When cryptocurrency was first introduced, it was simply regarded as digital money and it was widely believed that its potential was associated with the financial and banking industry. But, this is a misconception as cryptocurrency should be seen as a tool. It is underpinned by blockchain technology and it has potential in numerous forms than simply as a store of value and medium of exchange. Therefore, cryptocurrency can be used in a variety of industries as it can suit their industries in a unique way. Here are some of the top industries that will be transformed by cryptocurrency:
There is no doubt that the best possible application of cryptocurrency in the global industry is none other than the financial industry. While today’s banking systems may be highly sophisticated, they lack fairness and inclusion. Transactions fee and interest rates are heavily lopsided in favor of institutions and companies and customers benefit little from their banking interactions. Cryptocurrency has eliminated the need for banks because the ledgers are incorruptible and there is no oversight of a central authority so the power is in the hands of individuals and anyone can bank, send or receiving payments and start a business.
The decentralization associated with cryptocurrency is something that will also benefit the publishing industry. Today, it is mostly in the control of a handful of publishers, which makes it difficult for new and unrecognized writers to enter the industry. Their fancies and whims of these publishers dictate their success. Cryptocurrency can bring changes in this industry as well through a tokenized system, which ensures that writers get their fair way. The assistance of publishers is not required for publishing and the system becomes equalized.
While freelancing is quite popular in today’s market, there have been a number of scams in this industry. Some freelancers have not received payments for services rendered whereas some employers have paid money for low quality output. Cryptocurrency has eliminated these risks, thanks to the introduction of platforms such as https://freelanceforcoins.com/. People can make and receive payments in cryptocurrency and the safety, reduced fee and immediate transfers are quite useful to participants.
The preference of the younger generation is to opt for long-term rental and it might be the smarter option. The process of finding an apartment or house, handling security deposit, interacting with landlords and setting ground rules can be difficult. People want a solution that can make housing arrangements simple and efficient, preferably one that doesn’t involve third parties. Cryptocurrency can help in this aspect as well because it can eradicate problems such as unrecoverable security deposit, outdated renting platforms, endless paperwork and bidding wars with other potential tenants.
Other than these industries, there are plenty others that can also reap the benefits associated with cryptocurrency like supply chain management, music, healthcare, insurance, cloud computing and even the government. With more and more cryptocurrencies being introduced on a regular basis, more innovation can be expected and this can lead to better outcomes for customers.