Exploring the Potential of Blockchain Technology in Various Industries

Blockchain technology, primarily known for its role in cryptocurrencies, has become a transformative force with the potential to reshape various industries. Initially focused on finance, its applications now extend well beyond numerous sectors. 

According to Statista, the market value of blockchain is expected to reach nearly US$1,000 trillion by 2032. In this article, we’ll explore the extensive possibilities of blockchain and investigate its uses in diverse areas.

What Is Blockchain Technology?

A blockchain is a distributed database or ledger that a computer network’s nodes share. It is widely recognised for its key role in cryptocurrency systems to keep a secure and decentralised record of transactions. Blockchains can make data in any sector unchangeable, which means it cannot be altered.

Since blocks cannot be modified, the only necessary trust occurs when a user or program inputs data. This feature lessens the reliance on trusted third parties like auditors, who often increase costs and can make errors.

Following Bitcoin’s launch in 2009, the applications for blockchain technology have grown tremendously through the development of various cryptocurrencies, decentralised finance (DeFi) applications, non-fungible tokens (NFTs), and smart contracts.

The Impact of Blockchain on Various Industries

From finance to healthcare, and from supply chain management to voting systems, blockchain technology is set to transform traditional work practices and foster significant progress worldwide. Let’s explore the uses and benefits of this revolutionary technology together.

Energy and Utilities 

In the energy industry, blockchain technology serves various purposes. First of all, it helps automate and clarify grid management and supports sustainable practices with smart contracts. Additionally, it allows for decentralised peer-to-peer energy exchanges. This technology optimises energy distribution and boosts the use of renewable resources. 

It also lets consumers engage directly in the energy market, enhancing efficiency and encouraging sustainability by minimising dependence on centralised intermediaries and giving consumers more control over their energy consumption.

Government Services 

Governments worldwide are assessing blockchain’s ability to improve public service delivery. Blockchain technology can streamline and clarify processes in identity management, land registration, taxation, and public procurement. 

By adopting blockchain, governments can also cut red tape, curb corruption, and enhance citizen services. Blockchain-based voting systems can also improve fairness and integrity in electoral processes, promising a move towards more effective and transparent governance.


Financial services often face challenges with outdated operational methods, slow payment settlements, and security risks. Blockchain networks increase transparency and efficiency in financial dealings, speeding up business processes and eliminating middlemen for quicker transactions. 

Blockchain supports direct transactions between peers, reduces costs, and maintains data integrity through cryptographic checks. Its transparency also aids in better auditing and helps prevent manipulation and fraud.


Known for cumbersome paperwork and slow claims processes, the insurance industry can benefit greatly from blockchain by automating claims verification and diminishing fraud opportunities. Smart contracts can execute claims settlements automatically under set conditions. 

Blockchain also supports the secure and clear exchange of policyholder details among insurers, which can improve risk evaluation and underwriting.

Real Estate 

Real estate deals involve complex procedures and significant paperwork. Blockchain can simplify these transactions by digitalising property records and automating contract execution. Smart contracts remove the need for intermediaries and secure transparent property ownership transfers. 

Additionally, blockchain can facilitate fractional ownership, broadening access to real estate investments and streamlining operations to cut costs and improve efficiency.

Healthcare and Sciences 

Healthcare and medical professionals are turning to blockchain development to enhance medical data management, track drugs and medical devices, and more. 

Blockchain-driven healthcare solutions promise quicker, more efficient, and secure operations in medical data handling and supply tracking, potentially elevating patient care, supporting medical research, and verifying drug authenticity in global markets.

Media and Entertainment 

Blockchain can monitor the entire lifecycle of content, protecting digital media and easing the distribution of authentic digital collectables. 

Artists using blockchain can largely automate the business management aspects of licensing, contracts, and payments. This automation reduces costs and allows creators to sell their work directly to others without intermediaries, fostering direct interactions between creators and consumers in digital content marketplaces.

Retail Fashion 

Blockchain addresses longstanding challenges in the fashion industry by improving data management, enhancing supply chain procedures, and reducing counterfeit risks. It allows brands to tokenise unique assets for easy management, trading, and verification. 

Consumers can register and verify luxury items on brand websites, with each item uniquely secured and traceable through digital twin technology that links real items to their digital counterparts.


Gaming and esports are becoming increasingly popular, especially among millennials and Gen Z users. Creating blockchain-based identities offers exciting new experiences and generates significant new value by boosting fan revenue, supporting asset crowdfunding, trading digital collectables, and establishing verifiable superfan status. 

Blockchain games allow for the use of tokenised digital assets that players can trade either in-game or on external markets. The technology also supports instant sports betting with provably fair results. Furthermore, blockchain facilitates the use of smart contracts for payouts, removing the need for traditional middlemen who often take large commissions.


The legal sector has been slow to adopt new technologies. Enterprise blockchain technology helps overcome time-consuming manual tasks and improves accessibility, transparency, cost-effectiveness, speed, efficiency, and data reliability in legal processes. 

Lawyers can use blockchain to streamline their transactions, and digitally sign and securely store legal documents. Smart contracts and automated contract management can greatly reduce the time needed to prepare, customise, and manage standard legal documents, with the savings benefiting clients. 

Additionally, blockchain simplifies access to legal services, making the justice system less complicated and reducing high legal costs.


Summing up, blockchain technology offers significant benefits for many sectors, including improved transparency, security, efficiency, and decentralisation. As organisations and industries delve deeper into what blockchain can do, we anticipate major changes and a move towards systems that are both more efficient and more reliable in the future.


How To Make It As A New Blockchain Developer

Crypto, Blockchain and Web3 are buzzwords these days and while you might already hold some Bitcoin on Coinbase or Binance, you might also be wondering how you can move your career into this new industry as a developer.

Good blockchain developers are highly sought after and becoming an expert in these new technologies can bring you an exceptionally high income as well as job security.

It’s easy to google “How to become a blockchain developer” to find out what technical skills you will need and what programming languages you will have to learn. You will find lots of helpful information e.g. here and here

According to the latest State of the Developer Nation Report, blockchain applications, cryptocurrencies, and NFTs have the highest share of developers learning about them.

Blockchain developer - graph to show that blockchain apps, cryptocurrencies, and NFTs have the highest share of developers learning about them.

More specifically with regards to Cryptocurrencies, out of a sample of 13,939 developers, 50% stated they are interested in them, 34% said they are learning about them while 16 % have already adopted the technology. 

But what actually is Crypto, Blockchain and Web3? And – once you have the skills – how are you going to get your foot in the door and create long-term success? 

Ecosystem Education

If you are a complete newbie, I’d suggest educating yourself on the origins and philosophy of bitcoin and blockchain first, as well as the evolution of Web3. There are some great free courses that will give you a solid foundation and might help you find a niche to focus your efforts on. for example is an engaging 6-week course that will give you a good high-level overview of the Web3 ecosystem. It is very welcoming to participants from all walks of life and underrepresented backgrounds.

The free MOOC on Digital Currencies by the University of Nicosia, which is taught by prominent bitcoin educator Andreas Antonopoulos, is a great place to start if you really want to understand how bitcoin works and why it is here. 

Crypto Job Boards

There are a number of job boards dedicated to Web3, but simply submitting your CV has never been the best way to go about this, in my opinion. Nevertheless, it’s helpful to know about them, so here are a few you can check out: 

  6. AngelList
  9. Braintrust

Building Your Network

The best positions are often filled before they make it to a job board, since candidates are being hired from within the network of the recruiter or the organization hiring. That’s why it is important to connect with others in the space. If the term “networking” makes you cringe or sounds like a chore to you, here are some easy ways to go about that: 

  1. Attend crypto meet-ups or blockchain conferences to learn about all the things that are being built in this space. You’ll be amazed what some teams are creating out there and you will surely find something that excites you, or sparks your own ideas.
  2. Join the online communities of the projects that you are most interested in. Most of them have a Discord community, which you can find on their websites. Start chatting with other developers in there who may be looking for team members and look out for vacancies in their announcement channels.

Start using some DApps (Decentralized Applications) – whether it’s a simple wallet to send and receive cryptocurrency or blogging platforms like Hive that allow you to earn cryptocurrency for your content. If you’re a gamer, check out games like Splinterlands or Axie Infinity. It’s easiest to start with something you already know. 

No matter what your background is, begin using Web3 apps so you gain personal experience as a user. This will help you learn about their challenges or short-comings and you can begin thinking about solutions for them – whether it is UX design or their token economy. You could begin contributing to their improvements, or you could join (or create) a team that will build something better.

Many people get hired by companies because they have proven their knowledge, engagement and contribution in their communities already.

Web3 projects don’t hire staff, they recruit members.

This goes not only for other stakeholders like customers, users, block producers and investors. Crypto projects are win-win-win communities. All stakeholders are equally important in their contributions to help the project succeed.

4. Join Hackathons and coding bootcamps. Stay in touch with the people you meet there. They might all end up in different projects, so this is a great way to build your professional network. 

5. Start creating content! Whether it’s your own blog, a Hive account, or your Github account. Begin creating a public track record of your thoughts or technical contributions to the space.

“Don’t trust. Verify.” This famous crypto slogan applies not only to the blockchain but also to you. Creating a verifiable track record is worth so much more than a fancy CV. Your track record will speak for itself and send projects your way, rather than you having to look for them. Project teams don’t care about your CV, they care about your proven experience and contributions to the industry.

6. Join a DAO and see how you can begin contributing. DAO’s – Decentralised Autonomous Organisations – are an essential part of the Web3 space and might just become the way we will all work and organize ourselves in the future. You can submit proposals and get your contributions funded by the DAO’s treasury, if your fellow DAO members vote for it. Check out LobsterDAO or HerDAO (for womxn developers) to get started. 

7. Check out Gitcoin where projects post small tasks that you can earn cryptocurrency for. It will help you build a track record, too.

Community Is The New Currency

Everything in the crypto and Web3 space revolves around communities. There is very little of the top down structures you may be used to. The value of crypto tokens comes from their community of developers and users, and you will also end up choosing your project by the community it already has, or the potential it has to create one. (Are they building something that you think will be adopted by a large number of people? Is it going to make a difference to anyone?)

Make Everyone Want To Work With You

You may be highly intelligent, but intellectual intelligence is not the only ingredient for success. You can be a genius, but it will be of little use if nobody likes working with you. 

Emotional intelligence is a highly important part in communities. Web3 is all about “we” rather than “me”. People like to surround themselves with people they like and get along with. Even though everyone can code from their bedroom or a hammock on a remote island these days – be kind, be agreeable, be generous in your communication with others. Online and offline. Be a team player. Be someone that CEO’s, investors and HR or customer service staff enjoy working with. 

Making interpersonal communication skills just as important as your technical skills will help you become a highly valued and sought-after contributor and create lasting success!

Already a developer interested in Blockchain? Take the Developer Nation survey, share your views on new technologies, tools or platforms for 2023 and shape the future of the Developer Ecosystem. You will get a virtual goody bag with free resources, plus a chance to win an iPhone 13, a Samsung Galaxy S22, Amazon vouchers and more. Start here

Anja Schuetz is an Operations Management Consultant who has worked for several crypto wallets and blockchain projects. She also mentors first-time crypto investors and helps newcomers move their careers into Web3. Learn more about Anja at