Cryptocurrency’s blockchain technology started out as a virtual ledger designed to record and verify high volumes of virtual transactions a decade ago. A system that was once met with a lot of skepticism has now been integrated into several industries around the world. Cryptocurrency and blockchain have a future in major brands, with El Salvador’s acceptance of cryptocurrency being followed by a few other countries, it is inevitable that industries will adopt cryptocurrencies as well.
Although Bitcoin’s popularity demonstrated the blockchain’s utilities in the financial sector, analysts believe blockchain technology could revolutionize many more industries. Banking industries have already seen the marvels of blockchain despite the skepticism, others could potentially invest heavily in cryptocurrency in the future.
Not all industries will be compatible with crypto assets, but those few can take full advantage of blockchain technology. Integrating decentralized platforms and blockchain into common businesses and industries can boost efficiency, security, and convenience.
Below are some of the industries that would work well with cryptocurrencies:
Real Estate Industry
The use of crypto assets and blockchain can help buyers, sellers, realtors, and developers to provide ownership of property rights in a secure and efficient manner. Crypto-based estates have furthered the need for a new framework in the industry, allowing buyers and sellers to carry out transactions in a decentralized ecosystem. Real estate blockchain applications help in recording, monitoring, and transferring the ownership of property and can help in ensuring the accuracy and validity of essential documents.
iGaming Industry
The iGaming industry is on the precipice of a drastic change thanks to cryptocurrencies. The utilities provided by the likes of Bitcoin have spilled into online casinos. Players now use Bitcoin to make deposits and withdrawals at a high speed but for low transaction costs. There are many online casinos that use Bitcoin as a payment option, these Bitcoin Casinos often provide bonuses, promotions, and exclusive games only for the leading crypto asset. The iGaming industry has surely taken full advantage of crypto.
Tech Industry
About a third of industries rely upon technology, more specifically blockchain. Fintech, gaming, and more depend on emerging technologies that have drastically changed thanks to blockchain. It has created opportunities for conducting business in a new fashion, whether someone needs to transact, store, share, secure and leverage digital data, all have been revolutionized due to blockchain. Programmers with skills in Java, Python, and machine learning along with tech-savvy entrepreneurial candidates fit naturally in this world.
Healthcare
It might be a surprise but no, the healthcare sector uses blockchain technology in managing information. Applications related to genetic coding, securing patient records, managing drug supply chains, and preserving the exchange of data through hospitals and pharmaceuticals. Blockchain helps in identifying severe mistakes and avoiding lethal ones in the medical field without compromising security and integrity at lower capital requirements. Blockchain-based credential verification system has also been launched to prove to license physicians in certain areas.
Conclusion
The sectors are a few of the industries that are compatible with cryptocurrencies or at least the related technology i.e., blockchain. There are several industries that crypto can transform in several ways, from daily transactions to using its technology for further business conduct. Crypto assets offer plenty of utilities, moving forward it is likely more industries will adopt cryptocurrencies or integrate their systems accordingly.
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Source: https://coinpedia.org/guest-post/are-all-industries-compatible-with-crypto/