Industries Affected by Cryptocurrencies or Blockchain

March 25, 2020   Ethereum

Computer technologies are developing with amazing speed: every year more and more sophisticated equipment is produced, which allows even more multitasking calculations. Thanks to this rapid development of the IT field, there are more and more unique specialists who invent and implement amazing innovations every day.

Blockchain innovation


Blockchain technology is considered to be one of the useful innovations of the last decade - a real breakthrough in the Internet industry, file-sharing networks, information security, and cloud computing. The main product was cryptocurrencies - special payment systems with digital payment units, working on the principles of cryptography.

And although in 2020, the popularity of cryptocurrencies fell significantly, the blockchain managed to gain recognition thanks to the hype created around cryptocurrencies. It continues to attract the attention of both large investors who are ready to sponsor developments in this field, and specialists who are able to enthusiastically develop this new technology.

The essence of technology


The benefits of the blockchain still seem unclear to many. Despite its wide distribution in all areas, for most people this technology remains a mystery. So, what is blockchain and Why is it useful to modern society?

Blockchain is a special structure for processing and storing information in which data is distributed on a variety of independent computers. It is built on the basis of cryptography, the network lacks a single computer center, and all work is supported by numerous nodes.

This technology allows you to safely perform any operations which history cannot be faked. This excludes interference from third parties, such as hackers or scammers, and eliminates intermediaries and regulators.

Blockchain use


At the moment, blockchain is most often used in the cryptocurrency projects. But besides this obvious function, there are dozens of other applications where it is able to solve various problems of people, business, even states.

Blockchain can be effectively used in data centers that collect and process huge amounts of information. A distributed network allows you to reliably store data, and cryptography protects it and speeds up processing. This helps sociological organizations to solve their core tasks, and gives companies the opportunity to qualitatively create customer databases based on their preferences.

Another way to implement the blockchain was its application in science. Using this technology, the load on servers used for scientific purposes can be significantly reduced. This will increase the efficiency of the calculations and experiments.

Commercial and public sectors


It is also worth noting that many banks and financial companies have been interested in blockchain technology for a long time. This was to be expected in view of the fact that it all started with cryptocurrencies and fintech. Many investment funds also showed interest in seeing the potential of using blockchain for investment management.

However, not only commercial entities began to introduce innovation. Some states plan to transfer registers of properties to the blockchain. Others began to use distributed registries to register and identify certain categories of citizens. For example, in Finland, a special register has been formed that records refugees entering the country. And Estonia has introduced a blockchain-based e-citizenship system.

Despite such a wide range of opportunities, it is worth noting that the blockchain is still at the initial stage of its development and has not yet fully revealed its full potential. Specialists working with this technology and leading the development of blockchain solutions will have to realize many more ideas that will find widespread usage.

It is undeniable that cryptocurrencies and blockchain have become today two of the most popular keywords in information technology and the financial industry. The reason is simple: a cryptocurrency that is decentralized and encrypted is the currency of the future, and blockchain technology lays the foundation for other technologies. For example, for smart contacts, a distributed cloud data storage and much more.

Let's look at various industries that will be affected by cryptocurrencies and blockchain technology in the near future.

The property


The real estate industry is replete with various formalities and documents. In addition, transactions in this area are usually quite significant, so security is always a problem. For this reason, the blockchain is advertised as a technology that changes the rules of the game. After all, it can provide a network of secure payments, as well as eliminate the need for deposits.

Without involving an additional party to facilitate a fair transaction, but simply using the blockchain, buyers and sellers can use a program that blocks the transaction amount until the relevant conditions are met. And only after they are completed, for example, when property rights are successfully transferred to buyers, such a program can automatically send the payment amount to the seller’s bank account.

Blockchain will also be able to change the procedure for renting real estate by creating a register of real estate located on certain plots of land. This will prevent unauthorized transactions. In fact, there are a lot of possibilities for using blockchain in this area.

Cloud data storage


We know that cloud computing will play a huge role in various industries in the near future. In fact, this is already happening at many levels. However, even the most popular platforms, such as Amazon Web Services, are vulnerable to data theft and cyberattacks today due to their centralized structure. And the solution will be to use blockchain technology.

For example, Siacoin is one of the most ambitious projects in the blockchain industry, which seems to be the ultimate answer to the problems of cloud storage. By creating a decentralized cloud network that distributes data across a massive computer network system, it allows users to rent storage space for data storage, file hosting, and much more. All of the above is provided by high-level cryptographic security, which ensures that the files are available only to authorized users. This system also promises lower rates than traditional cloud storage solutions.

Casino


The online casino industry is booming. We see that new technologies, such as artificial intelligence and virtual reality, penetrate online casinos, and recently, cryptocurrencies also become part of the industry.

There are a number of first-class real applications for mobile games where you can get enticing cashback offers, registration bonuses, free spins and the like. Many of these competing applications support cryptocurrencies and blockchain for the following reasons:

A virtual currency such as Bitcoin eliminates the need to use a credit or debit card, that is, an intermediary bank. Thus, customers can save money on transaction fees, which are usually charged by traditional payment networks. Funds are also transferred faster using blockchain-based systems compared to traditional methods.

Many customers start to worry when they play on casino websites, fearing that credit card information will be stolen or hacked. This problem is solved using the blockchain, eliminating the need to share personal data with the casino. You can send or receive payments securely and just need an account, which is encrypted, to manage your finances.

Healthcare


One of the most acute problems of healthcare organizations is the safe storage of medical records of patients. The networks of major clinics have been fined millions of dollars in the past due to a violation of the data storage regulations. And in this area, blockchain is able to solve the problem by providing an encrypted platform that provides reliable storage and updating of data.

For example, in the UK, two blockchain specialists are working on a universal blockchain-based recording system that will allow patients to control their medical records, and the records will be automatically updated every time a patient meets with a doctor. Moreover, when traveling to other countries, patients can receive qualified help there, since their records will be available to doctors abroad.

Blockchain will affect more industries


Blockchain is undoubtedly a versatile and incredibly powerful technology that can be applied in various industries. Although it was originally created for the Bitcoin cryptocurrency, industry leaders quickly realized its strengths and capabilities. Therefore, we see many startups, as well as market leaders, working on all kinds of solutions that benefit from projects based on this technology.

Some of the industries mentioned above are likely to encourage the use of blockchain technology to make the world a better place. It is possible that so far, we have only seen the tip of the iceberg, and many pleasant discoveries await us.

Author: Kate Solano for Сrypto-Rating.com
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