More and more industries are using blockchain technology as they look for a more secure alternative to traditional methods of payment. Essentially, blockchain is a series of digital information stored in a public database. Each block is made up of three parts, namely; information on a transaction, who is involved in the transaction, and a hash to identify the block as unique.
The main advantage of using blockchain is that it is more secure than others, with the use of the hash identifying code almost resistant to hacking because of the chronological nature in which blocks are stored. As a result, a wide range of industries has begun using blockchain.
In this article, we will take a look at 3 industries where blockchain is advancing, delving into the reasons why these businesses are leaning toward this revolutionary new technology.
So, without further ado, let’s take a look at 3 industries where blockchain is advancing…
IMAGE: PEXELS
Payments
Blockchain technologies have been applied more and more to payment processing online. These days, the idea is not so much a novel new way of operating as it is a highly respected and serious idea for companies across the globe of varying sizes. This innovative technology boasts a range of amazing features such as embedded cryptography, resilience, distributed data and being resistant to tampering. Although this is still to be totally used in payments, the entire financial world is more than aware of the great uses and how exciting the blockchain technology is.
Everything from international payments to basic domestic transactions can benefit from blockchain, as customers are looking for more and more efficient levels in transactions. Indeed, blockchain achieves this and much more, making the whole process more transparent to consumers. Blockchain is becoming used more and more in payments, with it being studied and used in payments due to the fact that they might be able to have some kind of improvement to the exact type of payments that are being made and, as a result, join up with peoples’ demands.
Online Games
The meeting of blockchain and online gaming is filled with possibilities that may lead to the booming of both these things. New ideas in the industry of blockchain have resulted in exciting new developments in online games.
Indeed, gamers have always been big users of new tech, especially things like cryptocurrencies, because they often already understand the concepts of virtual currency. These days, online gaming is in a purple patch, and it is entirely understandable that this rise will go and in hand with the increasing use of blockchain technology.
Online Casinos
As one of the quickest growing industries on the planet, online casinos are making increased use of blockchain technology to bolster security and efficiency in transactions both to and from players. A list of new casinos using blockchain can be found at Neuecasinos.de.
Whilst blockchain is far from a universal solution to all the issues experienced within online business, it is certainly an interesting technology to keep an eye on in the future.
If you are interested in even more business-related articles and information from us here at Bit Rebels, then we have a lot to choose from.
COMMENTS