Blockchain is the future of digital transactions, and banking isn’t the only industry to be affected by the change. What began as a safeguard against fluctuating market prices soon revolutionized the way investments were made! Blockchain currencies like Bitcoin are capable of recording and verifying high volume digital transactions.
Cryptocurrencies have evolved since inception, and a global survey confirms blockchain applications tripled between 2009 and 2017. And the trend is projected to continue in the next decade with annual spending crossing the $16 billion mark by 2023.
As companies continue to rely on cryptocurrencies across the digital payments ecosystem, they’re ramping up development and awareness within the sector. And the results are evident as massive progress is made from infrastructure to public policies. Here are a few industries that are currently harvesting the power of blockchain technology.
Banking and Finance
Banks are traditionally the storehouses and transfer hubs of value. Blockchain currencies serve a similar purpose as they’re digitized, tamper-proof, and encrypted. UK-based Barclays and Swiss Bank UBS are currently experimenting with open-source ledgers to speed up the traditional banking process.
Cryptocurrencies are also being projected as the ideal answer for cross-border transactions, which currently accounts for 27% of all transactions made globally. Crypto giant Ripple, for instance, paired with multiple financial operators like Western Union and Santander to ease cross-border transactions. The big fishes are likely to join the club within the next few years.
Enterprise storage providers often rely on centralized servers for securing customer data. Although encrypted, servers are prone to hacking attempts. Therefore, decentralized servers are inherently safer in comparison.
Blockchain cloud storage seems to be the future, and a few players have already set the ground rules for others to follow. A few prominent names include Filecoin, Storj, and Siacoin. These services are dubbed the “Airbnb of cloud storage” for obvious reasons.
Online Casinos and Sportsbooks
Online gambling witnessed a massive surge in demand within the last half-a-decade, and the activity increased multifold in the last year. With the help of cryptocurrencies, even unlicensed online casino operators could create a robust rapport with the punters as crypto casinos are provably fair.
Decentralizing the industry could make gambling globally accessible and drastically reduce operational costs. As a result, the operators can transfer the benefits to the customers in the form of higher returns while reducing the documentation. This, in turn, minimizes data leakage.
Cannabis Production and Supply Chains
After the legalization in Canada and a few states within the US, the cannabis industry is reaping the benefits while promoting research. The legalized cannabis industry in North America could see further restrictions and benefit from a transparent and secured system. Blockchain technology could be the answer for efficient bookkeeping, from tracking production to distribution.
Although the industry is still in its nascent stages, a few players have begun experimenting with the technology. Mile High Labs, a reputed supplier of CBD products recently partnered with Chain.io to track their production and supply chain. More such partnerships are likely in the future.