Going into 2022, blockchain is a concept that no business can afford to ignore because it offers an incomparable power to streamline supply chains, improve efficiency, and build trust. All the members of a supply chain can be offered access to a shared ledger, which keeps track of every step in the process, and which is only updated after every member agrees. For example, a blockchain has the power to keep accurate, real-time records of a food business, from the farm where the food grows through to the delivery process to the retailer and the customer. In this way, all members of the chain can feel assured that the temperature was kept correct throughout the journey of the fruit from the tree to your plate. Companies are finding they are saved the energy they normally spend on paperwork, not to mention the errors that normally accompany large amounts of paperwork, by adopting blockchain to help facilitate their ongoing processes. Not only that, blockchains are also introducing a new spirit of cooperation and goodwill between all the members of the supply chain, and even between themselves and competitors. Anyone with an eye on share trading should keep their other eye on the companies that are making the best use of blockchain technology going into the new year, as improved efficiency within companies at such a crucial moment economically may affect share prices in the future.
Clearing the Air of Corruption
Puerto Rico has been experiencing a challenge in the area of government corruption. A mayor on the island recently pleaded guilty to taking more than $100,000 in bribes in exchange for municipal contracts. Now, lawmakers want to use blockchains to improve the transparency of politicians’ dealings. House Speaker Rafael Hernandez has even bigger plans for blockchains in Puerto Rico. He wants to turn the territory into a center for blockchain development using tax incentives. (There are currently no capital gains tax on crypto currency gains in Puerto Rico). “Back in the 60s and 70s we had the niche of manufacturing. This is a new niche, a new opportunity to create jobs”, explains Hernandez.
In a way, blockchain is even making it easier for major global companies to adhere to agreements to fight climate change. Tech titan Samsung has partnered up Veritree, which uses blockchain technology, to plant two million Mangrove trees in Madagascar. This kind of tree was chosen because it’s very efficient at turning carbon dioxide into oxygen. Planters can now use their phones to send in updates, and the whole process is streamlined through the use of the new technology. “Investing in tech innovations, such as those that create efficiency improvements and minimize waste… are vital in the fight against climate change”, says Mark Newton of Samsung.
Other Blockchain Talents
Games enthusiasts, unsurprisingly, are also beginning to grow fond of blockchains. Jam City Inc., an entertainment company involved in the creation of immersive play-to-earn games, have started up a blockchain division. Their first blockchain game is called Champions: Ascension, which COO Josh Yguado calls a “Highly dynamic and truly unique experience”. CEO Chris DeWolfe is even more optimistic and believes that this new technology will give his company “The opportunity to help define this next generation of gaming – this is why we’re so bullish on investing heavily in multiple Web3 projects”. The company also offers the opportunity to purchase unique Eternals NFTs associated with the game for $10,000.
Mike Cagney, founder of Figure Technologies, has used blockchains to raise and trade $4.7 billion in equity. Cagney says he wanted to assist private companies to “Raise primary capital, create secondary liquidity”, and avoid “the whole paper certification process and all the issues”. High Fidelity is a company doing interesting things with blockchains, namely, building virtual worlds where you can meet friends, attend concerts, and buy what ever catches your eye. On their platform, you can hear sounds coming from all directions, so you may forget you’re not in the real world. The company’s developers want to encourage people to buy, so they’ve established a public ledger for commercial transaction within the platform itself.
Blockchain technology seems to be the next—and in some cases current—frontier for a wide variety of business applications, including the most crucial elements such as supply chain efficiency. A system that is at once streamlined and fool-proof, it will be interesting to see just how far blockchain goes and how many companies adopt it in order to run more smoothly and ensure longer lasting sustainability as far as business operations are concerned.
For anyone involved in share trading, it’s a good idea to keep up with the companies that are breaking through borders with blockchains as we move into 2022. When it comes to share trading as CFDs, in which focusing on price movements is key, the next few years could be a curious time as more companies jump on the blockchain bandwagon.