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Blockchain technology has received much attention in recent years, and especially in 2018. Over the past decade, companies, developers, investors and many others have discovered an almost unlimited number of potential use cases, and while many of them are still skeptical about technology – the first users were able to innovate their activities through unique opportunities.
Blockchain is not just for making transactions
Blockchain technology it was conceptualized a long time ago, but it actually came to life only a decade ago, paired with Bitcoin. Since emerged, he has experienced steady development, which eventually revealed that there are countless potential cases of use for this. However, for a long time, most people believed that it could only be used to make cryptographic payments and that this was the place where its usefulness ends.
In recent years, however, companies outside the financial sector have begun to pay attention, and even governments have realized that they can use this technology more significantly. Others, such as technology giants, life sciences and even regular consumers came to the same conclusions, realizing that blockchain technology opens up a whole world of new opportunities.
This is particularly true for sectors where modernization has been relatively slow. Blockchain is significant for these areas because it can accelerate innovation through better information exchange and the promotion of new interesting ideas. The potential of Blockchain allows you to remove the friction, unlock new values in different sectors and establish higher levels of trust between those who use it.
Another misconception that many have had is that these companies are going through the blockchain to bother their competitors, which is wrong, in most cases. In reality they are doing it only to overcome the commercial frictions that they themselves have experienced. In addition, they also focused on empowering individuals and allowing people to control their data. Other objectives were the promotion of better voting rights, the improvement of the relationships between companies and customers and the increase of the engagement between the two.
Blockchain in the electronic industry
One of the industries that has made the most progress thanks to the implementation of blockchain technology is the electronics industry. Many other companies that have decided to move to the blockchain should get better information quality, simpler decision-making and similar benefits.
However, when we talk about the electronics industry, they believe that imperfect data is not the biggest problem. Considering how well connected their supply chains are, it is not really surprising that they are satisfied with their data quality. No, what they expect from blockchain technology is to unlock new business models and further improve the efficiency of supply chains and other operations.
This also includes inventory management, asset management, best calculation, component sourcing, better transactions and enhanced messaging, and more.
Blockchain can fuel further progress of other technologies
While blockchain is one of the biggest and most important technological advances that we have had in the last few decades, it can do much more than try to solve business problems in innovative ways. Many believe that blockchain is the perfect technology to act as a catalyst for different companies and organizations that want to invest in other types of technology.
Many revolutionary technologies are currently under development, addressing their problems and trying to solve various world problems. The IoT (Internet of Things), for example, is one of these, but so are artificial intelligence (Artificial Intelligence), RFID (Radio-Frequency Identification Technology) and ; RPA (Robotic Process Automation).
Conclusion
As we can see, blockchain can be used for much more than simple and fast payments, as initially believed. It can undoubtedly have an impact on numerous industries and possibly create new ones along the way. Another important thing to remember is that this technology is still new and has just begun to evolve. No one can even imagine where it could end up taking it, or who can benefit from these changes in the future.
However, as more and more companies decide to give the blockchain a chance, many of them are making significant progress, as only reinventing their systems and revising obsolete ones can open so many new opportunities.
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