Blockchain Technology: The road to mass adoption

#Blockchain #Web3

Though the pandemic has affected almost every financial product, it hasn’t affected the growing popularity of blockchain technology and cryptocurrency adoption.

And hence it won’t be superfluous to define the past 2 years as significant for the blockchain technology and its adoption.

According to a report by crypto business Grayscale Investments, 55% of Bitcoin investors started investing in 2021. Experts agree that Bitcoin, along with Ethereum, is a better match for keeping and rising in value than other cryptocurrencies. That is the cryptocurrencies that are far more speculative and unpredictable.

Blockchain Technology encompasses more than just Bitcoin

Blockchain is the technology that powers the cryptocurrency Bitcoin, although it is not the only distributed ledger system based on blockchain technology. And also a cryptocurrency cannot exist without a blockchain.

Beyond financial capacity, we’ll see more and more opportunities arise from functional blockchain technology.

NFTs and Metaverse

Aside from digital currencies, the metaverse and NFTs have had an impact on the digital world as well as businesses ranging from art to gaming to investment. These industries, on the other hand, have not yet met their maximum potential.

Brands like Twitter, Meta, and Reddit are also working on NFT or Metaverse initiatives, and investors are spending big on the technology. This states the world is yet to witness what the adoption of such technologies can offer and ease for personal and professional life.

Reason: Blockchain technology’s growth and adoption of cryptocurrency payments and beyond

A blockchain-enabled future might be shaped by digitization, education, and engagement. Blockchain technology has the potential to revolutionize digital transactions, security, and trust. The initial blockchain application was met with skepticism in 2008, but by the time bitcoin took off, corporate executives had become enthralled with distributed ledger technology.

Let’s dissect that and explore the effects:

Trustless — No reliance on a third party to assure protocol operation;

Decentralized — There is no single point of failure. That is, data should not be stored on a single machine that may crash and bring the entire system down;

Immutable — No one individual can change the data since it is irrevocable.

Let’s see the influence, adoption, and use cases of blockchain technology in various industrial sectors across the globe

When looking ahead to the industry’s future, predicting which cryptocurrencies will take off and experience massive growth may be challenging. We can make assumptions based on transactions and historical trends, but it is safer to believe that investors should prioritize sectors over individual cryptocurrencies.

#Blockchaintechnology

Retail sector

  • Gucci is eyeing the crypto community. In select US outlets, the brand will accept bitcoin payments.
  • Starbucks, the coffee giant is allowing customers to pay for their coffee using digital currency. “It’s becoming a popular fad,” John Tinkelenberg stated.
  • Famous fashion labels have created virtual boutiques in the metaverse and have expressed interest in the Decentraland virtual social world’s Metaverse Fashion Week. Tommy Hilfiger, for example, attended the event to show off its Spring 2022 designs and to offer a digital shopping platform where users may shop NFTs for their avatars or buy tangible products from within the Metaverse.
  • Nike, the athletic-wear behemoth, unleashes its first weapon in the metaverse. It appears to be totally committed to the new virtual world of crypto and nonfungible tokens.

Banking Sector

  • A stock market that focuses on technology Nasdaq, Inc. (NDAQ) has said that blockchains are being used to “lower the time, expenses, and points of friction throughout the financial markets.”
  • While Goldman Sachs Group Inc. (GS) did not explicitly state that it is working on anything in-house, it sparked conjecture after participating in a $50 million fundraising round for Bitcoin wallet and payments business Circle, Inc. Circle was recently bought for $4.5 billion by Concord Acquisition Corp., a special purpose acquisition company (SPAC).

Healthcare Sector

  • With the use of IoT and wearables, blockchain for healthcare may be used to store and update essential patient data such as blood pressure and sugar level in real-time. The third-party and mediator systems that are often engaged in obtaining and transmitting data are fully eliminated by blockchain technology, assuring cost efficiency.

Insurance Sector

  • Insurers can profit from the incorporation of blockchain technology in the insurance business in terms of operations, efficiency, risk management, and improved client involvement. The efficient and successful usage of smart contracts, as well as parametric insurances, are two critical reasons for adoption.

Education Sector

  • Record keeping is one of the most common uses of blockchain in education. When it comes to things like transfers across schools or states, blockchain may eliminate much of the overhead involved with this process and streamline verification procedures, saving educators and administrators time.

Countries adopting bitcoin as Legal tenders:

In addition to different industries using blockchain technology, Bitcoin has become legal tender in several nations. The Central African Republic has become the world’s second country to embrace bitcoin as its official currency, following El Salvador’s decision last year.

These instances make it evident that blockchain technology is blooming to heights and crypto isn’t dead yet (far from it), contrary to what most naysayers have anticipated.

It’s undeniable that Blockchain technology has a strong present and a promising future. But Alas, there are certain downsides.

New technology will always go through a hype stage and the Protagonists think it will revolutionize across sectors. The adoption of blockchain technology also poses certain challenges. Listing some of them.

#keychallenges

But it is strongly believed by Blockchain technology backers that the necessary tooling and infrastructure will be built sooner to facilitate its free rein adoption.

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