By 2023, the popularity of cryptocurrency has at last trickled down into the industries.
Experts from various niches are discovering new uses and applications for blockchain technology and cryptocurrencies, and this is why they are starting to challenge established practices in various sectors.
Some sectors and industries have discovered that blockchain and cryptocurrencies are a better tool for important parts of what they do. Let us look at six industries that are being impacted by blockchain and cryptocurrencies.
We live in a digital world now which means we have to contend with security threats online and within the systems we use. We have already seen various security breaches that had led to the loss of vast amounts of data as well as billions of pounds around the world. Blockchain is being used to thwart such threats by helping businesses and individuals alike secure their data while also disallowing unauthorised access.
Blockchain is a decentralised system which makes it an excellent option for this application. All the data that needs to be stored securely is stored in a decentralised blockchain network. All this data is encrypted and verified by the network which leaves no point of entry for a malicious actor.
Additionally, it is easy to identify unauthorised access because the data cannot be altered and if it is, there is a permanent record of what was tampered with.
Blockchain also removes the need for a central storage system meaning that there is a completely secure and transparent system for recording all transactions. These transactions are private so they can only be accessed by authorised users.
Banking is perhaps the industry that will be impacted the most by blockchain and cryptocurrencies.
If you want to send money through the banking system, you will be charged transaction fees, meaning you will either spend more money or send less money. If the recipient is overseas, you also have to contend with international transfer fees, currency conversion and other charges. Add no guarantee for secure transactions and you begin to see why people have been clamouring for a better system.
Blockchain and cryptocurrencies are disrupting banking by proving a peer-to-peer money transfer alternative. Cryptocurrencies are highly secure, anonymous, typically have lower fees than bank transfers and their transfers are faster too.
Many of these benefits come from the fact that there is no central authority that you have to pay or wait for to authorise transactions.
The Casino Industry
Cryptocurrencies' properties make them a great option for payments at online casinos. They allow for pseudonymous, fast, secure, and larger deposits, qualities that most legacy payment options do not have. For example, a cryptocurrency deposit at an online casino might take 10 minutes, but the same deposit might have taken a few hours to a few days to complete using a payment option like a bank transfer.
Most people who use online casinos as an entertainment are not too keen on having their casino accounts associated with their identities. Cryptocurrencies are the obvious option for these types of people. With cryptocurrencies, you do not have to give a casino any of your personal or banking details. All they would need is a cryptocurrency wallet address and you can deposit or withdraw your funds.
Your cryptocurrency wallet can be still associated with your identity, but it is an extra step, not a requirement.
Lots of casinos have realised there is a lot of demand for the use of cryptocurrencies on their platforms and they now allow you to use this currency.
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Healthcare data is highly valuable, but the sad thing is that it is stored in central servers that can be broken into.
All of this private information can be sold or used for nefarious purposes without your authorisation. Additionally, it might take a long time to get the data you asked for once you request it and there is no way to know if a healthcare worker has taken any of your data out of their system.
Blockchain removes the need for central storage while enabling faster access to data. Data is stored in blocks and then the blocks are connected to other blocks on the network. With data distributed like this, it becomes harder to corrupt.
Blockchain is also being used to trace counterfeit medication. By using blockchain to put supply chain management protocols in place, it becomes easier to trace the source of any medication used in a healthcare facility.
Supply Chain and Logistics
Blockchain records all the steps in a supply chain.
By doing so, it enables traceability that makes it easy to deal with and resolve issues that come up with a product. When a customer makes a complaint, the retailer can go through the records, step through them, and identify where the issues arose in the supply chain.
Blockchain gives all players in a supply chain permanent transparency and allows the validation of all transactions that happen between multiple players in that system.
Governments and governance
Although governments are not an industry, voting is an important area of governance that has to be mentioned in this discussion.
Blockchain can help end voter fraud. A blockchain network allows people to vote however they want, and each vote is recorded in the network. These votes cannot be changed, and each person can only vote once because each vote is tied to only one ID. There will also not be an issue of ghost voting because each vote needs to be tied to an ID for it to be valid.
Considering all the uses we can get out of blockchain technology, there is very little doubt that it will play a critical role in shaping our future.
Blockchain and cryptocurrencies are still relatively new so there are many other areas where they can be used - uses that we are yet to discover.