Introduction
In my previous post, I discussed extensively on Blockchain technology, how it works and what it offers. Just like every other technology that has evolved through different phases, the blockchain technology happens to be the new deal that offers transparency for both the present and future. Incase you missed my my previous post, kindly use this link to check it out before proceeding further.
From the discussion in my previous post, i made a conclusion on how blockchain technology can/will grow with time, and also how mass adoption can start.
In this post, our major concern is to discuss the opportunities that are attached to this technology before mass adoption can kick start.
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Ideally, new technology and brands takes time to win the trust of users or consumers. This is because humans are sometimes very curious when they meet something new for the very first time. Their curiousity might lead to huge expectations which sometimes is not met.
Affairs Management
For blockchain technology to grow, it opportunities should be able to correlate with our daily life's and activities. As humans, we basically come across technologies, automobiles, houses, schools, place of works, etc on a daily base and even make/apply this things in our daily life's because of the necessary values they posses. The application of blockchain technology in all these aspects of life might grow users interest and increase its mass adoption.
The following are examples and ways we can apply blockchain technology for mass adoption...
Automobile: Transportation happens to be a very key aspect of life and business. We could also say that transportation is part of what makes the world economy grow. Cars, trucks, plane, spaceship, submarine, bikes, train, etc are all forms of transportation which some are meant for business and others for personal uses.
Blockchain technology can be applied in storing records such as booked flight, drivers license, vehicle documents, etc of those that makes use of any of this forms of transportation. We've also seen automobile company like BMW using this technology for their self-auto drive cars. the technology helps to pick signals of other vehicles around it.
Electricity: This is literally very essential because it keeps the internet active. Living things on earth needs electricity, as it happens to be the source of man made artificial light. Light consumption can be very outrageous due to the equipment we put ON every minute even when it's not in use.
Blockchain technology can keep records of those who uses electricity power in a region or country at large depending if it's a private own company or government.
Agriculture: The use of Blockchain technology in agricultural produce is no longer a news. Agriculture products like fruits now have QR code which buyers can use for the confirmation of dates and place it originated from. This records can as well be stored on a blockchain for easy and transparent access.
Real estate: This business has actually become one of the most popular physical type of business that involves the building and selling/renting of structures for essential usage. Examples of this structures varies from houses, schools, office, supermarket, etc. With blockchain technology, records of available buildings can be stored for those who have interest.
These are some major sectors I feel blockchain technology can be applied inorder to gain fast adoption. Another sector is explained in the next heading.
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Smart Contracts
With the development of Ethereum Blockchain, smart contracts became one of the primary idea, as users of this blockchain can simply get an automated impartial output from their inputs.
Smarts contracts basically allows us to write a set of instructions in form of codes into a block, where a possible outcome is expected depending on the actions involves.
For example, Mr A made a bet with Mr B, that the price of hive would cost $1 on Oct 1st 2023. The bet involves a stake of $50 dollars each from both parties, with Mr A suggesting that the price will hit $1, while Mr B is opposing to the idea. The smart contract simply stores the money and the instruction of both the opposition and supporting parties. Assuming the price of hive hits the $1 mark, the smart contract would automatically pay all the staked money to Mr A because his predictions where correct, but if it goes the other way round, Mr B would receive all the staked money. This is a typical way financial smart contract works.
This smart contract can also increase the adoption of blockchain in private financial institutions, as share holders and investors would want to put their money in a more exciting risk.
It is interesting to know that smart contracts can't be manipulated inorder to favor a certain party. All agreements between both parties are stored in the blockchain as codes. This is a true transparency that would attract so many people in the future.
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Killer Tech
I derived the phrase Killer Tech from killer apps, just that I have to relate it to technology. Every technology and brands we see today has a competitor that wants to push it out of the market. This is like a competition between companies in making their brands number one.
The question here is does blockchain technology has a killer tech ?.
And my answer is NO.
This is because blockchain technology is the only technology that stores digital cash(cryptocurrency) transactions in such a way that we don't spend coin twice.
Basically, blockchain technology is still in an early stage of development, and people are still getting to know how it works.
Ideally, Artificial intelligence(AI) is also a technology that is gaining vast attraction, but we must note that this two technologies are different and they don't compete in terms of the service they offer.
My Opinion And Conclusion
Blockchain technology is offering us a transparent future ahead, where every user would have equal opportunity on the internet space. Even if those with influence and power feels like threat to this technology, the tendency to survive is much more greater.
This post basically explains how Blockchain technology can gain fast adoption, and how smart contract works.
The write up in this post is clearly base on the knowledge I have gained about Blockchain related matters, if you feel that your own idea is different, kindly point that out in the comment section.
Thanks for reading my post, if you enjoy what I do, please do well to rehive and follow me for more.