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How Blockchain Technology is Disrupting Industries Globally

Writer's picture: Delian PartnersDelian Partners

Blockchain is one of the most popular topics of the last two years. A blockchain is a decentralized data network that contains a growing list of records (blocks) to provide a transparent, accessible, and verifiable register of data. Each block contains data and information about the previous block of the chain – for example, about when the block was accessed or modified-, which minimizes the risk of fraud while increasing data transparency and security.


One major application is to enable users to share and securely store digital assets, but going forward the blockchain can play a significant role in the global economy: Retail commerce giants like Amazon, Walmart, and Alibaba have already explored blockchain technology to make processes more efficient and reliable. With so-called “smart contracts”, digital records of customer purchases and warranty information can be stored in the blockchain, making it easier to validate the ownership and automate tasks like payments or inventory management. For example, Amazon filed a patent for a blockchain system to track goods and make them visible across the whole supply chain, from production to the end-user.



The music industry already started to adopt blockchain technology to eliminate the risk of fraud and protect the intellectual property rights of the content. Last year, music producer and DJ Justin Blau launched the blockchain-based music investment platform, Royal. The platform aims to democratize access to music ownership allowing music lovers to both invest and own rights on their favorite songs/albums with NFTs (non-fungible-tokens) recorded on the blockchain. According to Financial Time, Spotify, the biggest music streaming platform, could add blockchain technology and NFTs on its streaming platform soon to allow artists to certify the ownership on their music while boosting earnings without having to pay any fee. According to Market Watch, the global market for blockchain in media and entertainment is estimated to reach $1.54 billion by 2024.


In the past, cryptocurrencies helped to demonstrate the potential of the blockchain in the financial sector and blockchain became popular for being the technology that supports the cryptocurrency Bitcoin. But today, blockchain is transforming industries outside the financial ecosystem such as insurance, real estate, agriculture, gaming, and healthcare. As reported by Fortune Business insights, the global blockchain market was valued at $4.67B in 2021 and is expected to grow from $7.18B in 2022 to $163.83B by 2029.


 

The information in this article should not be regarded as a description of services provided by Delian Partners SA. The opinions expressed in this article are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product. It is only intended to provide education about the financial industry. The views reflected in this article are subject to change at any time without notice.

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