Last Updated on March 31, 2024 by Ali Hamza
Every aspect of our lives is becoming increasingly influenced by digital technologies. Although blockchain eventually overtook Bitcoin (BTC) as the primary technology, it currently stands on its own and has an impact on a variety of industries, including the manufacturing sector and gaming enterprises.
However, by 2025, the global digital economy is expected to represent 24.3% of GDP, with a staggering value of $23 trillion, according to forecasts provided by Huawei in collaboration with Oxford Economics. One of the few innovative technologies powering this change is blockchain.
The fact that information placed into a database cannot be changed or removed without informing all parties in question expands the technology’s possible applications. The “Big Four” auditing firm PwC polled 600 executives, and the results showed that 84% of respondents already use blockchain in some capacity within their organisations. One of the best Blockchain Consulting Firms, according to Suffescom Solutions Inc.
Even if there are numerous claims that this system needs more active oversight and there have been attempts by government authorities to do so, blockchain is here to stay.
Let’s look at how blockchain technology is changing several industries.
Sector of Gas, Oil, and Energy
BP and Royal Dutch Shell, two businesses in the gas, oil, and energy industries, will lead a blockchain-based trading project that will also include Statoil (now Equinor), Koch Supply & Trading, Gunvor, and Mercuria, as well as some banks like ABN Amro, ING, and Societe Generale. The goal of the project was to reduce the amount of paper documentation produced by conventional paper contracts.
Blockchain technology can be used by the energy sector to control production, digitalize registries, monitor transactions, and verify the validity of certifications. I think blockchain technology will eventually help the energy industry by bringing down running costs, increasing operational reliability, and increasing the effectiveness of domestic trade activities.
The industry of manufacturing
Businesses can track their manufactured goods from storage facilities to clients at retail locations using blockchain technology. Additionally, because blockchain enables businesses to have a transparent data flow, it makes it easier for all parties involved in the chain of production and consumption to coordinate specifics.
For instance, using blockchain for auto warranties and replacement parts makes it simpler to detect phoney items and even aids businesses in making informed decisions. Original parts and spare parts are usually difficult to distinguish from one another due to their similar appearances. Low-quality spare parts are becoming more prevalent on the market, which harms the reputations of manufacturers and dealers when they break down shortly after installation. However, there are numerous situations and areas of expertise where blockchain technology may help the industrial sector.
Gaming Sector
- Massively multiplayer online games, or MOs in the gaming industry, have become incredibly well-known all over the world.
- Players can participate in shared environments and earn currency or credit by joining communities that are exclusive to the platform.
- Online gaming is currently being revolutionised by Horizon Blockchain Games with its Arcadeum Ethereum-powered platform. Horizon is making an effort to change the idea of game ownership.
- The company views Arcadium-based in-game products from a distinct angle.
- It establishes who the owner of a certain in-game item is and then allows for a verifiable trade, enabling the buying and selling of items between players easy to trace.
- With this project, Horizon is giving consumers more control by combining technology that is typically associated with create engaging gaming features.
- The Arcadeum wallet allows gamers to securely store and manage their collections.
- For instance, the free trading card game SkyWeaver uses the Ethereum blockchain to provide participants with a trustworthy and secure environment in which to shift ownership of their digital cards.
- SkyWeaver has converted the conventional physical collectible card game to a digital format using blockchain technology.
- Like the early internet, Ethereum will face detractors and difficulties.
- Since blockchains are essentially very huge, open databases, any developer can access the player records stored on the Ethereum Game Development from anywhere.
Automobile industry
- Blockchain technology in the automotive industry is a strong tool for data transfer and storage by smart cars.
- Data about specific cars can be gathered and stored together from numerous registers, assisting in the prevention of data fraud.
- For instance, the owner of a certain car will have access to all of its information when that car is put on the market, including repairs and services, the number of fixes, whether or not it has been in any accidents, and other information.
- It is reasonable to argue that significant companies in the car industry have been looking for opportunities to explore blockchain technology.
- Several years ago, the Toyota Research Institute announced a unique concept that combined blockchain technology with smart car technology. Its objective was to support the upkeep of a registry for the exchange of data among smart cars.
- Volkswagen is also developing a blockchain-based network that will enable smart cars to exchange information regarding the condition of the roads.
- This technology can drastically lower the number of accidents and enhance driving conditions by helping drivers prepare for or avoid adverse weather conditions.
Is blockchain Fourth Industrial Revolution?
Blockchain technology has been hailed as a disruptive force that could usher in the Fourth Industrial Revolution. This is because blockchain has the potential to transform various sectors of the economy, from finance to healthcare to supply chain management. At its core, blockchain is a distributed ledger technology that allows for secure and transparent transactions without the need for intermediaries. This makes it ideal for industries that require transparency and trust, such as finance.
However, while blockchain has the potential to transform many industries, it is not a panacea for all problems. It is still a relatively new technology that requires significant investment in infrastructure and education. Additionally, it is not yet clear how blockchain will interact with other emerging technologies such as AI and IoT.
That being said, there is no denying that blockchain has the potential to revolutionize many industries and change the way we do business. Its ability to provide a secure and transparent way of conducting transactions has the potential to increase trust and reduce fraud. As such, it is likely that we will see blockchain continue to play a significant role in the Fourth Industrial Revolution and beyond.
Summary
For many different industries and some of the greatest companies in the world, blockchain is no longer the technology of the future.
Many companies are already aware of how blockchain technology can totally change how they carry out their everyday activities, and some of them are even now implementing their blockchain-based systems.
Every industry, including healthcare and financial organisations, is being disrupted by blockchain.
I believe that the adoption of blockchain in corporate software, business systems, and commercial organisations will have a positive impact on the core principles of the various industries that currently dominate the globe.
Blockchain has the potential to transform business and industry in a similar way to how the internet did, and the revolution has already begun.
