How Blockchain Technology Is Revolutionising Businesses



The world of business and the markets have constantly been changing. There have been breakthroughs, discoveries, new products, and much more. Among all these, there is something that has recently become a big deal. Yes, the blockchain technology that has been the center of all discussion is something that several businesses have considered investing in and implementing in their business. The blockchain which is one of the most secure mediums to store or transfer data through is something that several business owners have their eyes on.

Blockchain technology has been implemented in many ways already in the gaming industry and has gained an incredible foothold in the domain. The same is and can soon be done with different markets and different domains as well. This is because of the entire concept of enabling blockchain technology in different industries and markets. 

Blockchain’s Supremacy in Current Market:

Markets and the corporate world have undergone ongoing change. There have been several innovations, discoveries, and new goods. Among all of them, there is one item that has recently gained significant attention. Yes, many organisations have thought about investing in and deploying the blockchain technology that has been the focus of all the talk. Many company owners are interested in the blockchain, which is one of the safest methods of storing or transferring data. The gaming sector has already used blockchain technology in a variety of ways, giving it a strong foothold. The same is being done with many NFT marketplaces and domains and will soon be possible.

The Ideal

The blockchain ideal as of now consists of 2 things NFTs and cryptocurrency. While crypto recently took a hit NFTs and NFT marketplaces have gone through an incredible hike. Now crypto has already become something that is already used in several transactions, however, NFTs are different. These NFTs that are sold in NFT marketplaces are something that revolutionizes everything. From basically changing how gaming works to becoming something that shook the world, NFTs are certainly no joke.

These NFTs have certainly caused a massive stir in the world, there are several other ways to implement them. The world of business has always seen constant change but this one might be the greatest of them all. While several speculated that this would happen well it was just speculation so people weren’t going to give much heed to it. With that being say NFTs, crypto, the blockchain, all these are really important for the future. With the implementation of Web3, these things will play a major role so the companies must adapt to blockchain technology as well.

 Ideal Behind the Blockchain Technologies

The two components of the current blockchain ideal are NFTs and cryptocurrencies. While cryptocurrency has saw a decline, NFTs and NFT markets have had a phenomenal rise. NFTs are distinct from crypto now that it has already established itself as a tool for many transactions. These NFTs, which are offer for sale in NFT marketplaces, constitute a revolution in themselves. NFTs are definitely no joke; they’ve gone from essentially altering how gaming functions to being something that rocked the globe. There are other additional methods to utilise these NFTs, which have undoubtedly created a tremendous stir in the world.


Blockchain and phygital assets

When the talk of blockchain comes up, people only connect to 2 things; NFTs and Cryptocurrency. While the latter is already use and has been prominent for quite some time, the former has been making waves. This is because NFTs have multiple uses than what has been previously portray. These NFTs can also be a part of a different spectrum. Phygital NFTs are NFTs that have a physical aspect attached to them. Like how taco bell used their NFTs as 1-year gift cards as well.

NFTs are consider assets people cannot copy replicate or duplicate in any way or manner. So these NFTs can also be use as vessels to carry verification information like “ certificates of authenticity” and the physical aspect can come attach to that. The reason this would be a good idea is that if this were implement then there would be no possibility to sell fakes and replicas. This is something that would greatly benefit the antique market and prevent the outflow of copies while also strengthening the trust factor.


The proof of purchase concept

There has been this method that people use to reserve or purchase several products online and then collect them at the physical store. Often there is a good possibility that the receipt has been lose or the receipt is not in the database. This is something that has been happening for quite some time. The reason why NFTs can help avoid this is by using the NFTs themselves as a proof of the purchase.

The NFTs carry the image of the product being purchase and once the physical product is hand over the NFT is burn. This not only makes sure that the purchase is do the right but also ensures that the product is in the right hands and has not been take by someone else. This method is interesting as this has another factor to be look at. The NFT in question can also be sell by itself or given as a gift allowing someone else to go and collect the item or continue trading the item itself.


Other uses of the blockchain technology

With the help of blockchain technology, simple day-to-day things have been make easier and simple. Right from the purchase of goods to the possible implementation of NFTs in movie theaters. How? It is no joke that several people think, like, and get themselves into theatres and enjoy the luxury of viewing a movie without even paying for the ticket.

This is interesting because NFTs can be enable by basically being use as digital proofs of ticket purchase and can scan at the entrance of the theatre to be allow into the theatre. This is something that makes an awful lot of sense because the problem has existed for quite some time. Several people often get away with free access to several movie theatres by lying and reusing tickets by making minor changes digitally or physically. In the case of NFTs, this cannot work because of the blockchain technology it was create with, So that puts an end to all those who were enjoying free entertainment.

Luxuries  fashion and much more

NFTs can also be use to make reservations on expensive luxury goods as they sell rapidly and are usually base on a first come first buy basis. This trend has not added a new feature where in the case of fashion and designer items one can reserve their items in the form of NFTs. These NFTs can be use to collect the product from the real store. Although this is something that is everyone speaking about, it is quite a new thing for the fashion industry.

These NFTs unlike the previously mention ones can also be use as regular NFTs that might go up in value. This shows that diversity can be apply to a concept where things were of ten straight and clean-cut. NFTs and blockchain technology make room for changes and improvements that while previously existing were not significant enough. Not to mention the fact that these NFTs have a marketplace of their own where they are sold. So this means one more possible outlet for people to buy or sell goods.


With the metaverse and the Web3 both being enable heavily there is always constant change. Not only do these both provide a huge platform to build on but also open doorways to different possibilities. To make all these possibilities a reality, we have to implement the blockchain technology.


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