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Blockchain technology is compelling because it’s decentralized and immutable. This means security is peerless, and it’s very hard (but not impossible) for a government to influence or shut it down. For those considering blockchain projects, it is important to note that data recorded will continue to exist and be permanently stored on the blockchain.
It’s also compelling because of the efficiency of the underlying algorithms (in some blockchains at least). While technologies such as Bitcoin are energy-intensive due to their Proof of Work (PoW) mechanism, other blockchain technologies such as Tezos are more efficient due to their use of Proof of Stake (PoS) – and in Tezos’ case, Liquid Proof of Stake (LPoS) – consensus mechanisms. A public blockchain with a unique Liquid Proof of Stake consensus mechanism, Tezos is designed to evolve, making it ideal for industries engaging in high-risk, high-value transactions.
The scale of Asia’s involvement in blockchain technology has grown significantly. China, in particular, is making aggressive inroads into this domain, despite its recent curbs on trading cryptocurrencies. Asia’s largest nation has set several impressive targets in blockchain development through to 2035. The near-term goals include incubating three to five globally competitive blockchain enterprises and up to five blockchain ecosystems across domestic regions. Moreover, China stands to pull ahead of Western countries in the blockchain race, likely in finance, trade, industry, and energy.
Deloitte has found that 53 percent of C-level executives have identified blockchain technology as a critical part of their organization moving forward. Other research has found that 80 percent of central banks worldwide are considering introducing digital currencies.
Blockchain-based fintech solutions - and the emerging use of NFTs for other types of transactions outside of arts and gaming - have shown enterprises that new business models are possible. Beyond the benefits of digital transformation, there are opportunities to access liquidity pools in burgeoning sectors like DeFi or participate in the validation of transactions on the network by running a node, otherwise known as ‘baking’ in the Tezos ecosystem.
The blockchain journey for businesses has come a long way in the last decade, but it’s just getting started. Discover how blockchain technology has the potential to reinvigorate a wealth of industries and spawn completely new ones.
