Managed services giant KPMG said last year blockchain had moved beyond the “hype phase”, shifting the focus of the technology far from often notably zany proof-of-concepts to actual utility within the world of business.
Huawei, in collaboration with Oxford Economics, predicts that the digital economy will represent 24.3% of worldwide gross domestic product by 2025, totalling up to a valuation of about US$23 trillion. Among the emerging technologies driving that growth will be blockchain.
While some of the competent applications of blockchain include its used in finance and provide chain traceability, such as that of the recent tie-up between IBM and Atia to ensure “safer, better seafood” in Norway, or the success of TradeLens by shipping giant Maersk, below are a few less-considered areas where blockchain is making its mark.
Blockchain in the virtual realm
Blockchain is increasingly infiltrating the gaming industry and is set to pioneer a new dimension of gaming by starting new and open economies within the virtual landscape.
Recently, massively multiplayer online games (MMOs) have skyrocketed in popularity, especially in the thick of the pandemic that drove millions to stay in the home seeking for alternative forms of entertainment. MMOs, such as for instance World of Warcraft, Final Fantasy, The Elder Scrolls Online, offer players the means to join communities, establish teams, and earn currencies or trade in a shared ecosystem. With the aims of simulating financial services of the real world, blockchain technology can contribute to the development of those token systems.
Horizon Blockchain Games is redefining the idea of ownership in an emerging DLT world. The gaming company is planning to revolutionize the trading of in-game items by having an Ethereum-powered platform called Arcadeum. The blockchain-backed platform establishes the ownership of a certain item and verified the selling and buying of items easily when it is traded among players. By enlisting DLT that’s highly associated with cryptocurrencies, the business aims to produce innovative gaming features that can improve the gaming experience.
Blockchain in real estate
In 1862, the united kingdom government created the HM Land Registry department to ensure and protect property rights across England and Wales. The land register now contains 25 million titles. But, it’s now on a mission to leverage blockchain technology to make the desire an end-to-end paperless process a reality.
The race to get to be the world’s leading land registry for speed, simplicity, and an open approach to data is officially on. More and more national governments are signing up to make use of blockchain technology to secure records. Ukraine, Georgia, and Sweden are typical transforming real-estate transactions and land registry using blockchain.
Commercial real estate (CRE) tokenization is yet another topic that’s now being taken far more seriously. Blockchain-based transactions completely remove the requirement for intermediaries and so are proving to become a perfect fit for a personal market like real estate. Property is one of the oldest investment classes, but it is suffering from the high cost of entry and problems around low liquidity. However, new methods of property verification and payment to buyers will even help deliver new models too.
A not enough affordability to purchase a whole property shouldn’t lock people from the real estate market. Crowd ownership and fractional sales of properties will also start a new global market. As an effect, there is now a long type of blockchain real-estate startups lining up to fill the niche with new innovative solutions.
In 2018, Templum Markets sold a security token representing shares in a Colorado ski resort. Investors could pay through the traditional US dollars or the cryptocurrencies Bitcoin and Ethereum. Meanwhile, in Miami, a record-breaking US$66 Million deal was reached on a tokenized building on the Ethereum Blockchain.
Blockchain in automobile
The automotive industry has much to achieve from this tamperproof digital ledger as well. According to IBM, 62% of automotive executives believe blockchain would have been a disruptive force in the auto sector by 2021. The research also found a population that believes the digital ledger is ready for commercial use.
Leading automakers have been installing plans for blockchain-backed projects. BMW plans to leverage the DLT to help track and document the movement of recycleables and spare parts globally. This emerging technology provides additional visibility in international deliveries and provide chains, making tracking and monitoring more seamless and simpler.
March this season, Japanese automaker Toyota turbocharged its efforts in adopting DLT by launching, launched its Toyota Blockchain Lab. The main applications of the digital ledger includes four key areas — customers, vehicles, supply chain, and value digitalization.
The legacy automaker envisions the adoption of blockchain to introduce more transparency and security when handling data of customers and vehicles. A unified system between organizations and partners can be accomplished through greater connectivity in the supply chain from manufacturers to clients.
Blockchain is outgrowing its initial association with cryptocurrencies and is finally being taken seriously at boardroom level. Additionally, as nations are searching towards a ‘green’ economy recovery post the pandemic, the next-gen technology capabilities in tracking and monitoring the journey of manufactured goods will undoubtedly be highly popular, such as in the retail industry.