Gone are the days when skeptics outrightly dismiss blockchain as a revolutionary technology.
Less than 15 years after the first proof-of-concept solution went live with Bitcoin, some governments and mega institutions have adopted blockchain and crypto into their operations. They recognize this tech’s efficiency, security, and cost benefits and are tapping them to their advantage.
As blockchain takes root and crypto evolves to command hundreds of billions in market cap, these are the top five industries that are currently being shaken by crypto:
Banks are here to stay, but their mode of operations is fast shifting. Historically, banks have been conservative and cautious in implementing technology, considering what was at stake. However, this is changing, and crypto is quickly emerging as a superior, cheaper, and faster mode of trustlessly moving value across the globe. Bitcoin provided a transactional layer for transferring funds. Improvements brought by blockchain companies like Ripple, Stellar Lumens, R3, and many others are already shaping banking and its processes.
Like traditional firms, blockchain companies need access to funds. With smart contracts and decentralization, crowdfunding is quicker, cheaper, and sometimes more lucrative for investors. Platforms like the Binance Launchpad, BSC Launchpad, TrustPad, Solanium, and others are changing the game.
Unlike before, where publishers dictated gameplay and owned all assets, smart contracting has led to innovations, and NFTs give back power to gamers. Besides, models like Play-to-Earn, GameFi, and other iterations are fast changing the gaming landscape, offering more benefits for gamers.Governments and institutions support blockchain and some have adopted crypto as legal tender. These are the five industries being disrupted by this revolutionary technology. Read more here: Click To Tweet
Auditing is critical for transparency and accountability, explaining why top auditing firms rake in billions in annual revenue. However, their roles will gradually diminish as firms adopt blockchain solutions where all transactions are tracked in real-time, automatically audited and guaranteed to be valid before archiving.
5. Credit and Loans
Because of smart contracts and the transparent nature of blockchains, retailers and institutions can access loans trustlessly and instantaneously through DeFi protocols like MakerDAO, AAVE, and others.
If you want to learn more about blockchain and how it shapes industries, subscribe to our podcast!
Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies.