Exploring Applications of Blockchain Technology Beyond Non-Fungible Tokens, Which Are Seeing Increasing Adoption
Blockchain technology, once known primarily for its role in cryptocurrency, is now making its way into various industries, solving real-world problems and enhancing everyday operations.
While cryptocurrency, such as Bitcoin, has been around for over a decade, the use of blockchain for identity management is still in its developmental stages and not yet common. However, some forward-thinking developers are building systems that allow individuals to control their personal information across platforms with a single digital ID that lives on the blockchain.
One such initiative is led by the team behind Worldcoin, including Tools for Humanity and co-founded by Sam Altman, CEO of OpenAI. They focus on proof of personhood via iris biometric scans to create secure digital identities on blockchain, making it easier to sign into websites or access personal data.
The gambling industry is another area where blockchain technology is making a significant impact. Many online platforms now offer players the option to deposit and withdraw using cryptocurrency, providing a modern, quick, and secure method for moving money without banks. This fit with modern technology usage allows players to start playing without waiting for bank approvals when playing Bitcoin slot games, for example.
Beyond powering collectibles and currencies, blockchain technology is working behind the scenes in places people don't always notice. It is being used to track items and information in supply chains, providing a transparent and error-reducing method for recording the movement of packages. This blockchain-based tracking is not limited to shipping companies but is also being used by food producers and electronics companies to prove the origin and freshness of their products.
In the gaming world, blockchain technology is enabling true digital ownership of items, allowing players to trade or keep their items outside of the game. The digital ownership of items in games is verified on the blockchain in the same way as NFTs are checked to be non-fungible. This change in how game developers think about the items they sell is giving players more value from their in-game purchases.
Moreover, cryptocurrency transactions are tracked on public ledgers, providing a secure and modern method for moving money. This transparency allows players to cut out the middleman, contributing to the DeFi movement.
As we move forward, it's clear that the uses of blockchain that make sense are the ones that solve real problems and are being invested in and are growing. While NFTs had their moment in the spotlight, the bigger story might be all the quiet things blockchain is doing elsewhere in various industries. We are still in the relatively early stages of the growing and enhancing industries using blockchain technology. The future of this technology looks promising, with endless possibilities yet to be discovered.
