Those who don’t trust the altcoins have reason to believe that the hype around them is only inflating a bubble that is bound to burst and wipe out peoples investments.
Whatever your stand on cyber money, there is no denying that the tech behind it is solid and applicable in many industries.
A Little About Blockchain
The simplest explanation for a blockchain would be that it is a decentralized database. While the typical spreadsheet is held in one computer, a blockchain distributes the data so that it runs on millions of computers. It also applies a high level of cryptography that makes it almost impossible to retract information once keyed in without the original key or passcode.
Here are some industries that are bound to be disrupted by the blockchain.
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1. Banking
You may know that altcoins have come as a threat to fiat money and could render it superfluous. However, in this ironic turn of events, the tech behind these alt coins could make the banking industry much faster and safer. It could enable cheaper transfers across the globe thanks to decentralization, which also makes it safer from a system collapse.
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2. Taxis
Uber came into the taxi industry and became a revolutionizing phenomenon. Arcade city is attempting to do the same using blockchain technology. Their app is much like the Uber app except it gives the drivers much more autonomy. This allows them to do more such as deliveries and roadside assistance while on the clock.
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3. Academia and learning
Learning Machine is a start-up working with MIT’s Media Lab to produce Blockcerts. The system will enable users to create, view, issue, and verify digital documents and certificates. Users can share and hold their foolproof documents, which are encrypted with blockchain technology.
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4. Energy
Shell and BP are among the leading oil companies warming up to blockchain technology. The two are part of a group of companies in energy developing a way for real-time data recording. This will allow for faster transaction processing without the need for third-party verification. When this is finally achieved, the whole industry will be more transparent and trading costs will go down.
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5. Personal finance
Financial institutions such as JP Morgan, Barclays, and Goldman Sachs are already using the blockchain to secure their online systems. Like the banking system, investment firms realize the benefits of the public ledger, which is the blockchain. You can easily skip the long-winded bureaucratic system that is currently the mainstay as well as geographical restrictions.
Additionally, the blockchain offers a host of solutions for personal finance from the same platform. Though the altcoin market is currently experiencing a bout of lethargy, the tech behind it is clearly on its way to becoming the market standard in many industries.
other valuable readings:
What other industries will be affected by this fast-rising technology? Share with your friends and keep the conversation going in the comments section.
Image Credit: Pixabay
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