The Ways Blockchain Reshapes Billion-Dollar Industries
Blockchain technology has already left a major impact on the banking industry. At first, most people and businesses were hesitant regarding the use of Bitcoin and other cryptocurrencies.
However, the blockchain isn’t just about money. It’s a technical marvel that enhances security, user interaction, privacy, and data tracking. For these reasons, many more industries have begun adopting the technology in one way or another. Let’s look at some examples!
More than 400 million people worldwide use Telegram for messaging and file sharing. The app uses enhanced security features and end-to-end encryption to keep its users’ data away from prying eyes.
This is all possible thanks to their blockchain technology. So far, it has been the only app without any leaks and who hasn’t given any of the data to government agencies. They were planning on making a blockchain-enabled payment system for their users but it fell short because of a lost court case.
Kik and Japanese app Line also use blockchain in their network, they focus solely on cryptocurrency trading and creating initial coin offerings (ICOs).
Uber and Lyft are the opposite of what blockchain means. Instead of offering decentralized solutions, they work by centralizing everything in hubs and dictating what their drivers earn.
On the other hand, you’ve got Arcade City, who have managed to create the first ever peer-to-peer ridesharing experience in Austin, Texas. As you can imagine, they operate on a blockchain system and allow for more driver and user freedom. Unlike the former two companies, no one has reported having their credit card data stolen when using the latter service.
Many people are fed up of internet apps. And you can’t blame them. Many small sites use annoying pop-ups and huge banners that take up almost half of the screen.
Even some big companies such as Forbes still use a ridiculous number of ads on a single page. Naturally, many turn to ad blockers to get rid of these pesky experiences. But there’s a downside to using a regular adblocker. Sites that rely on ad revenue lose a lot of money.
Enter the Brave web browser. Through blockchain technology they have created their own cryptocurrency that they use to reward advertisers and users alike. Instead of using a third party like Google or Facebook, advertisers can enlist in Brave’s reward program separately.
Users who opt into the program receive better targeted ads without the privacy-crushing cookies. Alternatively, users can block ads completely without getting any rewards. It’s a good incentive that pleases both parties and infringes far less on privacy and data protection. And it’s all thanks to blockchain.
The cloud made headlines around the world when the technology was first introduced. But the name is highly misleading for users lacking technical knowledge.
You’re not storing anything in a “cloud”. You’re storing everything on someone else’s computer. Well, it’s more like a server farm, but you get the point. All those servers are in a single location and hackers can target them easily.
This is where blockchain technology comes in. The blockchain allows complete decentralization, which makes it much harder for savvy hackers to steal your files. One notable blockchain-enabled cloud solution is Storj, which allows for greater flexibility. Users can purchase storage with cryptocurrencies, and they can also rent their unused space to others. How will this impact the industry’s economy? We’ll have to wait and see.
The Casino And Gambling Industry
This is where the big bucks are made. Many savvy entrepreneurs dream of building their own casino and make a lot of almost-passive income.
Now with the addition of blockchain technology, crafting a fantasy sports experience, online casino, and sportsbook is safer and more secure than ever. The number of online casino players has increased dramatically, especially thanks to the recent pandemic.
Players are no longer bound to a single country thanks to the blockchain’s multi-currency support. Hackers and cheaters no longer scam companies and users out of their money. And, most importantly, managing the platform is much easier thanks to the blockchain’s ability to integrate AI seamlessly.
Architecture And Constructions
These two lines of work involve complex management procedures. Often, the challenge isn’t necessarily about building, but rather about coordinating teams.
A blockchain ecosystem could make things much easier regarding this aspect. It allows managers to track teams and verify contractor’s identities through a decentralized database that users can access from anywhere with the right encryption key.
It Doesn’t Stop Here
Truth be told, it’s much harder to think of an industry that wouldn’t benefit from blockchain. Most work domains will surely find one or multiple uses for this advanced technology.
When you pair blockchain with an AI algorithm and a talented team of programmers, the results can impress even the most hardened traditionalist.