In a previous blog post (Blockchain 101) we discussed and defined What is a Blockchain?
Blockchain: A distributed digital ledger system. A sequence of blocks, or units of digital information, stored in time-stamped transactions in a public database. The structural basis for cryptocurrencies.
In this blog, we want to dive a little deeper into this topic, with some specific examples. Blockchain is ideal for applications where large quantities of data need to be verified by multiple parties while remaining secure. For example, there are over 250,000 transactions of Bitcoin daily, that are verified and documented by blockchain technology.
Bitcoin is the most widely known use case of blockchain technology, but far from the only one. Global freight companies, Maersk and DHL, are both using blockchain solutions to solve their complex logistics challenges. Other household names such as Shell Oil and Starbucks also utilize blockchain technologies.
There’s room for fun and games on the blockchain too. The NBA has entered the popular NFT (Non-Fungible Token) digital collectible business, with its own line of NFTs, NBA Top Shot. This Is managed by the blockchain company Dapper Labs. With NBA Top Shot, you can own the NFTs of NBA Teams, players, and the game plays in a short form video. Gala Games, a blockchain gaming ecosystem, incorporates play-to-earn (P2E) gaming, NFTs, and decentralized finance (Defi). Gamers can earn digital rewards just by playing [source]. The most popular games on the Gala Games ecosystem are Spider Tanks and TownStar.
Innovators will continue to use blockchain technology to disrupt existing industries. Send us a Tweet and let us know which industry you think is ripe for disruption.
