Blockchain technology is the backbone of cryptocurrency. Without blockchain, cryptocurrency does not exist. However, blockchain technology has uses far beyond the world of crypto. Blockchain technology is being used by the largest corporations around the globe to create NFT marketplaces, share secure medical data, track song royalties, build anti-money laundering systems, facilitate cross-border payments, and create original media and content for consumption. By 2024, “global spending on blockchain is forecast to reach nearly $17.9 billion.”
Microsoft, J.P.Morgan, Walmart, PayPal, Amazon, Samsung, Nvidia, and even the Bank of China are all currently using blockchain technology in live tech operations as part of their corporate systems. Blockchain technology has the capacity and capability to change the world’s largest market systems in finance, voting, healthcare, insurance, peer-to-peer transactions, real estate, supply chain management, and media as noted by Business Insider. This technology will only grow as more and more businesses adapt to blockchain and find ways to utilize this tech in day-to-day operations.
VenturePR specializes in creating blockchain technology content that covers both cryptocurrency use cases and real-world use cases. We have a knowledgeable team that understands the ins and outs of the ever-changing crypto world as well as the intricacies of blockchain technology. This insider knowledge makes it possible to capture real-world data and present it in a compelling and digestible way for the companies that work with us.
Venture PR published an article in PYMNTS, “Eye Scanning Tech Using Blockchain to ID Patients Is Ready For Trials.”
What is Blockchain? How does Blockchain technology work? Blockchain technology records data and specific information in a public ledger that is impossible to alter. Because this ledger is impervious to changes, it is an unhackable system that can be used in multiple applications to create a safer, secure, and accurate database. Blockchain explained at its most basic level is a recorded information space with listed transactions, line by line, that cannot be duplicated or altered in any way. Multiple computer systems exist on the blockchain network and validate each entry to make it impossible to change the data.
How do Bitcoin and Ethereum connect to blockchain technology? Bitcoin, Ethereum, and Litecoin are public blockchains that also serve as cryptocurrencies. There are hundreds of different cryptocurrencies available to consumers and businesses that rely on blockchain technology. This area is quickly becoming a target for investors of diverse portfolios and the public as well as the private sector are increasingly interested in blockchain technology investment strategies as reported by The Motley Fool.
NFTs are a rapidly growing aspect of blockchain technology and some blockchain developers are focusing exclusively on building NFT marketplaces. The NFT investment space is also growing rapidly, and once again, depends exclusively on blockchain technology. NFTs, or non-fungible tokens, are digital assets that are exclusive and belong to one person. NFT examples include music, artwork, tweets, and videos.
Through NFT investment, people are growing their portfolios by millions of dollars. Fortune reported that Coinbase CEO said, “the NFT market could quickly surpass the company’s cryptocurrency trading business.” This kind of exponential growth is exciting to all levels of investors. We work with companies to create content that speaks to the value of blockchain investments, blockchain portfolios, and their blockchain developments.
VenturePR published an article in CNN, “Bitcoin ‘Halving’ Could Boost Its Price as More Investors Flock to Cryptocurrencies” that takes a look at the latest prediction: all-time highs for bitcoin.
As blockchain technology grows, people become more accustomed to the idea of holding and trading cryptocurrency, NFTs, and developing blockchain tech applications, businesses will continue to adapt and find ways to utilize this technology as well as invest in it. We already see a growing number of blockchain use cases in daily life.
One aspect of blockchain technology that is being used and will continue to develop is the opportunity for international payments. Sending money via unhackable data transfers is ideal for many people and in 2018, Santander became the world’s first money transfer service based on blockchain technology. Because blockchain greatly reduces the costs associated with transfers, many speculate that it is only a matter of time before large corporations adopt the technology for their own transfers. The ability to cut down on transaction costs while eliminating the number of third parties required for the transfer could change the way large corporations do business.
Another intriguing aspect of blockchain technology falls under the media sector. Many media companies are using blockchain to help reduce fraud, reduce costs, and to keep their intellectual property rights safe. By 2024, MarketWatch reported that blockchain tech in the media and entertainment industry is anticipated to reach $1.54 billion. The NBA led the sports media world with early blockchain adoption by using the Flow blockchain to create their NBA Top Shot program. By minting specific players and NBA moments in time via NFT video highlights, the NBA created their own blockchain media assets that have amassed $230 million according to CNBC.
Venture PR published an article in Bloomberg, “British Virgin Islands, Home to Crypto Expats, To Issue Own Coin.”
Blockchain technology isn’t a one-hit-wonder and won’t be fading over the horizon any time soon. Whether or not your company has invested in cryptocurrency or other forms of blockchain technology, no one can deny the market space this tech is taking up.
Venture PR offers public relations blockchain tech coverage to clients and blockchain technology articles have been featured in online publications such as The Cointelegraph and PYMNTS.com.