The Most Exciting New Blockchain Apps?
The world is slowly but surely shifting toward a future where our digital lives become increasingly intertwined with the real world. The advent of cryptocurrencies, NFTs, metaverses, Web3, and more are all made possible thanks to blockchain technology.
With different blockchains constantly being improved upon, we’re living in an exciting time where a plethora of innovative new startups and projects are popping up, each utilizing blockchain technology in new and interesting ways. In this article, we’ll be highlighting a few recent developments made by emerging blockchain-powered technology across several different industries.
The world of finance has seen its fair share of changes over the years, most recently with the rise of cryptocurrencies and the shift from purely crypto enthusiasts trading to the general public wanting to get in on some of the action.
The introduction of blockchain technology into the finance sector has led to many advancements including better transparency, tighter security, increased speed of service, and automation. Additionally, the Most Interesting New Blockchain Applications can reduce the risk of fraud due to every bit of information being permanent and public. One blockchain-leveraging fintech startup that’s helping to bring fast, easy, and secure crypto transactions to the masses is BitPay. The company builds payments infrastructure for crypto, allowing consumers to store, spend, and manage several popular cryptocurrencies within their app, and letting businesses accept cryptos at checkout.
The music industry has too changed dramatically since its early days. Digital streaming has all but completely taken over physical media, but it’s not without its shortcomings. Namely, providing fair payments/royalties to the artists who’ve uploaded their music to streaming platforms.
Today there are several blockchain-powered startups working to help remedy this issue. One that’s made headlines recently after receiving a $55M investment backing is called Royal. They aim to let artists tokenize and monetize any completed work of music. By fractionalizing their songs and selling the tokens as “shares”, artists are able to earn a fair pay while giving back to their listeners. How? Any listeners who buy these tokens are eligible to receive royalties for the songs they’ve bought. The more plays the songs receive and the more popular each artist gets, the more each buyer can earn. Everybody wins!
Not many people realize that the digital storage space is currently dominated by Amazon, Microsoft, and Google. With so much centralized storage in the hands of these tech giants, we’ve seen the emergence of a few projects with the goal of helping to decentralize the cloud storage industry by bringing the power back to the people. One such project is Filecoin, a peer-to-peer decentralized data storage network running off the InterPlanetary File System (IPFS). Filecoin allows anyone to provide their extra hard drive space to the network for data storage and be rewarded for their contribution, thus promoting a blockchain-powered data solutions community that’s more secure, affordable, and censorship resistant.
Countless games and metaverses are already in development that aim to utilize tokenization and play-to-earn (P2E) elements, all powered by blockchain technology. While only time will tell which will ultimately be successful, two metaverse projects that have been in the news lately are Decentraland and The Sandbox.
Both are 3D avatar-based decentralized virtual worlds that feature their own unique in-game currency tokens (MANA and SAND respectively) and the prices of both have increased exponentially in the last few weeks due to the resurgence of metaverse discussions in the crypto space. Each allows you to explore different worlds, meet new friends, play games, buy and sell virtual items, and even purchase virtual land that you can customize to your liking.
As we gradually approach the future these projects are actively creating, we are sure to see further improvements and advancements in every industry around us. It’s clear that blockchain technology is here to stay and it’s helping to revolutionize the world as we know it.
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