Mindset Resetting: How to benefit from the Blockchain Revolution in 2022

Since the start of 2022, there has been an increasing adoption of blockchain technology and the products it supports. The adoption of blockchain is rampaging across various sectors and industries including finance, healthcare, legal, insurance, real estate and supply chain, as well as logistics. Against this background, how can individuals, firms and companies benefit from the blockchain revolution that is progressively changing the common patterns of businesses globally?
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Benefits of Blockchain Technology

Adaptation of Blockchain Technology in your Business: Many business owners now adopt this technology into their systems as it guarantees higher revenue, lower cost of operations, and efficient time management. Good examples of this are MediaChain and ConsenSys Quorum, as well as LVMH - the three rival names Louis Vuitton and Moët-Hennessy in the luxury sector. They established a new blockchain consortium for tracking goods and fighting counterfeiting.

Blockchain Application in the Legal Sector:  Here, blockchain is used to develop smart contracts and validate document ownership such as title deeds. The technology helps to improve the criminal justice system when used to authenticate, validate, and secure courtroom evidence.

 Blockchain Technology in Real Estate: Until the popularization of blockchain technology, real estate transactions were usually performed manually. These transactions are expensive, involve a lot of paperwork, and require the assistance of real estate agents. Blockchain, as adapted in the real estate niche, has the potential to ease the process through tokenization, replacing physical assets with digital real estate tokens. This would:

a. eliminate the need for third parties and make buyer-to-seller transfers easy, safe, and transparent.

b. provide authentic proof of ownership through a distributed digital ledger.

Blockchain Technology in Healthcare: It can store patients’ information in a decentralized, incorruptible, and transparent database. Applying blockchain, therefore, makes the data more secure and accessible to both the healthcare workers and patients in real-time. Examples of health firms adapting blockchain technology include Guardtime, Robomed, Curisium and the Mediledger project.

Apart from the application of blockchain technology to enhance business or the operation of firms, individuals can invest spare money in different promising blockchain projects or participate in Play-to-Earn gaming guilds. Whilst the study of bear and bull market trends for trading coins is another aspect, the emergence of NFT projects have multiplied the range of opportunities based on the intellectual capacity of different individuals. For example, Graphics Designers, UI/UX experts, Content Writers, Digital Marketers, NFT Analysts, Social Media Managers, Community Managers, Fintech Experts and so on, form a large chunk of openings presented by blockchain projects since 2021.

With the proliferation of metaverse-bound projects in 2022, blockchain technology is ushering in a major economic shift and we are heading towards “a world with greater trust and transparency”. The bottom line, therefore, is the need for a mind shift; that is, embracing a mindset that is open to adaptation, curiosity to learn new initiatives and positioning oneself where the benefits presented by blockchain projects can best be explored.