The Ways in Which Blockchain Could Change the World

No discussion about how future technology can benefit different industries could be complete without mentioning what Bitcoin – and blockchain in general – could offer. Not only has Bitcoin continued to plug away at its standing as the most recognizable example of cryptocurrency, but every year sees more mainstream uses for the technology. What could we expect in the coming years from different industries that are already seeing a rise in blockchain and its associated technologies?

Blockchain and Banking

The blockchain and ledger properties of cryptocurrency mean that they have many qualities that will solve some of the growing problems in the banking industry. Namely, the security and speed at which digital transactions need to be conducted going forwards. UBS, Santander, and Barclays are all using elements of blockchain technology to help expedite day-to-day back-office banking processes.

This would reportedly free up around $20 billion. With cross-border transactions accounting for 27% of worldwide banking revenue in 2017, a faster and more secure way of doing these transactions would help revolutionize the industry. Even investment banking has seen a push towards cryptocurrency, with JP Morgan even launching their own crypto to help such transactions.   

Blockchain and Gaming

The gaming industry would benefit most from Bitcoin and its features that facilitate micro-transactions. CryptoKitties, the blockchain-based game that creates Tamagotchi-style unique digital pets to trade and breed, has already shown how the unique nature of blockchain could benefit the gaming industry. Bitcoin has also been adopted by some of the online casino gaming sites which allow players to use the currency as a deposit method.

Other aspects of gaming – such as the Sweatcoin app, which rewards a special kind of currency for steps walked, offer primitive examples of how coin technology could be used in relation to mobile apps, especially those related to gaming. If Bitcoin gained far more mainstream approval, we could end up seeing games that solely traded in the currency. While blockchain could be useful for sensitive data, such as a player's save file or in-game world.   

Blockchain and Forex

The forex industry is focused on providing platforms for people to trade currency pairs – from U.S. dollars to GB pounds or euros to yen. The introduction of cryptocurrency such as Bitcoin into forex means that there is a wider range of options for traders. While currency pairs are tied to a country's economy and are therefore reactive based on political and social events, Bitcoin is untethered and therefore not subject to the same volatility.

Ironically, given how volatility is cited as a limitation of cryptocurrency, those wanting to trade Bitcoin against other currencies can benefit from a similar level of trading instruments (upwards of 200), and a wide range of trading platforms according to a Bitcoin forex broker comparison by Top Online Forex Brokers.

Blockchain and The Cloud

Most know the cloud as a place to store information and to retrieve it across other devices. Indeed, the data inputted to the cloud is placed in a centralized server. So, by taking the cloud storage onto a decentralized platform, using blockchain, the data could become safer and more secure. Cloud technology has been prone to data breaches, which presents a very real problem for those wanting to engage properly with the storage system.

Taking into account the cloud computing aspects that go beyond data storage and retrieval, blockchain can also help with smart contracts as seen in the Salesforce Blockchain launched by the CRM company. While the VideoCoin network provides a solution to video live streaming across the cloud with its decentralized facilities, VideoCoins can be used to rent video that is stored safely with the algorithm.

Blockchain and the cryptocurrency that exist using its technology show provable uses and solutions for all manners of problems across a multitude of sectors; whether this is helping expedite cross-border transactions between banks, providing a way for games to monetize their micro-transactions, or offering a new opportunity for forex traders. With applications for the technology expected to be seen even in the cloud, industries expected to be affected by Bitcoin don't have to be related to money. Blockchain has the power to revolutionize how things are currently done – if only it was harnessed and legitimized by enough people.