When blockchain was first introduced to the world, it became known as a secure and verifiable mechanism created to validate transactions in a decentralised way. It had always been inextricably connected to cryptocurrency thanks to Bitcoin being the first to utilise it on a large scale.
It was only after years of technological advancement that blockchain was able to detach itself from its image as ‘just’ the technology behind crypto. It had now branched out to multiple industries and became the backbone of safe and secure technology.
Sneak a peek into all of the recent trends and advancements in the world of blockchain and get to know how it pushed forward multiple industries into the future right here at Casino Days!
Charging forward: Blockchain advancements
Blockchain is undeniably one of the most revolutionary technologies of our generation. What’s beautiful about this technology is that it continually evolves to fit the needs of multiple industries. Check out all of the recent advancements in blockchain below:
Blockchain meets artificial intelligence
According to research entitled ‘Recent advances in blockchain and artificial intelligence integration’ published in 2021 by The Institute of Artificial Intelligence and Blockchain at Guangzhou University, AI and blockchain integration is possible to create a technology that can revolutionize the future of information technology.
AI technology today uses machines to perform the intelligent tasks that used to be accomplished by humans. However, it mostly relies on algorithms, data and computing power to manage these tasks.
Blockchain technology can break this island of data and help the AI realize the flow of the algorithms and data resources. Additionally, the blockchain can record the information decided by the AI, making it easier for developers and researchers to understand how the machine’s decision-making feature functions.
In exchange for this, AI empowers blockchain technology by making its processes simpler. The operation behind blockchain often involves a complex set of parameters including a trade-off of security, decentralisation and throughput.
Using AI, these complex operations and decision-making can be simplified to help the blockchain achieve a higher quality of performance. Moreover, AIs can help minimize the errors caused by human influence in the blockchain process and improve the intelligence of blockchain apps.
Multiple organizations and industries are now using this hybrid of cutting edge technologies including Core Scientific, a leading company in customizable infrastructure and software solutions for different blockchain networks. Another example is Bext360, a company that uses the AI and blockchain hybrid to boost the transparency and efficiency in the supply chain of foods, minerals and other goods.
The rise of federated blockchains
Federated or consortium blockchain has a bit of similarity with your regular private blockchains. However, unlike private blockchains that operate under permission distributed ledger systems, the federated blockchain has no central organization influence.
Instead of having a single organization to manage the blockchain, it has multiple organizations that use the same network. One example of this is the Enterprise Ethereum Alliance (EEA), which comprises several companies including Accenture, Microsoft, Vitro Technology and J.P. Morgan Chase bank. This makes inter-company communication easier and more efficient.
Blockchain for identity management and verification
Nowadays, private information can be leaked to the public easily whether they are willingly shared or not. It is scary to think that anyone can know your address and other private information.
For this reason, multiple industries and even government agencies seek to use blockchain and utilise its decentralized and immutable functions in identity management and verification of information.
According to James Webster, a writer at IBM Supply Chain and Blockchain blog as well as a research director in blockchain, blockchain makes it possible to tokenize the identity of an individual so instead of revealing all of your information online, you would only have to give away the pertinent data during transactions or identity verifications.
The approach to use blockchain for identity management situations has been considered by the government. For instance, Korea is already at the forefront of this innovation as part of its 4th Industrial Revolution.
Just this year, the Korean government revealed that they have adopted the use of blockchain-based mobile identification systems wherein their public officials would use their mobile apps to verify their identifications before getting access to government facilities.
As for enterprises and other industries, blockchain can offer them a way to establish a secure decentralized identity where they have more control over when, where and with whom they would share their personal information.
Tokenization of valuable assets
With blockchain technology, all sorts of assets can now be digitized through tokenization. This process creates the digital representation of valuable assets that are not cash. The most basic of this is crypto, however, recent advancements in blockchain allowed platforms to use unique goods that don’t have inherent value and convert it to tokens. These goods can either be artwork or a video that we call Non-Fungible Tokens or (NFT).
NFTs have become so popular that even the NBA stars like the Golden State Warriors are jumping on the fray, becoming the first professional basketball team to have an NFT collection.
Blockchain in social media
Social media has slowly crept its way into our lives and made itself an integral part of our routines. However, it presents a problem when it comes to user privacy. Blockchain can provide a solution to social networks’ inherent problems like content relevance, privacy violations and data control. With blockchain, social media users can rest assured that their published data would remain untraceable online.
Creating a link to the future through blockchain!
The world of blockchain is constantly evolving and from the advancements and trends that we have seen above, it is easy to see that there is so much potential for this technology. What’s beautiful about blockchain is that it also elevates other industries and pushes the world forward to a secured future of information sharing.