Discover what cryptocurrency is, how the blockchain affects industries and learn a few things about cryptocurrency trading in this guest post by Chris Brett, crypto enthusiast and experienced web developer.
For the last few years, there has been a tremendous knowledge about blockchain and cryptocurrency amongst the general public. Gone are the days when people used to wonder ‘what is cryptocurrency?’ and this popularity has helped the sector grow tremendously over the last few years. The concept of blockchain is all about bringing together a large amount of transaction list, which are then secured by cryptography. Every block in the chain comprises of a hash pointer that links to the previous block while coming with the timestamp and transaction data.
The reality of blockchain is quite tough on many industries and sectors, which have had to revolutionise on several fronts or risk facing the prospect of losing out to this new technology. This has led to a lot of displeasure in certain sectors and people remain at the with regard to the future thrown up by blockchain technology.
These are the five sectors – other than cryptocurrency – that are being disrupted by blockchain technology:
The biggest sector that will be affected by the application of blockchain is banking, which has already suffered immensely due to the presence of cryptocurrency. Even though banking has become a lot more sophisticated in the last few years than in the past, it is still lagging behind a lot when it comes to fairness and transparency. The transaction and interest rates are also heavily in favour of financial companies, where customers are only at a disadvantageous situation compared to the banks.
There are also several situations in which some of the banking deals are very unfair on individuals, but they have little option but to take those offers.
Cryptocurrency Trading & Transfers
The cryptocurrency revolution brings about a major difference in this regard since customers can start transactions as per their wish. There is no centralised authority overseeing the transactions while the ledgers maintained are incorruptible.
As a result, this technology has the power to take away the stranglehold held by the banking sector on customers, who no longer have to pay any fees to the middlemen. It is estimated that the banking industry will suffer to the tune of $20 billion each year just in the form of middlemen costs. Bitcoin, the future of money, and Ripple are a few of the cryptocurrencies making a difference.
Lastly, cryptocurrency trading becomes cheaper when the servers run on blockchain.
The preferred choice amongst the millennials when it comes to real estate is the idea of long-term rentals rather than outright purchase. However, the process of finding the apartment, negotiating with the landlords, making payments, and setting up the ground rules can be a painful affair for many individuals.
This sector has the potential to be revolutionised by blockchain, which can employ smart contracts in order to simplify the process. This primarily removes the idea of a broker by directly connecting the tenants and the landlords. This vastly simplifies the negotiation process since the intermediates have the potential to disrupt proceedings for their own benefit.
The blockchain technology can also be used for the purpose of signing up rental agreements using the smart contracts so that it becomes impossible for the two parties to back out of the agreement. There are platforms that are also focusing on property purchasing, where sellers can list the property that will be tokenized. Those who are interested in buying the property can get these tokens on a decentralised exchange through trades.
The rise of Uber was met with a large amount of approval from across the world, but the monopoly enjoyed by the company over the last few years has led to a growing discontent amongst riders and drivers. The majority of the Uber drivers are clearly not happy with the job and the earnings that they make through the same.
The earnings are widely seen as being in favour of the company, while drivers have to go against a huge amount of competition in order to get a decent wage. Bringing together a decentralised system through a blockchain technology can bring about a massive difference.
Travel at this moment has been held together by a handful of a few companies like Uber. If a decentralised system was to come aboard, drivers will be able to establish their personal rates in order to compete with other drivers. They would also be able to make additional services in order to differentiate them from the competition.
The platforms that are using blockchain technology in order to simplify the world of travel do not take up any of the driver’s earnings and it results in reduced cost for both parties. Hence, cryptocurrency trading is not the only place where blockchain technology has been making an impact.
The music industry has been unfairly set up in such a way that it only favours a couple of recording labels. In many ways, this industry is just like the world of publishing, where only a few companies get to enjoy the big rewards. There are a number of musicians who have shied away from streaming services due to the recording levels taking off a sizeable chunk of their earnings. This is the sad truth of the industry where artists are looking to earn a decent portion of their earnings.
Apple Music and Spotify are some of the popular versions of streaming solutions available for the artists, but in the payout in pennies compared to what artists can earn through CD sales. The blockchain projects have started focusing on this sector in order to provide artists with the ability to sell portions of their music for greater rewards.
The small portions of the music can be bought using bitcoin currency and other blockchain technology products. This can act as a crowdfunding technique in order to significantly improve a musician’s payout without having to worry about profits being split with the record labels. Earlier, there used to be a concern if is bitcoin real money or not but this worry has gone out of the window.
Gaming and cryptocurrencies have been one with each other for several years, but they have started gaining prominence of late. The gaming industry has been a pioneer when it comes to the digital landscape and the way transactions are carried out online.
Gamers have been able to sell their titles online, but the next ideal stop for a gamer would be to enter into trading of their digital assets across forums or e-commerce sites. The blockchain technology can be leveraged so that the gamers will be able to trade their title ownership and it is one of the first options that come to remind of a gamer searching for how to make money from cryptocurrency.
The independent game developers have been unable to make any significant inroads past of the established big names, who have great marketing techniques in order to sell titles. This has enabled the industry to be skewed towards the big companies, who are forcing the independent game developers into selling their titles for a very little sum of money. The gaming industry has gone mainstream in a big way over the last few years, but blockchain has the potential to revolutionise the same.
Blockchain is revolutionising almost every industry, but are these the sectors that are likely to be most disrupted by this new and emerging technology? It’s really hard to tell, and most of what we wrote here are pure ideas backed by media information and trends. What’s your take on this? Leave a comment below with your opinion and let’s discuss!
Chris Brett is a crypto enthusiast, a web developer for app casino. He has a Master's Degree in Computer Science, and has been in web development and publishing for over a 2 years. He's been in the blockchain space since 2015.