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Where blockchain is used

Blockchain is needed wherever speed and reliability of data transfer are important - that is, in almost every area of our lives: in smart contracts for the delivery of goods, verification of the results of electronic voting or the operation of any cryptocurrency, such as bitcoin.

Cryptocurrency

Any cryptocurrency works on the blockchain - from bitcoin and etherium to meme coins like Dogecoin. Cryptocurrency is more often used to capitalize on increased volatility, some of the coins can double in value in a week, but visionaries see it as a tool for mass money transfers in their strategic plans.

Digital currency

Some states are launching pilot projects to create digital currencies that run on blockchain. So far, the most successful has been China, where tens of thousands of people have been credited with a digital yuan that can be used to pay at retail outlets and make transfers.

Smart contracts

With smart contracts, blockchain can track the entire supply chain and verify the authenticity of, for example, a coffee bean - where and by whom it was grown, how and when it was delivered to the supermarket counter. It helps to completely eliminate the fact that the beans are counterfeit, know their freshness, and even verify that their production complies with your ethical and moral values.

NFT

One of the most popular crypto-assets of 2021 was NFTs (non-interchangeable tokens) in the form of digital art, which could be purchased on marketplaces like OpenSea, Rarible.

Gaming industry

Another blockchain sphere that is conquering the world is GameFi, classic online games on the phone or computer that record everything that happens in the game in transactions on the blockchain and also establish a new play-to-earn (play to earn) economy.

Blockchain is still periodically threatened by technological crises, tighter regulation in certain countries, and crypto pyramid scammers. But blockchain’s introduction into the real economy, albeit so far in its digital part, has taken place. Commercial banks are already imagining how they will partially lose their seemingly eternal role as intermediaries. The government, for example, will directly transfer pensions, benefits, and any other types of remittances, as well as give a favorable interest rate, bypassing banks.

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