Published on December 18th, 2020
When a discussion about cryptocurrencies comes up, a lot of people think about investment opportunities and how they can make some money using these digital currencies.
What many people do not realise is that cryptocurrency and the blockchain technology it is built upon have so many applications that they are both disrupting whole industries. Here are just three examples.
The banking system has been around for a very long time, and in that time, we have come to realise its pros and cons.
Cryptocurrency enthusiasts believe it is time for banks to change the way they do business by using a decentralised system such as the one used by cryptocurrency.
A lot of banks are understandably opposed to this and this has seen them lose several clients who would otherwise have banked millions with them now turning to cryptocurrency.
Banks are also losing out on transaction fees that they would have otherwise charged since paying using cryptocurrencies such as bitcoin attracts very low fees and in any case, these transactions are not passing through their systems.
2. The Casino and Gaming Industry
The casino and gaming industry is often one of the first industries to adopt new technology if that technology makes casinos more attractive to players.
One of the biggest turn-offs for a lot of players is long wait times for their deposits and withdrawal to complete.
Another common area of frustration is the high fees charged to players who want to deposit or withdraw money using traditional debit or credit cards.
Although online payment platforms such as PayPal have helped with some of the issues highlighted above, it is cryptocurrency that is changing the way people play on casinos.
Casinos now accept cryptocurrency and it offers various benefits to both the casino and the players. These benefits include anonymous deposits and withdrawals, shorter wait times and very low fees.
Casinos are also doing their best to increase the number of games players can play using cryptocurrency as highlighted on these mBit Casino reviews at Bitcoingg. On there you will see bitcoin versions of games like slots, poker, blackjack and many others.
3. Real Estate
If you have ever bought or sold a home, then you know how much work goes into it. You have to sign the paperwork, deposit the money in an escrow account and make sure everything is in order before moving on with the purchase or sale.
Blockchain technology can help change the way homes are sold and bought and make the process easier for both buyers and sellers.
First, all documents and records can be held in a blockchain ledger where they can be accessed but not altered in any way. These documents and records are stored securely, cheaply and with less hassle.
The use of blockchain can also eliminate the escrow process because smart contracts can be written to only release funds once certain conditions are met.
Additionally, using cryptocurrency such as Deedcoin, the commission paid out to agents can be eliminated because it allows for the direct transfer of funds between buyer and seller.
With all the creative ways cryptocurrency and blockchain are being used, it is safe to assume that we will continue to see new applications of both of these technologies.
As these new applications are refined and go mainstream, expect to see more industries disrupted and transformed by these technologies.