Cryptocurrencies have been one of the biggest trends this past year, and it seems like everyone knows and has an opinion about digital currencies such as Bitcoin, Ethereum, and Monero.
Lately, the cryptocurrency industry has also been subject to quite a lot of controversy and debate, especially in connection with the latest massive sell-offs.
However, no matter what you personally think of cryptocurrencies, there is no denying that the blockchain technologies that support the cryptocurrencies offer a multitude of practical and potentially world-changing opportunities.
We’ve already covered some of the best blockchain solutions out there in a post, but we wanted to dig even deeper. Blockchain experts at BullMarketz will help share some insights.
1. Blockchains In Tech
When Bitcoin was first released in 2009, it was created to offer a new and decentralized payment system which remains one of the main goals to this day.
However, since the launch of Bitcoin, thousands of new cryptocurrencies have been released, and even though most of them can be used as a means of payment, they often fill other purposes.
The underlying blockchains that support cryptocurrencies have been proven to be very practical for a range of solutions, especially within the tech industry.
For example, IBM has applied for a range of blockchain patents in the last year alone, and only a few of them are going to be used for transferring funds.
Samsung is another tech company that has shown a lot of interest in blockchain solutions, but they’re not alone.
In fact, right now, hundreds of influential tech companies including Apple, Amazon, and Facebook are looking to implement blockchains in their businesses. And they all have different goals; from handling and storing customer information and making their products safer to creating international communication channels and so much more.
In addition, many of the largest blockchains such as Stellar and Ethereum allows users to develop apps directly within the blockchain, and we have seen a huge increase in blockchain apps lately.
2. Blockchains In Finance
Obviously, since cryptocurrencies were originally meant to be used as currencies, the finance industry has been quick to jump on the idea of blockchains.
And we’re not only talking about cryptocurrency exchanges such as Binance or brokers such as IQ Option. No, we’re talking full adoption of blockchains by massive financial institutions from around the world.
Santander was one of the first major international banks to see the potential in cryptocurrencies, especially for international transfers, and they have been working closely with Ripple and the XRP since late 2017.
Western Union and Moneygram have also experimented with cryptocurrency solutions, and several other global banks are currently looking into speeding up their international transfers using blockchains.
Then we have the movement that has been called “Institutional Adaptation” in mainstream media. This expression refers to major investment banks and exchanges starting to use blockchains for their own purposes as well as offering cryptocurrency trading to their customers.
The CEO of Nasdaq has said that she was prepared to start offering cryptocurrencies if the market “matured,” the NYSE is looking into solutions, and CBOE and CME launched cryptocurrency futures last year. Also, we've recently heard rumors that Morgan Stanley is preparing to start offering cryptocurrency derivatives.
3. Blockchain In Other Industries
In addition to being very popular in tech and finance, blockchain technology has experienced an increase in popularity within several other industries as well.
In fact, you can find blockchain solutions in most industries today, and the market space is rapidly growing.
The retail industry was one of the early adopters of blockchain technology, and a lot of work is being done at the moment. One of the most prominent usages for the retail business has to do with product protection.
You see, by implementing a blockchain that traces a product from manufacturing to the end consumer, brands can guarantee the quality and authenticity of their products. These type of solutions are already in use by car manufacturers and luxury brands.
Blockchains could potentially also work as the foundation for open market spaces where products and services could be sold without a middleman.
Naturally, blockchains can also be used to deliver and store coupons and other deals for consumer convenience, something Walmart is working on at the moment.
2. Health Care
Hospitals are expected to be one of the main driving forces behind the future of blockchain technology. Just imagine if you could store your patient history and insurance information on a blockchain and always have the most accurate and updated information about your illnesses with you regardless of which hospital or clinic you visited.
Moreover, doctor and hospital reviews could also be stored on blockchains which would help with transparency and patient protection.
In addition, prescriptions and medicine usages could be registered and kept safe on blockchains which would also help improve patient protection and even lower the risk of abuse.
Blockchains could also be what helps modernize and adjusts today’s school system to an ever-changing group of student and teacher needs.
In fact, there are already projects in place where blockchains are used to create and organize personal educational programs for individuals and they have shown great results so far.
In addition, more simple solutions such as keeping tests and test results on blockchains would make things easier for teachers.
Lately, there have been talks about implementing blockchains on a government level. After the safety issues regarding the 2016 American presidential election, politicians, legislators, and journalists alike have been raising concerns about voter protection and blockchains could be a part of the solution.
At the same time, there has also been a discussion about registering laws and regulatory changes on blockchains for easy access and safekeeping.
Dubai has even set out to be the first blockchain powered state in the world while Estonia is working to move all public records on blockchains.
Media is another industry where blockchains could and already are being used. One of the best examples of this is Kodak’s own blockchain that will be used to help photographers protect their images from copyright infringement while they're also working on creating solutions that will make media sharing easier.
Similar projects are being planned for the music and film industry with the focus of protecting content and helping creators register their work and ensure they are paid the royalties they deserve.
Generally speaking, as cryptocurrency enthusiasts, we are excited about the mainstream adaptation of blockchains. Although, that doesn’t mean that it’s completely risk-free.
Unfortunately, tech companies have started throwing around the term blockchain to create hype and more often than not, their ideas are not sustainable.
In fact, most companies talking about offering blockchains are either not offering an innovative solution, or their blockchain ideas won’t make the lives of customers easier.
Lastly, a handful of cryptocurrencies have turned out to be scams which means you need to be careful and only stick to the established and proven cryptocurrencies and blockchains that are out there.
There is no doubt that blockchain technology is one of the most interesting and potentially world-changing inventions of the past decade.
The potential usages and solutions for mainly the tech and finance industry are vast, and we’ll follow the development with excitement.
That being said, we advise everyone to be careful with the blockchains they get involved with and encourage everyone to not only follow trends but actually evaluate every opportunity on your own.
Rilind Elezaj is a thought leader at creative27 in app development and digital marketing, with extensive experience in the industry. Rilind has a strong entrepreneurial mindset and has devoted his career to enhancing the sphere of app development and digital marketing.