Various Applications for Blockchain Technology That You Never Knew

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Beyond its most well-known application in cryptocurrencies, blockchain also has a lot of real-life applications across multiple sectors.

Here are different applications pertaining to different sectors, each with an explanation of their significance:

Applications For Blockchain Technology in Supply Chain

Blockchain can track the entire lifecycle of products, ensuring transparency and reducing fraud by recording every transaction, from raw material sourcing to distribution.

Blockchain technology can bring about significant improvements in the supply chain of a food substance for a company. The complex and multi-stage nature of food supply chains makes them prone to issues such as fraud, contamination, and lack of transparency.

In the case of food safety, the impact a blockchain has on the management and distribution is very important.

By recording and verifying the flow of goods, it helps detect and prevent food-borne illnesses, which can cause serious problems for people and a company’s reputation.

If a foodborne illness outbreak happens, the traditional supply chain may be slow to find the source of contamination. This can lead to more people getting sick and hurting the company that caused the problem.

However, with blockchain, the process becomes swift and precise. Every step in the production and distribution of a food substance is recorded in real-time and records can be accessed by everyone and anyone looking for it.

It is also impactful in other sectors, such as the pharmaceutical and health industries.

Application of Blockchain Technology in the Gaming Industry

The gaming industry is one of the most rapidly growing industries in the world, and blockchain technology is set to transform it.

With the introduction of monetization of in-game assets, gamers are now able to sell and buy these assets directly from their fellow gamers in-game without relying on the presence of the host, which in this case can be the game development company.

Here are some specific examples of how blockchain is being used in the gaming industry:

Enjin:?Enjin is a platform that allows developers to create and manage in-game items on the Ethereum blockchain. This allows players to own their in-game items as non-fungible tokens (NFTs), which can be traded and sold on secondary markets.

Sorare:?Sorare is a fantasy football game that uses blockchain to track the ownership of player cards. Players can buy, sell, and trade these cards, which are represented by NFTs.

Axie Infinity:?Axie Infinity is a Pokémon-inspired game that allows players to collect, breed, and battle creatures called Axies. Axies are represented by NFTs, which can be traded and sold on secondary markets.

Application of Blockchain in the Music and Art Industry

Copyright enforcement is another important issue for artists.

In the music industry, blockchain technology can be applied to create a digital ledger of copyright ownership, which can help to make it easier for artists to track and enforce their copyrights.

Also, artists can mint their work on a blockchain as an NFT, which can help to track the provenance of their work and enforce copyright regulations which is harder with traditional methods, and streaming platforms can be able to distribute royalties more efficiently.

Provenance tracking is important for artists because it helps to ensure that their work is not being copied or distributed without their permission.

A good example of the application of blockchain technology in the music industry is the NFT music platform,?Sound.xyz?which allows artists to place their work on their platform and directly gain royalties and other benefits without any external intervention.

Application of Blockchain in the Real Estate Sector

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