Blockchain technology first appeared in late 2008 when Bitcoin entered the market. It played a key role in the digital currency revolution by enabling peer-to-peer transactions. This removed the need for financial intermediaries.

For those unsure about it, blockchain is a shared, immutable ledger. It tracks assets and records transactions in a network. Since it’s a shared record, no one entity manages it. No single person can control or alter transactions. Immutability ensures that once a transaction is recorded, it cannot be changed. This creates a permanent, reliable record.

This technology is exciting, not just for security, but also for its potential to change business operations in the future. Let’s explore four examples already using blockchain technology.

iGaming

Blockchain technology in industries has been embraced by the iGaming sector as an early adopter of new technology. Blockchain transactions are easy to monitor and cannot be manipulated. As a result, they remain secure and anonymous.

Several iGaming companies now accept cryptocurrencies and e-wallets for deposits. Without a middleman, financial transactions are processed faster, benefiting everyone. Some casinos even offer bonuses and promotions for players using digital payments. However, players can still use fiat currencies, like the Platincasino bonus.

Blockchain is also used in the iGaming industry for rewarding players in crypto games or verifying virtual tournament winners. With the rise of blockchain games and NFTs, the future of iGaming could look very different.

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.

Real Estate

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.

Cybersecurity

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.

Conclusion

Blockchain technology in industries 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.