Ever since the first cryptocurrency –bitcoin– launched in 2009, people have speculated its future. Many considered it another buzzword that would fizzle out in time or pretend money that no one would find any practical use for.
It has been a decade and a half since Bitcoin launched, and now we have over 20,000 different cryptocurrencies with several unique technologies that have found roots in different sectors. The following are some of these sectors that are ever-evolving with the aid of crypto:
The gaming sector was valued at just over $200 billion in 2022 and is estimated to reach about $700 billion by 2030.
This massive sector is leveraging its ability to engage billions of players worldwide, churn out exciting titles with twists, and keep them engaged while forever chasing gaming perfection by simplifying processes and ensuring there’s something for everyone.
One way they have been able to ensure this is with the introduction of cryptocurrency.
Players being able to earn crypto playing their favorite games, removing the need for currency exchange, connecting one crypto wallet to multiple Bitcoin casino dice games, online poker games, and whatever else catches the fancy of the player has allowed for an unprecedented expansion of the gaming sector.
Now, online gamers and players at crypto casinos around the world can access a horde of gaming and gambling services that are intuitive and user-friendly without having to worry about third-party fees, transaction fees, and cuts that would ordinarily eat into their earnings.
Nowhere is time more of the essence than in the health sector. With lives hanging in the balance most of the time, being able to access adequate healthcare services is considered a fundamental human right.
However, before now, there have been issues providing this service consistently, with problems emerging from the mishandling of patient records and the absence of a centralized patient record database for healthcare professionals to access on the go.
However, with crypto and blockchain technology, the healthcare sector is being reimagined with cryptographic ledgers that can only be accessed using keys provided by the patient for confidentiality and are decentralized so they can be accessed when needed worldwide.
Companies like Medrec:M are already leading the way with state-of-the-art technology that allows care providers and patients to track and share information effortlessly.
Another area where the influence of crypto and blockchain tech can be felt in the health sector is supply chain management.
Particularly with the transportation of pharmaceutical supplies, the employment of cryptographic technology can improve efficiency, cut down on time spent on transportation, reduce wastage, and eliminate the distribution of counterfeit medication.
Since its advent, cryptocurrency has heavily influenced the banking and finance sector. Its decentralized nature has changed the way people bank, as people are in total control of their money.
Also, the absence of intermediaries in the processing of transactions means that the cost to receive and send money is minimal or eliminated entirely in some cases. All of these combine to make transactions faster, cheaper, and more secure.
Another advantage cryptocurrency has over traditional banking methods is that it allows for borderless transactions, a feature that comes in super handy in places with inadequate banking services.
With Ethereum and Solana smart contracts, people can enter and execute automated agreements without needing intermediaries, losing time to consultation, or worrying about fraud or forgery.
The blockchain technology that underpins cryptocurrency is playing a major role in combatting several cybersecurity issues. With identity theft and financial fraud on the rise, platforms that use cryptocurrency to facilitate transactions no longer need users to provide KYC (know your customer) information.
Because the transactions are pseudonymous, there has been no need to ask users for personal information, reducing the chances of it falling into the wrong hands.
This, coupled with the immutable nature of the blockchain, means all the transactions would be recorded and unalterable, thereby reducing the chances of being hacked by no-do-gooders while ensuring transparency and traceability.
Many online retail outlets now accept cryptocurrency, not just offering convenience; these stores now afford their users anonymity as payments with crypto can not be tracked, and buyers can make their purchases without fear of judgment.
Also, accepting cryptocurrency as a payment mention opens these stores up to a broader market, which means they can sell to buyers outside their home country without having to worry about currency conversions.
Another area where crypto is helping in the e-commerce sector is supply chain tracking.
Being able to put their manifest on an unalterable ledger means stores with many outlets can track their inventory and have real-time access to data on supply and demand, which they can use to make informed decisions when restocking products in the different outlets.
Everybody dreams of country hopping, traveling the world, and seeing all it has to offer, but when they start to consider the logistics behind it, it starts to look more like a chore than fun.
The major problem that arises when you visit a new country is having to convert between their currencies, sometimes losing a chunk in the process. Multiply this process more times, and how much you will end up losing from these conversions immediately takes the fun out of the equation.
For a while now, the solution has been cryptocurrency. Although unregulated in some parts, it is accepted by many and has the same value anywhere in the world.
When you are in a new country, it is possible and very straightforward to convert back and forth with their local currency without incurring excessive charges.
Having this option has caused a resurgence in traveling and tourism, with people less hesitant to tour the globe because of it.
Cryptocurrency is here to stay. The sheer number of advantages it offers to many sectors shows that it has, without doubt, proved its worth.
From banking to travel and tourism, health, gaming, cybersecurity, and e-commerce, its impact is there for all to see, and it is little to no wonder that several sectors are looking for ways to tap into this cryptographic panacea.
Disclaimer: The above references an opinion of the author and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice. Invest responsibly and never invest more than you can afford to lose.
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