“Blockchain technology isn’t just a more efficient way to settle securities. It will fundamentally change market structures, and maybe even the architecture of the Internet itself” — Abigail Johnson, investor.
It took a few years before we started hearing about “blockchain” technology, since the controversial birth of its most popular application: Bitcoin.
Five years ago, the cryptocurrencies market relied on 10 coins, making up a total Market Cap of around $1.341 million, while the current Market Cap is around $321.138 million (at the end of May), made of approximately 1.600 cryptocurrencies. What at the origin seemed to be a weird gimmick for just the techie crowd, it has started to attract the attention of corporates, in any sector.
From the first use cases in banking, finance and investments, with cross-border money transfers, peer-to-peer payments, Initial Coin Offerings, the range of applications has become broader.
Smart contracts have opened a world of opportunities within the legal industry, from identity registration to notarization processes.
This revolution has also influenced property management operations and land registry, innovating the real estate industry.
Entertainment and creativity industries are being empowered by a technology that allows building platforms where contents are paid directly to artists, with no intermediation fees.
The immutability property of blockchain makes it ideal for tracking food source, to face the growing demand for a transparent declaration of origins and production processes.
From online reservations in beauty salons to inventory management and intellectual property protection, blockchain is bringing a fresh solution to old problems in the fashion industry.
Travelling and leisure are benefitting from creating interactions with customers and increasing retention through rewarding programs.
The growth of new mobility models, such as ride-sharing and self-driving vehicles, has pushed the automotive industry in pioneering blockchain initiatives for payments and data sharing between cars.
With its high transparency and security characteristics, blockchain can increase the efficiency of Supply Chain and Logistics, with a positive influence on the most critical processes, from warehousing to proof of delivery, in order to speed up invoicing and payment transactions.
Decentralized ecosystems also allow building non-conventional and disruptive business models: several human-centered projects are in progress to give back the data ownership to the users, within sensitive areas like, for example, Health.
Some councils’ administrations are already planning to use blockchain to manage data, in order to avoid a huge amount of paperwork and bureaucracy.
Voting for elections have never been so transparent and secure.
Despite the “money laundering” initial fame about cryptocurrencies, blockchain is being considered in some states for speeding up taxes payments.
Talents and online reputation are becoming a tokenizable asset, changing the rules of Human Resources and job marketplaces.
Internet of Things
The rise of the Internet of Things (IoT) will come with lots of amazing innovations to make our life easier, by increasingly connecting humans and devices.
This will imply equipping every connectable object with sensing and recognition modules.
The current system of connections is based on cloud computing, and will not be effective in managing the huge IoT ecosystems of tomorrow. This scalability problem could find a solution in a decentralized architecture, where devices placed in proximity could communicate without sending data to a centralized structure. This places Blockchain in the position of providing the unique possible solution, yet with the challenge of securing devices from potential hacking.
Web 3.0 and decentralized apps
Web 3.0 can be defined as a third-generation of the Web, empowered by the combination of several promising technologies (Artificial intelligence, 3D graphics, semantic web, machine learning, cognitive technology), providing the internet with some of the following key features:
- Ubiquitous Connectivity
- Distributed computing
- Open data
- Open identity
- Portable identity, reputation, and personal data
Blockchain supports most of the core factors that are essentials for Web 3.0.
Decentralized applications will set the bases for unconventional business models, where intermediaries are no longer needed, where solutions are more human-centered, and based on the unicity of every individual.
Blockchain is no longer perceived as a tricky game for financial speculation, nor as a complex technology in its primordial stage, but it is definitely becoming part of the architecture of the future Web.
Reputation, personal data and portability
Skyllz is an open source blockchain-based skill-validation protocol to unify, validate and track professional skills across applications, in a distributed and unbiased way.
At Skyllz we aim to build a universal and evolving Human Skills Ecosystem that replaces resumes with a unified, portable and trustworthy skill-related reputation, converting individuals into their main assets, thanks to Proof-of-Skill.
join Blockchain revolution in Talent Branding, joinSkyllz!
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