What started as a novelty on the periphery of society has quickly invaded a number of key industries. Banking and finance are the most obvious sectors to benefit from blockchain technology, but many others are also eyeing the new tech. From government to insurance, to online gambling and more, it seems a growing number of industries are exploring the way blockchain technology can be implemented in their processes.
When you mention the word blockchain, the first thing most people probably think of is cryptocurrencies, bitcoin especially. The way blockchain works means it can be successfully ported over to other areas as well. Anyone looking for more secure transactions on a ledger that cannot be changed, in a decentralized environment, with cross-platform capabilities will do well to check out what blockchain has to offer. Here are five sectors that are either already doing so or which stand to benefit.
The stock market
Using blockchain’s immutable ledger could allow people to keep a permanently accurate record of all stock market transactions. This might help cut down on Ponzi schemes, pump and dumps, insider trading, and other types of investor fraud. Trading stocks could be a lot more transparent, fostering increased levels of trust in the system.
After the 2020 USA election controversy, and other dubious elections from around the world, is it time to start looking at ways of implementing blockchain in the process? Doing so could help ensure that the whole voting process is fair and that all votes are accurately recorded and easy to recount if necessary. Since no one can alter the blockchain, any votes cast would be locked in for all time. In addition, it might be possible to make some part of the results public, to help engender trust.
Sites that allow players to bet using cryptocurrency are springing up in ever greater numbers due to the myriad benefits banking with crypto brings. Key amongst them are anonymity, cross-border payments, and new blockchain-based casino games. Players are finding out they can have the same experience betting at online crypto casino as at regular casinos, with the option of using digital currencies instead of fiat. The same slots, table games, casino games, and live games can be found at online crypto casinos as the traditional kind.
There are many ways blockchain technology could benefit the gaming industry. One is by securing the items that players own in a game. Blockchain can guarantee the ownership and uniqueness of individual items, which can then be bought and sold within the game world. It also allows games to potentially interact or link with each other, as player details recorded on a blockchain could potentially shift from one game world to another.
Smart contracts using blockchain could be a major game-changer for a huge number of industries. Blockchain-based smart contracts cannot be tampered with and keep a permanent record of things like ownership, timestamps, figures, signatures, and more. Using blockchain smart contracts may potentially reduce the need for third parties, increase the speed of delivery, decrease or even eliminate theft, and reduce costs to consumers.
Blockchain is here to stay
As you can see, there is a lot more to blockchain than just watching the price of bitcoin rise and fall. Blockchain has unique benefits that a huge range of diverse industries could take advantage of. It is still relatively early days, but the future looks bright for the increased adoption of blockchain technology.
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