Blockchain Applications: An Overview
There is more to Blockchain than cryptocurrencies and ICOs. Blockchain technology, has enamored world and business leaders because of its ability to disrupt the existing business infrastructure we use to conduct operations. The immutable ledger, smart contracts, decentralization are revolutionary technologies that will help in value enhancement in multiple industries.
Blockchain’s impact is not restricted to tech or finance:
Various research reports indicate that the blockchain technology market size will range from 7.5 billion dollars to tens of billions of dollars by 2024. The impact on the broader business ecosystem will be at least 10x.
The business models in many industries are broken and are based on being rent-seeking middlemen.
Finance: Banks charging excessive fees is old news. Blockchain applications like Ripple have the power to reduce transaction costs by 70%. Banks fear blockchain because they see that fees of over $200 billion are in jeopardy. When money can move transparently with trust between individuals, why do people need banks?
Social Media Platforms: Facebook had a net profit of $22 billion in 2018. How much of the financial benefit accrued to the 2 billion users who power its data engines? ImagineBC will usher a new data paradigm that shares the platform revenues with the real owners of the data: users.
Peer-to-Peer or Business-to-Peer Commerce: App stores like Google Play Store charge over 30% of any revenue generated from App developers. What value do they provide? Access! Youtube is even worse by pocketing 45% of the revenue from content creators.
Blockchain has been hailed as the most transformative technology since the internet. When internet stocks crashed in the 1999 Bubble, many old-school businesses wrote off not only every internet business but the technology as well. How did that shape up for investors and businesses? Netflix and Amazon won, Blockbuster and RadioShack lost.
The evolution of blockchain, like the internet, is a work in progress. The opportunity is massive and entrepreneurs who are able to build applications on the blockchain and embrace the decentralized nature of the technology will be the big winners. The benefits to businesses and consumers range from privacy and security of data to transparency in operations and cost efficiency in transactions.
ImagineBC powers mobile applications built on blockchain. ImagineBC is working to create a fundamentally new business order based on respecting data privacy, data security and sharing revenue with its community of users. The company will look to transform the staffing, eCommerce, advertising and financial services industries with its suite of products by allowing companies and individuals to cut out the middlemen and work with customers directly.