We live in a world that’s increasingly becoming digital. Our communication is digital, business is digital, and thanks to blockchain technology we now even have currency—cryptocurrency—which is digital.
The demand for virtual currencies like Bitcoin has soared around the world. In fact, the oldest cryptocurrency Bitcoin is becoming a popular investment. It’s loved for many reasons, one of which is underlying blockchain technology that allows for anonymity and safety.
What is blockchain technology?
A blockchain is a digitized public ledger of all the cryptocurrency transactions. The records—which are called blocks—are linked with each other and secured by cryptography.
Blockchain is touted as one of the most secure technologies because its ledger is decentralized and encrypted. The transactions taking place on the network are self-verifying and don’t have to go through a central institution (like the central bank of a currency in the case of a domestic currency like the US dollar), which is why it’s able to enjoy a whole new level of security.
Blockchain in Other Industries
Blockchain was originally designed for Bitcoin. However, a number of top companies and institutions such as FedEx and the European Union have started working on their own blockchain projects, after discovering potential in features like high transparency, efficiency, and security. In fact, blockchain is being applied across a growing number of industries, including banking, online gambling, and healthcare.
Banking
Banking is a natural choice for an industry to embrace blockchain technology as it can greatly reduce financial fraud and cyberattacks. It can also be used to offer all kinds of financial services to billions of people around the world. In fact, a number of financial institutions have already started working on the technology to use it for themselves. For instance, Credit Suisse is working with Synaps to place syndicated loans on blockchain networks. Similarly, Switzerland’s UBS has introduced the concept of “utility settlement coin” which is essentially a digital currency that can be used in the financial markets in the form of tokens that can be redeemed for physical cash at the central banks.
Gambling
The online casino industry has become one of the biggest industries in the world, and continues to grow—thanks in large part to staying on the cutting edge of technology. On a platform like www.gamblingappstore.net you can find hundreds of sports betting games, video slots, poker and blackjack games, and get the full casino experience from the comfort of your living room.
Although online casinos are loved by millions around the world, many of them face problems which can be easily solved with cryptocurrency. For starters, blockchain technology and cryptocurrency give the online casinos more control and allow them to conduct business without going through a central bank. In addition, blockchain technology and cryptocurrency allow for anonymity, which appeals to high-profile players who choose to maintain a level of secrecy with their gambling activities.
Healthcare
The healthcare industry is massive and the medical and insurance records of countless patients are shared between different doctors on a daily basis. Thus, there is always a risk of this data becoming lost or intercepted in the process, or to have discrepancies arise that could lead to a misdiagnosis or delay in treatment.
Governments around the world also collect and maintain the medical records of millions of people that they provide healthcare to. However, the traditional method of storing and sharing personal medical information is cumbersome and ineffective, and can be a hurdle when it comes to prompt, hassle-free treatment. These issues can be solved by using blockchain technology, which is highly reliable, secure, and can connect healthcare professionals, insurers, patients, and government agencies easily and conveniently.
Some of the companies that are already working on blockchain-based healthcare projects include Blockchain Health (US) which provides HIPAA-compliant blockchain solutions to the healthcare companies, and Blockpharma (France) that uses blockchain to track the sale of drugs online.
More and more companies are adopting blockchain technology and embracing cryptocurrency today. It’s possible that in the near future, governments and policymakers around the world may also replace their current systems with the new cryptocurrencies. Only time will tell.
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