The blockchain technology is hailed as the ‘new internet‘ by many of its proponents in the game. Although the prospects presented forward by blockchain in the form of decentralization, immutability, transparency, and trustlessness open up an entirely new world to us, it still might not be the new internet as it is not something that might affect every individual’s life on this planet moving forward.
Stefano Covolan the founder of Korporatio, a project that helps real-world companies adopt the technology of blockchain, recently got in touch with BlockPublisher as he expressed his thoughts regarding this evolving technology of blockchain.
- Which industries can benefit from blockchain?
Stefano: “I think there are 4 industries that can benefits the most from blockchain technology:
– Finance: in the sense of removing the need for custodian as the user becomes the own custodian and smart contract can be very secure escrow models.
– Legal: as smart contracts almost removed in total the need for notorized document or to ensure a contract is respected correctly.
– Media: as a network that runs entirely of blockchain can solve the problems around copyrights of content creation, by setting clear rules and allowing therefore content creators to not lose revenues
– Gaming: reselling of in-game items is already quite common. Blockchain could open it even more and allowing people to profit from object immediately.”
- Is it the new internet?
Stefano: “I don’t think it is the new internet, as not everything needs blockchain technology to operate. It is for sure a better solution compare to what we have available today for some specific industries.”
- How do you see it evolving in the future?
Stefano: “Companies are going to use it in the back-end more often and front-end solutions i.e. wallets to access dApp are going to be implemented by default into browsers.”
Stefano pointed out other sectors besides finance that can surely benefit from blockchain technology with even the legal arena being one of them. Content creation and gaming areas can also get huge advantages by employing blockchain technology at the cores as the decentralized, immutable and trustless system established by this tech powered by tokens revolving around in ecosystem can open up an entirely new world of new possibilities.
Now although it might not be the new internet, it surely does possess the potential to reshape and revamp various centralized industries across the globe. It will be interesting to see how many industries does this tech incorporate itself into as we move forward with developments being made a rapid pace in order to overcome the challenges faced by it.