Blockchain’s Future: 7 Industries with tremendous potential 区块链的未来：7个潜力巨大的行业
As the world evolves, blockchain technology is looking to dominate these 7 industries. 随着世界的发展，区块链技术将颠覆这7个行业。
There is no doubt about the fact that cryptocurrencies and Blockchain technology are a disruptive and revolutionary force. Ever since Satoshi Nakamoto first created Bitcoin in 2008, it has redefined the way we look at our financial systems, transaction technologies and governmental control over the economy.
In the last ten years, Bitcoin and other cryptocurrencies have established themselves as a real alternative financial asset system to traditional fiat currencies. Likewise, Blockchain technology has also proven itself an incorruptible, fast and efficient mechanism of doing transactions.
Blockchain technology brings innovation and better opportunities across the globe by transforming the way businesses work. Blockchain is one of the fastest-growing technologies in today’s digital world that have come into the limelight in the last few years. Undoubtedly, we have heard that this technology has revolutionized finance, real estate, and many other sectors. However, a couple of years have passed. In the current market, how will blockchain impact industries based on existing development?
In this article, we are going to focus on seven industries that are seeing increased exposure from cryptocurrencies and Blockchain technology.
The Online Gaming Industry-
Online gaming is a huge multi-billion dollar industry that is experiencing double-digit year-on-year growth for the last five odd years. Experts predict that this industry is going to see an exponential rise not only in the number of players, but also revenues and profits.
Tencent, a leading China based financial investment corporation has bought controlling rights in some of the most famous games ever, including ‘Clash of Clans’. Gaming companies are already experimenting with crypto payments and Blockchain technology on a massive level.
We have witnessed the growing popularity of gaming across the world. Research says it will have projected revenue of $143 billion by the year 2020. Blockchain can unlock immense benefits for the gaming entrepreneur and developers by preventing fraud activities and offering a secure environment to develop, launch games or monetize them. There are many popular games that need to be purchased before using them. In such situations, blockchain can help in buying and selling in-game assets easier with the help of cryptocurrencies in a safe way.
Cryptocurrency transactional technology can be a great way to build and manage in-game currency accounts. This will help in managing the rewards the players get on winning various stages, levels, competitions, etc. The usage of blockchain development solution in gaming enables players to purchase game assets without depending on third-party payment providers to process the currency transactions. One blockchain project to look at is Bountie.io.
Banking and Finance Industry-
One industry, which has faced the brunt of the Coronavirus pandemic, has been the financial investment sector. With markets crashing all over the world, investors have lost trillions of dollars’ worth of investments in a very short span of time.
The option is either to go back to investing in precious metals like gold and silver (which are hedges against rising inflation) or look towards the future. The future is investing in cryptocurrencies and Blockchain technology and getting trustpedia.io. The stability and security of investments has been on display even during the Coronavirus lockdown.
The most common industry use case where the transaction of digital currencies is done. Using bitcoin digital currency based on blockchain technology, one can easily transfer bitcoin from one place to another, that too without the use of a third-party organization. As bitcoin is decentralized, all the transactions are made possible without a centralized organization.
Every day, millions of transactions take place in the banking sector and blockchain helps in maintaining a secure system that keeps permanent records of these transactions. This not only lowers the risk with better security but enables faster and cheaper transfer by the decentralization offered by blockchain.
All the paperwork and hectic process involved in a real estate transaction during the purchase and sale of homes are tedious. However, blockchain technology can completely modify this traditional approach to ease the headache that real estate documents cause. With the help of blockchain, we can store all the documents and transaction records safely with lesser efforts and costs. The smart contracts can be created between the seller and buyer that release funding only when the conditions are satisfied.
Forget about the high commission rates, the cryptocurrency-enabled platform that follows distributed architecture can help in eliminating any third party/middlemen and enabling direct communication between buyers and sellers.
United Nations along with other global organizations like the Red Cross are engaging with cryptocurrencies as a fast model of reaching currency to the most underprivileged parts of the world. During the Coronavirus pandemic, the Italian Red Cross also started accepting donations and emergency funds from donors in Bitcoins.
NGOs all over the world have explored the immediacy, which is associated with crypto and Blockchain technology. This becomes very critical especially when it comes to transferring relief materials and funds to the people most affected by natural calamities, wars, insurgency, etc.
Information Technology and Software-
The IT industry and SaaS service providers are exploring and dealing with cryptocurrencies from a number of clients. They are also reworking their systems and processes at the behest of clients who want to shift to Blockchain technology.
Over the past few years, more and more clients, especially in the Supply and Logistics services like billion dollar fashion brands and huge FMCG manufacturers are experimenting with Blockchain technology on an unprecedented scale. It is expected that this collaboration is going to rise incrementally in the coming years.
Healthcare institutions deals with sensitive personal information are healthcare firms. Blockchain can be helpful in transforming the way medical data and records are stored and shared. The most common issue faced by these organizations is caused by fraud or medical data misuse leading towards loss of trust among consumers and healthcare institutions. Blockchain can help in building trust by securely storing medical records and providing timely access to doctors and concerned authorities when required.
Some other benefits that blockchain offers include authorization and identification of people. There are organizations that use blockchain to make multi-source identification possible across several industries. This is especially important during the current pandemic situation as data provenance and accuracy is required to mitigate the spread of virus.
As we move through the list of industries that will be disrupted by blockchain, we can see the various benefits it offers in terms of security and transparency. The legal industry is another example where blockchain helps in storing and verifying multiple documents and data. Since blockchain technology helps in securing legal data, records including wills stored in the blockchain can be easily and securely verified. Any changes/updates in the legal documents will be first authenticated and then stored.
This also eliminates legal issues associated with inheritance or cryptocurrency assets. Safe Haven is one company that enables users to secure digital assets so that the investor’s legacy is passed down without modifications to his/her children in the safest way. Blockchain can be helpful in revolutionizing operations in the legal industry using smart contracts, intellectual property rights, land registry, financial transactions, etc.
As new technologies evolve, it is important to make sure that the affected industries stay updated with the trends to stay ahead in the competition. Blockchain is becoming the newest technology that will impact several industries in the years to come. Security of data is something every business is looking for and there is no safer option than Blockchain in terms of recording and transferring data. While everyone believes in the meritorious nature of cryptocurrencies and Blockchain technology, brands and industries are still a bit sceptical owing to legal issues and regulations. However, experts feel that the more powerful industries get into the game, the more will be the lobbying effect they will start having on governments and policy makers.
***Disclaimer: This content is not financial advice and should not form the basis of any financial investment decisions nor be seen as a recommendation to buy or sell any good or product. Trading cryptocurrency is complex and comes with a high risk of losing money. You should carefully consider whether trading cryptocurrencies is right for you and take the time to learn how trading works and decide how much money you are prepared to risk.
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