The blockchain technology managed to alter the way we look at money even if it’s still in its early days. The most common comparison is that blockchain will do for money what the Internet did for media, e-commerce, and communication. What the blockchain mainly did is that it managed to reduce the need for a trustworthy third-party to authenticate transactions. On the other hand, blockchain can facilitate transactions on an open source distributed ledger. Cryptocurrencies started to gain popularity mainly because such currencies offer unique benefits that other traditional methods can hardly compete with. The controversy involving the discussion of whether cryptocurrencies and considered currencies involves local laws because some countries see things differently compared to others.
So far, blockchain transactions have been targeted at the exchange and trade of cryptocurrencies and speculations say that in the future, blockchain will flaunt an even more significant impact across more or less expected industries even beyond cryptocurrencies.
Let’s have a look at a few significant sectors that will likely be impacted by cryptocurrencies and blockchain as well in the near future.
Cybersecurity has a lot to gain from using the blockchain technology. For instance, a distributed ledger is, and this means that it needs using advanced cryptography to process transactions. This reduces the need for large-scale cybersecurity protocols to store databases in centralized locations all over the world. Even if the blockchain was also affected along the way by various hacking events, the shift towards it will help lots of industries including cybersecurity to become more secure and reliable for users.
Blockchain and cryptocurrencies have been making headlines in the financial sector for quite a while now. The crypto space slowly but surely penetrated even the Wall Street, and massive players such as Goldman Sachs have already entered the game. An increasing number of bank executives are interested in the benefits provided by the blockchain and using cryptocurrencies, and this can only lead to enhanced implementation of the technology and the currencies in the banking sector. The best benefits of using cryptos and blockchain include reduced transaction times and diminished fees. Even the SWIFT technology is slowly but surely becoming an old-school method compared to the blockchain.
The gambling industry
Even if it may seem hard to believe for some people, from the very beginning the mix between cryptocurrencies and online casinos has turned out to be quite a match. Online gambling showcased a massive growth in popularity for the past few years and this went hand in hand with the increasing popularity of the crypto trend. Both these developing trends managed to captivate more and more tech enthusiasts to have a look at online casinos such as Casino.com.
As we already said, the vision on cryptocurrencies vary from one country to another and considering that when you’re gambling with cryptos, you’re not betting with fiat money, the gambling legislation doesn’t apply for them. As expected, Bitcoin was the first crypto used on online gambling platforms, and more and more casinos started adding it as a payment method. New cryptocurrencies appeared, and online casinos adopted more cryptos as well, such as Ethereum, Ripple, Litecoin and more. An essential aspect of blockchain casinos is that they’re not restrained to payments with cryptos. The usage of blockchain tech offers various advantages for online gamblers giving them the possibility to use their payment method of choice.
Healthcare is also impacted by the use of blockchain because the technology allows for digital medical records to be much better secured. The patients’ data is crucial in the industry and leak of such confidential information is the enemy in this area. IBM teamed up with the US Food and Drug Administration in order to fight the risk for data leakage and what the blockchain can do is modernize healthcare services all over the world leading to better outcomes for both patients and healthcare services by generating increased revenues.
With each passing day, more and more industries in the entertainment area, Internet of Things, real estate and more are embracing the cryptocurrency space and the blockchain technology as innovative ways to attract users and customers.
Nicole Hicks a graduate of UFT. She’s based in Toronto but travels much of the year. Nicole has written for NPR, Motherboard, MSN Money, and the Huffington Post. Nicole is a financial reporter, focusing on technology, national security, and policing.