7 Industries That Are Being Revolutionized by Cryptocurrency and Blockchain Development
Cryptocurrencies are largely brought to life by blockchain technology which helps to process monetary transactions in the virtual environment
The digital era has been upon us for some time now, growing and increasing its power with new technical innovations every single day. As such, these emerging technologies have the ability to completely alter the way in which industries carry out business procedures. In fact, positions of tech embracement can mean the difference between sustained longevity and impendent failure for many sectors around the world.
One clear example of this is cryptocurrency, or virtual currencies, that have become a hugely important aspect of various businesses in recent years. As individuals in society continuously look for and embrace a cashless economy, cryptocurrencies are becoming an increasingly attractive option for modern consumers. In this article we take a look at a few industries in particular which have chosen to incorporate cryptocurrency development into their business models.
The Banking Industry
Cryptocurrencies are positively affecting the banking industry in a number of ways. Firstly, nowadays many different financial institutions around the world are accepting popular cryptocurrencies such as Bitcoin, allowing their banking actions to be more secure thanks to blockchain technology. Essentially, the blockchain ensures that secure transactions are prioritized by working with a decentralized ledger system that makes transfers both easy and dependable. Additionally, payment procedures that are facilitated by cryptocurrencies normally include lower banking fees and quicker finalized transaction times. While some banks still do not offer cryptocurrency services, these types of exchanges are becoming more and more mainstream in the modern world.
The Gaming Industry
Similarly to the banking sector, the use of cryptocurrencies in the gaming industry also work to cut out the middleman and eliminate hefty fees. Users even have the chance to earn crypto as a reward for completing a challenge or responding to in-game advertising. Rather than gamers using traditional debit or credit cards, nowadays there are specific cryptocurrencies that are accepted in both the online and mobile gaming environment. Cryptocurrencies are also one of the hottest trends in the online casino industry, with players of slots, table games, and more utilizing paperless money to facilitate safe and efficient virtual gameplay. As the sector continues to grow competitively, platforms are making a point of providing different welcome offers for new users who are looking to join the casino gaming community for the first time. With promotions facilitating an increased target audience, more gamers will be introduced to crypto in the online casino sphere, understanding its place as a secure monetary form. One thing’s for certain: cryptocurrency’s place in the gaming industry is here to stay.
The Real Estate Industry
It may be difficult to understand how crypto and blockchain technology could possibly affect the commercial real estate industry (CRE), but by taking a closer look at the ins and outs of the sector, it becomes much clearer. Just think about it – the mass amount of documents and paperwork it takes to sell a home, rent an apartment, or purchase a condo is a headache in and of itself. However, with this technology both buyers and sellers are able to tokenize the purchasing process, eliminating those big commission rates that are common in the CRE sector. In addition, the use of ‘smart’ contracts where computer codes help to facilitate automatic transactions are hugely influential in speeding up the normally lengthy and complex process associated with buying and selling.
The Healthcare Industry
Crypto and blockchain are also in the business of improving patient care and medical transactions. In the same way that the technology is helping the CRE industry go paperless, blockchain tech is aiding healthcare staff when it comes to storing important records and data collected over the decades. Nowadays, providers are given more secure ways to keep track of valuable patient history. Cryptocurrencies are already available as payment methods in some hospitals around the world, but there are countless more opportunities for expansion in the future.
Although there are numerous different types of cryptocurrencies out there, the most popular form is undoubtedly the Bitcoin
The Digital Advertising Industry
Aside from just accepting payment with cashless money, the digital advertising industry can utilize blockchain technology to improve data security and elicit more trust from potential consumers. Blockchain also eliminates the third party that normally exists between the ad and the seller, optimizing the transaction and preventing fraud at the same time. Not to mention that content delivery is driven by data analytics which ensures that ads are timely, target-audience appropriate and produce a sufficient ROI. All in all, blockchain and crypto implementation helps marketing services to be more effective, controlled, and transparent than traditional methods.
The Education Industry
This 21st century technology has made its way into one of the most important sectors of all, the one that influences every other – the education industry. In fact, some universities have already started to accept Bitcoin and other cryptocurrencies as methods of tuition payment. Some online learning platforms also allow learners to collect crypto tokens as rewards for passing certain levels or completing an exam. As for blockchain, the technology is being used in higher education similarly to the healthcare field: to improve record keeping and the overall student experience.
The Travel Industry
Different companies in the travel industry are using crypto to enhance their services. From car rentals to hotel bookings, flight tickets, and more, there are numerous different transactions any one person must make before jetting off on the holiday of their dreams. Various travel platforms already accept cryptocurrencies, making the transaction process more secure and traceable. Additionally, blockchain technology is making the modern-day traveler’s life easier with the help of data that not only tracks luggage but also improves the entire customer service experience.
So, there you have it. Seven different areas of everyday life where blockchain and crypto are making a difference. In the next ten years, there’s no telling what could be in store for this explosive industry. However, for those more interested in a comprehensive view of the market today, here is a reliable database that details how crypto is currently performing.