4 industries that could be disrupted by blockchain in the future
Blockchain technology first appeared in late 2008 when Bitcoin stormed onto the market as part of the digital currency revolution that allowed peer-to-peer transactions, removing the requirement for financial intermediaries.
For those who aren’t quite sure what it is, a blockchain is a shared, immutable (unable to be changed) ledger that tracks assets and records transactions in a network. Because it’s a shared record, there isn’t one entity managing it; therefore, no one person can control or alter transactions on the network. The second characteristic of immutability means that once a transaction has been recorded on the blockchain, there is no way to reverse or change it; there is a permanent, reliable record.
This makes the technology extremely exciting in terms of not just security but the potential opportunity for changing how some businesses will operate in future. Let’s examine four examples that are already using blockchain technology.
As a forward-thinking and early adopter of technology, there are no surprises that the iGaming industry has already embraced blockchain. Because blockchain transactions are easy to monitor, they can’t be manipulated, so they remain safe and anonymous.
As a result, several iGaming companies now accept cryptocurrency and e-wallets as deposit methods. And because there is no middleman, financial transactions are processed more quickly, making it more beneficial for everyone. Some casinos even offer special bonuses and promotions for players using digital payments, but if one would rather use the current fiat currencies as payment, they can always make use of the Platincasino bonus,
Blockchain is also being used in other ways in the iGaming industry by providing rewards in crypto games or verifying winners of virtual tournaments. And with the arrival of blockchain games and NFTs, who knows what the future holds?
Banking & Payments
Blockchain technology is rapidly changing how assets are transferred and stored. Recent years have seen phenomenal growth in the use of cryptocurrencies, with them becoming more mainstream than ever. Some companies have even started adding cryptocurrencies to their balance sheets.
There are numerous advantages to using blockchain. Faster payment is one area already mentioned, but it becomes more important across borders. Not only are they faster with blockchain, but they are less expensive. Similarly, share dealing, which relies on high volume, fast transactions, can also benefit from blockchain by avoiding multiple unconnected transactions.
Although initially, it looked like the banking industry would suffer as a result of this disruptive technology, the reality is that there will be an increased need for services to support the crypto asset market. One example would be providing security checks for cross-border payments to mitigate bankruptcy or hacking risks.
One of the daily problems the real estate industry faces is the logistics of transferring large amounts of money between people whenever a property is sold. It isn’t like buying a bok on Amazon; a lot of paperwork and verification has to be completed before any funds can be transferred.
However, agencies using blockchain can complete these transactions quickly and with less paperwork. Everything can be done electronically with verification by the blockchain, which means the transaction cannot be altered or cancelled. Using blockchain for real estate purchases also creates a publicly available paper trail of previous transactions, providing more transparency for prospective future buyers.
Another area that blockchain technology can help revolutionise is the cybersecurity industry. The immutable nature of blockchain makes it the perfect defence against hackers. To change any previous blocks on the blockchain, you need to have control over the majority of the nodes on the system, which is close to impossible for established blockchains like the Bitcoin or Ethereum networks. In addition, because blockchain is decentralised, there is no single point of failure that can be attacked and brought down. This is why companies that find themselves the targets of cybercriminals are looking to move their most targeted systems (such as DNS servers) to blockchain to prevent these attacks.
Blockchain technology is still in its relative infancy when it comes to understanding its potential. While the focus has primarily been on cryptocurrencies, more industries are starting to see its benefit and beginning to integrate it into mainstream business. Whether it’s iGaming, real estate or banking, the industries most likely to benefit immediately are those with high volumes of financial transactions or those at high risk of cybercrime. Regardless, blockchain is here to stay, and we have probably only scratched the surface of its ultimate potential for humanity.