Did so much hype around, cryptocurrencies, overshadowed the other applications of Blockchain technology?
With the volatility of the crypto market and an intensive hype around crypto-trading, it seems that many applications of blockchain technology aside from crypto got put aside in the public eye and don’t get enough attention. Due to the many speculations, frauds, gold-rush fever, and lack of laws across the globe to regulate the situation, there is a certain vibe around the Blockchain as just one of those get rich quick schemes, which is not quite the case.
Regulations, investing, adoption
In the last couple of years, the situation is changing - more and more governments across the globe are seeing the big potential in Blockchain technology and also big trouble if it stays unregulated. There are initiatives across many European countries that are working on regulating Blockchain and also trying to use the technology to cope with many of the problems today’s society encounters.
Switzerland, as the leader in Europe’s Blockchain space, was one of the first countries to regulate this market and is a leader in adoption through project funding as well as many initiatives of using this technology to improve the general life of citizens.
In order to support small and medium local businesses, Swiss town Wetzikon launched a blockchain-based program to motivate people for shopping in local stores instead of online When we speak about the private sector, Zurich is famous to be the crypto valley of the world, having one of the biggest blockchain startup ecosystems and incubators that support the development of Blockchain technologies. Some venture capital funds such as CVVC are looking to invest in the Blockchain application market and not just platforms. They see the application of blockchain across many verticals and their focus is on six that they think will have the most growth in the next years. If you are interested, check out their report from June this year and read in detail about their investment strategy.
Research done by Markets and Markets predicts that in the next five years, the blockchain market will grow by 67.3% percent, and one of the biggest growth factors will be the private sector. The adoption of Blockchain technology through its real-world applications is expected to be the fastest-growing in the supply chain industry with more and more companies seeing the benefits this technology provides.
New ideas emerging -Blockchain technology applied
From the gaming industry using tokenization for a new in-game experience to the supply chain industry looking deeper into ways to improve tracing and authentication, blockchain technology is being applied across many different industries.
Blockchain can be one of the main factors involved in the digitization of work processes and has the potential to reshape the future of work. Some startups are seeing this potential and trying to use the technology to get the edge by inventing new dynamics around already established business models. Ideaology, a company from Switzerland is trying to connect freelancers with entrepreneurs and investors on one platform and create a totally new way businesses can start, acquire talent, and get financial support.
They are using blockchain to create different crowdfunding dynamics that create job opportunities as well as investment options all going through one platform.
Some would think that there are no more big opportunities to create something big in the social media landscape, but blockchain technology allows us to take a different angle when we approach the current models that are driving the entire industry. It can be an alternative solution to many issues big platforms and all of us using them encounters.
Peepeth is the other way things can work in the world of social media apps. Encouraging responsible posting and quality content over quantity, they are ads-free social media platform that can be an alternative or something you side by side with your Twitter account. Immutability and transparency of the content and custody and control over identities can prevent cases of online harassing and create a positive environment.
Blockchain-based social media platforms such as Peepth can be an alternative for a lot of people that need their social media platforms to be socially responsible and create a positive impact.
More is yet to come
With blockchain platforms constantly evolving and improving their future lies in the general adoption of the technology. Will it come until 2025 or after is a big question but it looks like the technology behind cryptocurrencies is here to stay in other shapes and forms of different applications and product solutions across many different industries.
The blockchain market is in its early phase of development and is yet to be seen if the predictions are true. It depends on many factors but one of them is surely the general awareness of its many other applications aside from the financial sector.
If you are thinking about creating a Blockchain-based product solution, this idea in 2021 does not seem so crazy as it would be maybe 5 to 7 years ago.