Blockchain is a distributed ledger technology initially created to ensure the security and reliability of cryptocurrency transactions. In recent years, it has found widespread application in various industries, and its influence will only grow stronger each year. Blockchain has not only changed the way business and financial transactions are conducted but has also irrevocably impacted many other areas of our lives.
Blockchain Technology Today
Today, blockchain is significantly transforming the financial industry by revolutionizing the processes of transferring and storing digital assets. It enhances data security and financial transaction transparency and reduces the number of intermediaries. Additionally, blockchain is being actively implemented in logistics, allowing for the tracking and verifying of supply chains, ensuring the authenticity and quality of goods. This helps reduce the risks associated with the transportation and storage of goods. In the medical field, blockchain is used for managing patient medical histories, protecting data privacy, and preventing medication counterfeiting.
Besides, blockchain allows us to create decentralized intellectual property rights management systems, ensuring transparency and copyright protection. In the gaming sector, blockchain is actively used to prevent fraud and ensure the uniqueness of in-game assets such as characters, weapons, environments, and so on. Blockchain technology also simplifies real estate transactions, providing transparency and security in the buying and selling process. You can find more real-life use cases of blockchain technology in the Built In article.
Undoubtedly, blockchain technology has enormous potential to transform businesses across various sectors and improve the efficiency of many processes. Its application allows us to create transparent, secure, and efficient systems, which is a key factor in the success of modern business. It is reasonable to expect that in the future, blockchain will increasingly spread across various industries, bringing innovations and improvements to the operations of companies and organizations.
How Global Brands Use Blockchain Technology
Well-known brands familiar to almost everyone on the planet don’t neglect blockchain either. For example, Adidas created an NFT collection called “Into the Metaverse,” which provides buyers access to an exclusive fan club, and NFT holders can purchase exclusive merchandise.
In turn, Gucci sold a virtual handbag on the video game platform Roblox for $4,000, and Balenciaga designed a collection of outfits for avatars in the game Fortnite. Digital clothes are no longer exclusively targeted at gamers; extraordinary versions of their collections are now being released by brands like Prada, Moschino, and other well-known brands. Nike has also joined this trend by acquiring RTFKT Studios, a producer of digital footwear. For more on how the fashion industry is using blockchain today, see the article by Blue Bite.
Blockchain and Intellectual Property
One of the key issues that rights holders face is the copying and distribution of their intellectual creations without their permission. Blockchain can now solve this problem by creating a transparent system for tracking and protecting intellectual property rights.
The technology enables the creation of digital records that cannot be altered or forged. This means rights holders can protect their intellectual property by securing it on the blockchain. Each copyrighted work or invention can be encoded as a digital asset, securely stored on the blockchain.
Additionally, blockchain can simplify the processes of licensing and monetizing intellectual property. For example, using blockchain-based smart contracts, people can automate the processes of drafting and executing licensing agreements, making transactions between rights holders and licensees easier.
Blockchain can also help improve the transparency and traceability of the creation and use of the intellectual property chain. This helps combat piracy and the unauthorized use of intellectual creations more effectively.
Obviously, investing in intellectual property was out of reach for the average person earlier. Now, blockchain, tokenization, and its ability to fragment parts of cultural production make investment accessible to anyone. For example, Bitch Better (the co-producer of Rihanna’s song) earned $63,000 by tokenizing the rights to the song Have My Money into NFTs. Through the AnotherBlock platform, he divided the investment into 300 parts, each priced at $210, which other people then purchased.
These examples show that blockchain technology has enormous potential to transform business across various sectors and improve process efficiency in everyday life. Its application allows us to create transparent, secure, and efficient systems, which are crucial for modern success. Thus, blockchain technology promises to significantly change our lives in the coming decade, becoming an integral part of our future and transforming the world for the better.