Could you briefly explain blockchain in laymans terms?
Blockchain is a technology which is decentralised or distributed which means it is not run by any central authority/ CEO or company. The advantage of being distributed is there are millions of participates which secure the network (unlike central servers like Amazon). These participate help to confirm transactions on the ledger and earn in turn incentive; a fraction of Bitcoin or Ethereum.
Which industry is blockchain most prevalent at the moment?
Banking industry is disrupted by DEFI decentralised finance - basically any financial product (bonds, real estate…) can be tokenized, and any service (e.g. lending) can be facilitated in new innovative and transparent manner on the Blockchain. Instant peer-to-peer settlements demising the need for a central controlling party.
Other industries are supply chain or IP on the Blockchain (digital art/ collectibles, personal IDs) which leverages from tamperproof and auditability characteristic of distributed ledger technology (Blockchain).
Where is the future for blockchain?
Applications are endless. Innovation is happening a daily scale. I believe blockchain infrastructure will power many new technologies. You might not see it but potentially enjoy lower transaction costs e.g. when you wire money from 1 country to another, instantly, or when you can earn passive income by leaving your money not in a bank but in an innovative start-ups earning yields monthly by providing liquidity to exchanges etc,...
Will we see blockchain in our daily lives?
There will be the invisible part - which is underlying infrastructure to make processes/ transactions more secure, faster, less expensive. There will be the visible part where one can invest in a fraction of an asset e.g. fraction of tokenized Commercial Real Estate e.g. 1 token = 1 square meter incl. rent earning according to your holding of tokens...instead of having to buy whole condos... Or other means of wealth creation, now accessible to average Joe, not only to Wall Street.
Are there any similar technologies to blockchain that are surfacing?
There are similar infrastructure projects (HashGraph…) which aim to improve existing Blockchain tech by providing even faster transactions, more scalability etc. However, the innovation driven via tokenization or DEFI is currently still early with only improvements happening, no replacements yet. Ultimately it boils down to adoption - which Blockchain protocol achieves most developer/ user participation to build innovative apps on top of it.... similar to Apple-Store.
Date Published: 16th October 2020