DeutschWhen the blockchain gradually became better known as the Bitcoin (BTC) spread as the world’s first cryptocurrency, not every interested party believed in such a success story. Today it is clear: Despite some justified criticism of ICOs and digital currencies, blockchain technology is not only an innovative and promising approach in the crypto world. At this point, we will look at which sectors of the economy are particularly enthusiastic. What application options are there? Where are far-reaching measures already emerging and what advantages does blockchain technology offer? Where is the blockchain application already most advanced?
Blockchain Application Allows Simplified and Transparent Process Handling
From the perspective of many experts and convinced users, the blockchain is suitable in almost all areas where important topics such as the traceability of production processes and more transparency in all steps from raw materials to finished products or services are involved. In addition, the blockchain offers many ways to reduce costs for private individuals, authorities or companies involved in transactions. Overall, processes can be handled more clearly, easily and quickly. For the logistics sector, for example, supply chains can ensure that individual steps such as shipping or packaging are known to every supplier involved – such as manufacturers, customers, shipping service providers or forwarding agents – at all times, how far the processing has progressed.
First Industries Rely on Cooperation with Crypto Systems
The industries in which the blockchain application is increasingly gaining traction include not only the world of logistics. Food companies, automobile manufacturers, fashion labels and raw material suppliers are some of the areas in which the blockchain is now used at least in pilot projects. The car manufacturer Jaguar, for example, announced some time ago that it wanted to test IOTA’s Tangle. Although this is not directly the blockchain, there are technical parallels. The fashion company Alyx also opted for IOTA as a partner. One sector that is increasingly dealing with the opportunities of the blockchain is the music industry. There, according to many supporters, the technology could herald a similar revolution as the Mp3 medium did at the time. Here, too, these are still rather exceptional phenomena, but they sound promising.
Payments via Blockchain Cheap and above all Fast
Furthermore, digital payment service providers and credit card companies present themselves as open to innovation. However, apart from a few exceptions, many representatives of the banking sector are rather reluctant, although interest is growing here as well. A prominent blockchain fan who has been hotly debated for months: the social media network Facebook, which wants to make a name for itself as a financial service provider on a blockchain basis with its Libra format in the future. The last word has not yet been spoken by the state. Nevertheless, many observers consider the introduction of the Facebook stablecoin to be very likely, provided that legal concerns can be eliminated. Last but not least, many states such as China, Germany or Japan are themselves interested in the application possibilities of the blockchain. In the USA, there have already been some tests on the application of the technology for tax payments or road traffic.
Real Estate Buyers Can save Real Money in the Future
One of the main advantages that attracts interest in many industries is the fact that the blockchain could make some instances superfluous. Contract conclusions via the technology could, for example, exclude banks, notaries, lawyers and other comparatively costly parties. For this reason, the real estate sector is also to be mentioned as a blockchain-affine sector of tomorrow. House sales could become significantly cheaper with regard to ancillary costs. Of course, this requires clear legal framework conditions. But these are emerging slowly but surely in many places. On closer inspection, there is hardly a niche in the globalized economic world that could not benefit from the blockchain. In Germany, the issue of a digital government bond is now being considered. In particular, politics could make an important contribution to acceptance through more openness. From the consumer’s point of view, transparency is an important contribution.
More on the topic of buying real estate with cryptocurrencies
Blockchain Application Knows Hardly any Limits
For example, participants within the economically applied blockchain could see where ingredients for production come from. An important keyword at the end is sustainability. Companies and consumers could precisely trace production chains. Anyone who values fair payment and sustainable promotion of raw materials can see who is involved at any time thanks to blockchain. Last but not least, it is the low transaction costs and fast execution speeds compared to “classic” processes that make the blockchain an equally practical and future-oriented tool in so many economic areas. There will therefore be many more industries that, when they hear names such as Bitcoin, Ethereum and Litecoin, not only think of highly speculative financial products, but can implement innovative concepts with a blockchain application.
