Top Industries That Cryptocurrency and Blockchain Will Disrupt
Cryptocurrency. Blockchain. These words have become increasingly mainstream in recent years, and they're not going away anytime soon. Cryptocurrency and blockchain are new technologies that have the potential to change how we think about value—and even how we structure society itself.
Cryptocurrency and blockchain are already disrupting major industries like finance, healthcare, and government by offering new ways to store value securely and transparently while eliminating costly intermediaries. Here are some of the top industries that blockchain and crypto have started disrupting.
Banking
It’s no surprise that banking is one of the biggest industries that cryptocurrency could disrupt. Cryptocurrency can be used to replace fiat currency by storing and transferring value digitally, without needing a bank or government to back it up. This means that if you want to send money across borders in seconds, instead of days or weeks with traditional methods like wire transfers, you can do so easily through crypto exchanges.
Coinbase or OKX allow people from all over the world to exchange their digital assets for other cryptocurrencies (or sometimes even regular money). You’ll need to buy cryptocurrency on an exchange of your choice to send and you can easily convert cryptocurrency (fiat) when you receive some.
Many people believe that cryptocurrencies will eventually replace credit cards and debit cards entirely as well because they are more secure than these legacy payment methods. Instead of having your private information stored on a central database somewhere where hackers could get access to it, cryptocurrencies use cryptography technology called public-key cryptography. Only the owner has access to his or her account information which makes things much safer since there's no need for any kind of third-party verification process before sending transactions through this network.
Investment Management
Blockchain technology has the potential to disrupt the way we manage our investments, but right now it's in its early stages. Blockchain will likely first be used to improve current practices in this industry before replacing them altogether.
The biggest benefit of blockchain is that it allows investors to see exactly how their money is being spent by fund managers. Something that’s not always easy with traditional investing methods (for example, mutual funds). It also allows investors to invest in new ways like crowdfunding campaigns on platforms like Kickstarter or Gofundme.
Although many financial institutions are hesitant about cryptocurrencies because they're viewed as risky investments, some firms have already started exploring ways for cryptocurrency trading automation on their platforms.
Lawyers and Compliance Teams
The legal industry is a multi-billion dollar business that is built around the concept of trust. Many people offer advice on how to avoid getting sued, what things to say in court, or how to draft a contract so you don’t get sued if someone does something wrong. Lawyers are needed in almost every industry because without them there would be no way for two parties who don’t trust each other enough to do business together without someone having their hand forced at some point in time.
However, with smart contracts, much of this work will become unnecessary as all major agreements can be written directly into code which automatically enforces itself once certain conditions have been met (i.e., the payment received/product delivered). This means that lawyers won't need as much training because technological know-how becomes more important than legal knowledge when it comes time to write code instead of legal documents.
In addition, companies won't need an entire department dedicated solely to regulatory compliance either. Instead they could just use AI systems designed specifically for this purpose instead which would save money while improving efficiency overall.
Real Estate
Real estate is a highly complex industry, but it's also one that could be immensely improved by the use of blockchain technology. Blockchain technology has the potential to make real estate transactions more efficient and secure. Blockchain can be used to record and track property ownership, as well as monitor all aspects of the sale process: from initial offers to funding transactions.
Blockchain can also be used to record and track property transactions, including contracts, sign-offs on inspections and approvals (if applicable), payment schedules, and more. The decentralized nature of blockchains allows for this information to be stored in multiple places instead of just one centralized location. It reduces risk while increasing transparency throughout the transaction process.
Retail and eCommerce
One of the most obvious ways in which cryptocurrency and blockchain will disrupt retail is through payment processing. There are many reasons why it makes sense to move from credit cards to cryptocurrency, including reducing cost and increasing security. For example, Square recently introduced a new feature on Cash App that allows customers to buy, sell, or store Bitcoin through their phone app. It also allows users the ability to send money instantly (even internationally) because there are no transaction fees associated with Bitcoin.
In addition to improving payment methods for shoppers, cryptocurrencies can be used for inventory management as well as supply chain management. All key areas where businesses need help when it comes to efficiency and profitability. For example, Walmart has partnered with IBM on one such project using blockchain technology. Together they hope that "shopper-to-shelf" tracking will reduce waste while providing better insight into pricing strategies throughout their supply chain network of manufacturers and suppliers.
Insurance Companies
Insurance companies are also getting in on the blockchain fun. If you've ever had to file a claim, you know how frustrating it can be when it takes weeks for your insurance company to process it. With blockchain technology, that issue could be a thing of the past (at least on their end).
Blockchain tech allows insurance companies to utilize smart contracts that have been created by both parties in advance of any potential event. This means in the case of an event all they need to do is submit their claim through an automated process and wait for them to receive payment electronically as well as electronically track data on their policy like claims history and adjusters' recommendations.
In addition, blockchain also makes it easier for individuals who have been fraudulently scammed before to verify their information when applying for new policies. It does so by providing proof-of-existence data from previous transactions which would otherwise not exist if those records weren't stored on a decentralized ledger like bitcoin's public ledger (the blockchain).
Conclusion
The truth is that cryptocurrency and blockchain are still in their infancy. They have only just begun to disrupt our lives but they will have a huge impact on how we do business. The technology is so revolutionary that it might even change the way we think about money altogether. It has the potential to be one of the most important developments in human history, with its ability to transform how people interact with each other on an economic level.