A technology known as Blockchain is now working its way into many different industries. It has impressive capabilities, not just banking for which it was initially intended.
So why has it become so popular? Use cases are potentially huge, plus there are many advantages to businesses. For example, no need for central supervision and a lower risk of fraud.
Blockchain also provides greater transparency across the digital information ecosystem. More and more businesses are becoming aware of the technology.
It can be viewed as something of a ‘virtual ledger’ that can record and verify many digital transactions.
Due to this massive potential, blockchain companies now benefit from higher levels of annual funding. So much so that this has doubled since 2017. Furthermore, spend on blockchain solutions by 2023 is expected to reach $16 billion.
Growth in the technology is only expected to be more significant, with crypto’s potential to be bought and sold on the stock exchange and the increased interest in Stablecoins.
Other Industries which could Help Crypto to Grow
Crypto could digitise ledgers and temper proof them, making them more secure. Additionally, this kind of technology could improve the sharing and accuracy of the information within financial systems.
Already being used by a handful of financial companies, it could seriously disrupt the entire industry, revolutionising traditional banking services like clearance, settlement systems and payment.
Traditionally, facilitating payments for banks has been very profitable. On the other hand, Crypto has generated $224 billion in payment revenue for cross border transactions in 2019 already.
As well as being a secure and cheap way of sending payment, it takes away the need for a third party, and transactions are processed quickly. This makes it no surprise that various companies have been established to deal with the high volume of cross border payments alone.
Other banking areas that cryptocurrency could revolutionise also include stock trading and hedge funds, crowdfunding, crypto exchanges, wills and inheritance, accounting, loans, credit and insurance.
While being renowned as a relatively slow-moving industry in the face of much innovation and problem solving, it’s often restricted by red tape. This is particularly the case for areas like FDA approval and clinical testing.
Cryptocurrency could change this, helping it innovate even quicker, providing better regulation, improved security, helping manufacture safer drugs and catching errors more quickly.
The technology could also help prevent recalls and enable manufacturers to contact retailers quickly in the case of an unsafe drug becoming available.
Many large drug companies or supply chains are using new networks, like MediLedger, which is based on a cryptosystem. It can track all parts of a supply chain and also verifies returns.
Pharma isn’t the only category where crypto could make an impact. This exciting technology could revolutionise claims management, research, clinical trials and health information exchanges.
Agriculture & Crops
Cryptocurrency couldn’t just be used for traceability or safety, like the food and drink industry. It can also be used to expand markets, improve the supply chain and improve transactions.
Cryptocurrency could also help create a better level of trust between merchants, taking away the lack of experience between them.
Besides encouraging a healthy sense of competition between sellers, it could help widen the market and improve existing relationships between different entities.
But it’s not just agriculture that it could impact. Areas like animal husbandry, logging, mining and fishing are also expected to benefit.
A critical part of most police investigations is to maintain chains of evidence properly. When this is disrupted, it can ruin the integrity of the whole investigation.
Cryptocurrency can help with this because tampering or changing a record is very difficult. In other words, this is great for security.
Tamper-proof containers with embedded NFC chips register the contents using Blockchain.
It can also be used to spot unusual patterns of transactions and identify if someone involves themselves in a financial activity deemed as suspicious.
Bitcoin registries can be scanned using Elliptic to discover relationships amongst transactions, detailing information about suspicious entries and alerting the necessary authorities.
This technology isn’t merely restricted to law enforcement itself, however. It can also be used in other public sector areas, including the tracking of guns, public transport, public assistance, management of waste, public records, voting, and even federal mail.
Despite its Potential for Other Industries, Casinos Remain Reluctant to Use Crypto
The main reason for this is that it lacks any regulatory model. Plus, while anonymity may be an asset for many other industries, this certainly isn’t the case for online casinos. It is concerning that the technology can’t trace both sides of a transaction, which can cause a significant security issue. With all this in mind, it’s no surprise why most online casinos still rely on traditional forms of payment.
Crypto is Proliferating as its Benefits are being Realized for Many Industries
Crypto technologies are growing at a substantial rate, being used across many different industries. As time goes on, it’s expected that more and more enterprises will get on board with the technology.
For online casinos, on the other hand, this is not yet the case. The technology poses a security risk, mainly because transactions cannot be traced and because of total anonymity.
However, crypto is constantly evolving. So there may come a time when this sector more widely adopts it. Who knows? The next time you play Online casino, it could be a valid form of payment!