Although the term “Blockchain” today takes the first place among the main news, this technology exists from years, mostly known in the Tech and Finance & Banking worlds. Many are the possibilities offered in terms of innovation as many as the expectations of users and companies.
At a time when the development on Web 3.0 has the potential to cover an increasingly central role in strategies and future business choices of major brands, the Blockchain has already started to create value and is object of research and examination among the tech departments of companies.
According to Gartner, even though there still is part of CIOs declaring not to have developed a solid interest in the adoption of the Blockchain, an important 33% underlines that is keeping it on the radar, despite not having yet undertaken concrete development actions. Why is it so important to fully know potentialities and fields of applications of this technology?
Web 3.0 and Blockchain
Web 3.0 promises to solve the main snag of the web as we know it today, namely privacy and data management. If in Web 2.0 data are in the hands of IT giants like Google and Facebook, Web 3.0 instead allows to save users’ personal information on the Blockchain.
Despite this technology was born to manage monetary transactions, today it allows to memorize other data inside the Blockchain and, by saving them in a decentralized way on the nodes of the network, it allows to create distributed applications without a centralized authority detaining the ownership. This means that data are saved and executed on the nodes of the Blockchain and no longer on the servers of a single provider.
The Blockchain, therefore, is not only limited to financial exchanges, but allows any type of exchange associated to data, assets and digital goods.
Evolution of the Blockchain, NFT and the main applications for brands
According to Gartner’s Hype Cycle, the Blockchain is getting up from the Trough of Disillusionment leaving the peak of media attention and moving towards the Slope of Enlightment, state of maturation where the technology is ready to be widely understood and studied, starting to establish itself as know-how.
This is the reason why for companies it is so central to better understand how to use this technology, by analyzing its key potentialities and related benefits.
The current Blockchain applications are different and among the most known there are data traceability, Token Economy, the adoption of digital identity models and the creation of Smart Contracts for process automation, such as Non-Fungible Tokens, the so-called NFT, special ownership certificates of a digital asset.
Brands started to use NFT to expand their business mainly in terms of collectible, namely digital goods to collect, especially in the art world. Moreover, another important usage concerns marketing activities, gamification and loyalty, for brand positioning and brand extension, useful to intercept and broaden the user base by creating their own NFT, like Coca-Cola, McDonald’s and Adidas and Gucci in the Fashion and Luxury world, to mention a few. A very popular example in the Sport and Entertaining world are Fan Tokens, digital assets which enable owners to access a set of exclusive advantages of a Club. In this way it is possible to take part to specific sporting and game events with limited or restricted access.
Vidiemme’s know-how and implemented projects
Vidiemme has already started to utilize its technical know-how in the implementation of Blockchain solutions for customers belonging to different fields, such as Finance and Telco.
Some of the projects include both the creation of applications for the exchange of cryptocurrencies ad hoc designed for the brand and the implementation of databases to guarantee the integrity of data saved on a unchangeable storage. Another important case in the Food Service industry was the launch of a pilot project for a transparent data traceability, tracing back the Supply Chain, from the final product to the proof of origin of the raw materials used.
Just like every technological innovation, Vidiemme continues to cover a central role as key enabler of innovation by anticipating to customers the main news and by accompanying them in the discover and testing of new trends, from research to the best solution to meet market’s needs.