are already looking to expand what they can do with their technology in real-world and real-life applications to make life more efficient and better.
“I think the greatest promise for blockchain technology is in improving the world as it is today,” says Kieran James-Lubin, CEO of BlockApps. “It’s less about creating a whole new world on a blockchain for all of us to inhabit, or all of these interesting new asset classes.”
As a firm that is geared towards powering and supporting real-world business networks, The business solutions provider BlockApps found its starting place in working with the food industry. With the blockchain, producers and consumers can track each step, from farm to table, of where their food comes from, and how it’s been made.
Transparency for everybody (and almost everything)
The production and processing of food is an appropriate analogy for a real-world version of how smart contracts can be effective. Consumers are now more savvy: with a rise in demand of wanting to know where their food comes from and what has happened to it.
As blockchain technology offers this transparency, consumers can now find out whether that cereal they just bought is actually organic, or if the olive oil that they have purchased does not have any fillers in it.
Applications that offer this sort of transparency aren’t just limited to the realm of food. In exploring options of what services can be offered towards different sectors, the blockchain can be used to track carbon footprints and offsets through a value or supply chain.
The blockchain can also assist conservation efforts, with the ledger documenting the alterations of buildings deemed worthy of preservation in order to preserve local culture.
The blockchain makes it possible to track these processes efficiently, with transparency, all while having these informational records permanent, easy to access, and possible to share with others publicly.