Let's not dig into the technicalities of how a blockchain works, rather focus on how it is beneficial for businesses and will dominate in the future. One of the core benefits of any application on the blockchain is its security and integrity. In real-world important information in physical format can be duplicated and or manipulated. Similarly, even in traditionally digital formats where it is stored in a database, it can be hacked and or accessed and manipulated. Blockchain offers rock-solid security and intrusion is not possible because of its interconnectivity of distributed blockchain ledgers which verify its chain to stay intact and secure.
After the success of Bitcoin in cryptocurrencies, we are seeing rapid development in different types of applications and platforms built on blockchain technologies.
NFTs have allowed owners and creators to sell and trade digital assets on the blockchain
NFTs are just getting started. Artists and creators can sell their artwork, music, videos, and a lot of other assets as NFTs online. We are seeing a growing NFT market with game assets as NFTs, games such as virtual reality are being built on the blockchain with NFTs to buy and sell game assets.
What other industries blockchain is helpful for?
Not just the entertainment industry, blockchain can secure important valuable documents such as ownership of high-value objects such as real estate, luxury watches, vehicles, and more. With blockchain, the ownership will be verifiable and the chance of fraud will be minimized. Blockchain payments do not require intermediary banks and are trackable to the owner paying and receiving them.
Blockchain applications in governments
Governments need blockchain technology for the following: