Crypto Founder: These Industries Are Leading the Blockchain Revolution

While the usage of blockchain technology is ever increasing -- especially in some sectors -- it's not yet hit the mainstream. In this episode of Motley Fool Live, recorded on Feb. 25, Fool.com contributor Rachel Warren asks Sameep Singhania, a co-founder of QuickSwap, a decentralized exchange on the Polygon network, which industries he sees as leading in blockchain adoption currently.

Rachel Warren: What industries are adopting the blockchain fastest and which do you see as lagging behind right now?

Sameep Singhania: I think you know the financial sector, it's leading the blockchain revolution, the blockchain adoption right now. We have seen that in the form of DeFi. Apart from financial sector, I think it's the NFT sector of the asset sector, digitization of assets. That's what NFT is all about. It's taking a lead. Then I think gaming industry, they are doing really good, and I think in the next few months we will see some cool games on blockchain technology, especially on Polygon. I think the metaverse as well. But metaverse, in my opinion, is still a fancy word for me because metaverse will work in conjunction with other technologies like VR and AR. Without VR and AR, like all these technologies, metaverse is just 2D-3D stuff. That is still has to work with AR VR, so anything that is dependent on other technology. Even if you talk about supply chain, the supply chain is not moving faster. In 2017 when I joined blockchain, everybody was talking about the faster adoption of blockchain will happen on supply chain. These fishing industry will adopt blockchain and a lot should be happening around that time. But the problem of supply chain is, in case of supply chain blockchain technology is only going to help when you have other technologies like IoT and stuff. When you have IoT, then you have AI and then you have blockchain and when you merge all these three technologies then it can actually work for supply chain industry. Then it can actually work for all those industries in which piracy happens. Otherwise, if as a user, I have to manually enter data into blockchain and supply chain industry, then I can still enter the wrong data. The task of blockchain is not to verify whether that data entered was correct on not. A lot of people have misconception that blockchain will verify whether data was correct or not. No, that's not what blockchain is not all about. Blockchain is not there to verify whether detail is correct or not. Blockchain is there to verify whether the data that you entered, whether correct or incorrect, has been changed or not. That is something which blockchain verifies, not the truthness of data. That's a problem in supply chain management. Because if you get into the manual entry of the data, you cannot verify whether data was right or not. For that you need AI services, you need IoT services, everything merge, and then those services basically somehow integrate onto the blockchain. All these industries where we are waiting for other technologies to have some merging with blockchain are lagging behind or moving at a slow pace. But all other technologies which are independently working on blockchain, like financial industry, DeFi industry, NFT space, metaverse space, gaming space, they are driving at a very good pace, I would say.