Blockchain technology has been the most impactful disruptor, especially when it comes to the early quarter of the 21st century. A bunch of emerging fledglings are coming up with breakthrough projects on blockchain; legacy institutions too have embraced the technology in their own ways to bring a change. Put simply, blockchain has been the harbinger of change, the key for the current Web 2.0 world to foray into the futuristic Web 3.0 world. According to experts, blockchain disruption is an enormous force and it will change the world for the better. Read more about what is leverage crypto
The blockchain space has been growing at an exponential rate. Market analysts have predicted that the blockchain sector is poised to rise to a mighty volume of 67,385 million USD by the year 2026 from 4,982 million USD back in 2021. The growth CAGR clocks at a splendid rate of around 68.4%, signaling the rising demand for blockchain disruption in the modern and the future world.
What makes blockchain a disruptive force?
We will get into how core blockchain-based developments hold the potential to revolutionize the world. But before that, let’s have a look at salient features of the technology that have facilitated blockchain disruption. You can say that the key blockchain developments like crypto or NFT have accelerated blockchain disruption- but the whole game-changing effect has started with the inherent architecture of the blockchain technology.
Decentralization is certainly one of the propellers of blockchain disruption. The decentralized aspect eliminates involvement of centralized authority or intermediary in an operation or transaction. This kind of distributed infrastructure brings in blockchain disruption in the existing transaction section, making transactions faster and more economical than traditional transactions.
Moreover, the decentralized aspect has brought serious blockchain disruption in the security sector. Centralized networks are prone to hacking attacks because they have a single hole of attack. It makes the job easier for hackers. But a decentralized system like blockchain makes the work difficult for hackers as here you need to wage attack on multiple attack points to invade the network.
- Traceability and transparency
Another reason why blockchain disruption has been embraced with open arms is its assurance of seamless transparency. The DLT technology can be a blessing especially for industries that operate through multiple channels and often suffer from disputes arising from miscommunication. A good example where blockchain disruption would be excellent is the supply chain industry. A supply chain system based on blockchain will ensure complete transparency of necessary information throughout the chain- thereby eliminating risks of poor communication as well as consequent problems arising out of it.
Besides, blockchain disruption brings more stress to traceability. This way, businesses can track the root cause of a problem (if any) and take corrective steps before it’s too late.
The immutability factor also brings huge blockchain disruption in the data security sector. Data tampering has been a major issue in the last few years. On one hand, blockchain prevents display of data before third parties, on another, the technology makes the entire database completely immutable. The term “immutable” means something that cannot be manipulated or tampered with.
Many innovative tech startups have already started to launch blockchain disruption by developing blockchain-based breakthrough projects. For example, a Massachusetts-based cyber-security system manufacturing company has implemented immutable verification capacity to a software product that mostly powers smartphone applications. In the coming few years, we are likely to digitize our major documents (insurance, payment information, ID, etc.) on smartphone apps. And that calls for a software program that can assure us protection from data manipulation.
- Automation with smart contracts
When it comes to blockchain disruption, smart contracts are clearly one of the drivers. These are self-executing virtual contracts that are able to process transactions automatically. Based on condition programming, these contracts will function automatically when the set conditions will be met.
Among many things, smart contracts facilitate huge blockchain disruption in the non-payment fraud sector. With smart contracts, payment will be released automatically once the conditions have been made. There is no scope for the payee to run away with money because his/her payment will be kept locked up in a smart contract wallet and will be released automatically.
Major blockchain-based disruptors
Blockchain disruptors are the products made over blockchain that hold the potential to bring huge disruption through the power of blockchain.
Used almost synonymously with blockchain, the cryptocurrency is one of the most dominant forces of blockchain disruption. Thanks to the decentralized infrastructure, cryptocurrency makes transactions faster, simpler, more streamlined, and cheaper. And that includes international transactions as well.
One of the most important aspects of future blockchain disruption is that blockchain-based cryptocurrency is poised to operate as a staple payment mode and store-of-value in mainstream economy, alongside fiat currency. Cryptocurrency is also disrupting the way businesses operate, offering them a more affordable window to tread across the international markets.
Future blockchain disruption will be largely spearheaded by the unique concept of blockchain-based Metaverse. Currently, we are living in a 2D world. But Metaverse will scale us up to a more immersive 3D world where we can have a more realistic experience of the real-life world on the virtual plane.
As of now, Metaverse is mostly restricted to gaming. But, market experts have predicted that Metaverse can bring blockchain disruption in not just gaming but in many other sectors as well- such as shopping, education, travel, office meetings, payment, and so on.
For example, when it comes to education, a Metaverse-based platform can transcend students digitally to a highly immersive environment related to the topic being taught, say the ancient Greek civilization. This life-like and highly realistic ambience will make the lesson more engaging and easier to grasp for the students.
- ● NFTs
NFTs are bringing massive blockchain disruption, especially in the field of art, culture, and entertainment. Other sectors, like gaming, real estate etc. are too influenced by this emerging blockchain disruption.
NFTs have brought huge blockchain disruption in the field of protection of identity of artists and creators. Thanks to its blockchain infrastructure, every NFT is backed by an exclusive transaction hash that makes it irreplaceable or non-replicable. Thus, an NFT content creator can always prove his/her creation of a NFT creation if his/her NFT is being sold in the secondary market without paying royalties.
Besides, both Metaverse and NFT have brought a huge revolution in the payment sector – these futuristic blockchain developments only accept crypto payment as a valid form of payment.
Odds are, the world was probably waiting for a disruptive force like blockchain. A true game-changer, the technology and its core products are paving the way for a better, safer, fairer, more streamlined, and safer life in the upcoming Web 3.0 world.