Hey everyone. Welcome back to the course. In the last lecture, we discussed some of the attacks over the blockchain. We have seen that there are some challenges and reservations about the blockchain implementation throughout the world. But still, blockchain is destined to take over the whole world, out of Fortune 500 companies 60% of the companies believe that the blockchain is the next big thing after the internet. Let's see how blockchain is taking over the world.

The world of blockchain is continuously growing, more and more companies are coming forward to employ blockchain for solving their problems. The blockchain is already deployed in wild and is continuously growing. industries such as healthcare insurance, banking, payments and entertainment are looking into blockchain for There needs. World Economic Forum anticipates that 10% of the global GDP will be stored on the blockchain by the year 2025. Still, the real power of the blockchain is yet to be released. As per the Gartner hype cycle.

Blockchain is currently going through the adoption period. This adoption period will continue until 2024. After 2024, we will go into the growth period of the blockchain technology where people will experience the potential gains of the blockchain technology. We will also see companies such as Google, Facebook or Amazon being established over the blockchain. blockchain growth is very similar to the growth of the internet in 1994. Nobody had any idea about how to work with the internet.

But by 2000, we had some of the signals Can companies solving numerous problems throughout the world? Some of the real world examples can be seen in the image displayed here. These examples are already implemented or have gone through the proof of concept phase. The blockchain is now being used with real estate deals. And one of the first real estate deals was conducted in Kiev by property. A $60,000 flat was solved using the blockchain technology.

Blockchain has also entered into the identification processes, where blockchain projects are facilitating voter registration. This has also been tested in Sierra Leone and Switzerland. Even the nation's core industries are getting into blockchain. Russian rail operators are storing inventory data on the blockchain data about the repair requests and rolling stock The railways IBM's blockchain project built specially for supply chain has already made some big moves. IBM and Walmart partnered up to create a blockchain project to manage and monitor the food safety and the tracking of food products. The jewelry industry is not far behind in implementing blockchain.

We have the De Beers group, using the blockchain to track the importation and sales of diamonds and other gemstones. The New York Interactive Advertising exchange is also experimenting with the blockchain as a means of provision of the advertising marketplace for their publishers. This will solve much of the problems for the publishers and content creators, providing them with much more transparency and efficiency for the work they are performing for the advertisement exchanges. Dude ism is also feeling the impact of the blockchain. Hawaii is examining ways in which blockchain based cryptocurrencies can be adopted throughout the US state and facilitate tourism. The music industry is also seeing its fair share of disruption, with orbit being one of the blockchain based projects led by a former Guns and Roses drummer Matt Sorum, seeking a fairer way to reward musicians for their creative efforts.

This will also provide transparency for the musicians because they will be able to track and license their content to different service providers. As per the use. major countries are also experimenting with the usage of blockchain for their government services. In China, a text based blockchain initiative is using blockchain technology to store tax records and electronic invoices. Moreover, some of the European nations have also started to accept the tax payments using the cryptocurrencies. Currently, Belgium and Switzerland have started test projects to accept Bitcoin as a valid tax payment method.

These were some of the examples where we can see how blockchain is going for disruption in various industries. But as we have already mentioned before, blockchain is not a silver bullet. It's not kind of a solution which solves every problem. The blockchain is going to work hand in hand with other disruptive technologies, like IoT, artificial intelligence, machine learning and smart ecosystems to create much more effective solutions. In this lecture, we discuss some of the implementations of blockchain as technology throughout the world. In the next lecture, we will learn about some of the major use cases and see how blockchain can be used as a solution to solve the problem.

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