There’s no doubt that crypto and blockchain technology will be changing a few things. The technology is giving you more control and all companies that capitalize on the unavailability of certain traits are a little in danger. With a promising future comes change and a lot of industries will need to adapt or are, likely, to go redundant in the coming future. Although, this isn’t a hard fact that will result in the downfall of these industries but they are most likely to be affected by it.
Observing the effect and current trends of crypto, we had a rundown of all the industries that are under the possible danger.
The first on our hit list is banking and we all know how rapidly cryptocurrency has affected this lot. Cryptocurrency did do to banking what internet did to media. It allowed people to send money across borders with a small fee and comparatively less time.
Since the blockchain system works on a decentralized system, it solved more than half of the security problems. So now there seems to be less need to have a middleman taking care of these problems for you. The technology itself is enough to safeguard all your assets.
Global decentralized prediction markets are another aspect that is being explored upon. You can place and monitor bets on anything from sports to stocks in a decentralized way.
Global insurance is a market that is heavily based on trust management. The elimination of middleman for verifying all this data can alter the way the insurance system works but it will all be to their advantage.
Private transport and ride sharing
Yeap, your beloved Uber might be in danger. The way this is going to work is that blockchains will create a decentralized peer-to-peer ride-sharing app. Giving owners and users control to arrange terms and conditions accordingly. Arcade City and Lazooz are such platforms putting this technology to use. So, HOP IN!
Online data storage
The cloud storage has had a lot of problems. From celebrity accounts being hacked and even our own, you’re always a little skeptical about keeping your data safe online. However, blockchain will fix that so time to store everything online to save yourself. Might want to checkout Storj for this.
Inefficiency and corruption are two common problems. Its rather sad that there’s a need for this but greed is one of the deadly sins so! Although the good thing is that BitGive gives you the opportunity to see where your donations are going.
This is surely good news for all musicians out there because it will allow them to receive payments directly through the audience without giving up large percentages to sales or record companies.
All of this isn’t all bad news, for us at least. Can’t be so sure about businesses being affected by it but they shouldn’t worry about it because there is a lot of time for technologies to be fully implemented. It all sounds a bit magical, doesn’t it?