Blockchain Technology, Potential and Current Uses

May 17, 2021
Posted in Art, Film, Music
May 17, 2021 JP London

The growth of interest in blockchain technology we are currently witnessing from major companies with direct investments towards advancements in blockchain technology is unprecedented and continues to gain momentum, changing our world as we know it. As cryptocurrency grows in popularity and major companies and governments begin to take the value in blockchain technology more serious, we begin to see that the technology sector and the innovation alliance within blockchain will be a major player in the future of innovation itself.

Global Distribution and Blockchain Technology

Global and digital distribution is on the crest of disruption from the awakening of Blockchain technology and it’s ability to track every step of the way in the distribution process. The future of blockchain technology in the industry of manufacturing and distribution in 2021 with a product’s journey from source to consumer being tracked and the trust level growing with the information true and current.

With blockchain expected to receive an estimate investment of $14.4 billion globally by 2023 and companies like Microsoft, Starbucks and Overstock accepting Bitcoin as payment, it should be safe to say that blockchain technology is here to stay. It should be safe to say, but is it? These are still volatile times for the new technology. Tesla announced that they would accept Bitcoin and then backtracked quickly days later. Serial entrepreneur and Space X inventor Elon Musk has been no stranger to disrupting industries and in offering his support to cryptocurrency his companies have invested in Bitcoin and DOGE to one extent or another.

Blockchain’s potential for transparency, security, and trust are at the core of why so many heavy hitters are interested in the technology. For many, blockchain represents something pure and untouched yet for others it represents something dirty, a mystery that offers power and control. And this is probably a big reason why so many companies are now investing deep pockets into blockchain technology. Blockchain offers solutions and also a threat to many companies who have perfected an element of the supply chain.

When the discussion turns to the topic of blockchain technology, most common minds automatically move towards the idea of cryptocurrency and some source of fake digital money but this only proves how misunderstood blockchain technology really is by the masses and the disruption blockchain will create for distribution is one prime example.

Keywords of Blockchain That Any Techie Should Know
  • Blockchain
  • Cryptocurrency
  • Wallet
  • NFTs
  • Bitcoin
  • Ethereum
  • DOGE
  • Coin
  • Decentralized Application (Dapp)

Blockchain and Cryptocurrency Are Not The Same Thing

Since the beginning of the coronavirus we have seen a great deal of interest grow in blockchain technology and specifically that of it’s use as a form of a digital currency called cryptocurrency. Bitcoin and other cryptocurrencies have been around for almost a decade now, yet in this last year of 2020 we saw massive growth with the value of the cryptocurrency on the exchange market. And once the popular trading app Robinhood began accepting certain cryptocurrencies it only added fuel to the Crypto Craze. The biggest joke of them all is the cryptocurrency called the DOGECOIN. This stage stealing star of the show started out as a joke and now currently trading at 1/2 dollar the DOGE has been seen on SNL and looks to be a bonafide superstar. But will the DOGE star continue to shine and makes it’s way up to $1?

The legitimacy of blockchain technology continues it’s growth as cryptocurrency has taken center stage alongside larger stocks such as Tesla and Amazon. Samsung is one company that has been dedicated to becoming more blockchain compatible and has taken the value in cryptocurrency seriously. It was recently announced that Samsung Electronics users and blockchain users can now manage and trade virtual assets from third-party wallets on Samsung Galaxy smartphones. By allowing Galaxy users to now import and manage all their assets for cryptocurrencies and DApps in one, easy-to-use and secure location, Samsung hopes to be a leader in our shift to a blockchain world.

The growing interest in NFTs Built With Blockchain Technology

For the last few years’ artists have been dipping their toes in the blockchain pool with little interest in diving in. This all changed when digital artist Beeple sold his blockchain-based NFT collection for a whopping $69 million dollars. This produced an explosion of interest for blockchain technology comes from the art world in the form of what is called an NFT (Non-Fungible Token). The technology has become popular as artists such as Grimes continue to make millions from selling NFT art.

And what does NFT mean? A non-fungible means that it is unique and cannot be copied because it is built with blockchain technology. This is important in the world of art, a place where fake art runs rampant.

More Important Uses of Blockchain

And this is really just the tip of the iceberg regarding blockchain’s potential and current capabilities. If you are planning to travel to Italy or Spain you are going to need to show proof of vaccination or a current negative COVID test. The country of Spain is investing in the Trust One blockchain solution for their COVID certificates. And once the EU Digital Green Certificate moves towards blockchain passengers will be able to move country to country with one single app built on the blockchain.

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