Cryptocurrencies and their underlying blockchain technology are quickly transforming many aspects of the world’s economy. Digital currencies have constantly experienced a meteoric rise in market capitalization, price, and mainstream integration, causing disruptions in multiple industries globally. Virtual currencies now boast a cumulative market cap of $237.1 billion.
Reports also show the global blockchain industry’s size will surge to over $23.3 billion by 2023. However, those statistics do not reveal the impacts that cryptocurrencies and blockchain technology would have on different global economic sectors. The following article describes the key industries that will experience the most significant disruption from cryptocurrencies and blockchain technology.
The financial industry has been restrictive for very many years. The conventional economic structures have left out several new investors willing to invest or conduct transactions. Blockchain now offers the best solutions to such limitations, making it imperative for the banking industry to adopt new processes.
Blockchain technology allows users to conduct cross-border transactions more securely, quickly, and seamlessly unlike conventional bank transfers. For example, Ripple offers a mainstream virtual currency and platform for banking institutions and customers to transact. That is just one of the expected Bitcoin-related changes.
Cutting-edge technology remains essential to the survival of the entire casino industry. Many casinos have now upgraded to online platforms, allowing customers to play and place bets using crypto. Accepting Bitcoin and other digital currencies enables gambling platforms to attract and retain customers from different parts of the world.
Online casinos would also soon integrate blockchain with other new technologies to develop gambling or betting bots, like this trading Bot used on many crypto exchanges today. The bots act like robots, which users can program to play or place bets on their behalf conveniently. Bitcoin ensures safer, secure, and quicker casino transactions. Cryptocurrencies also offer greater flexibility since some specifically target online gaming and entertainment.
Supply chains are among the key drivers of the global economy. Even seemingly minor logistical issues across supply chains could impact considerable disruptions to the global economy. Blockchain technology improves the supply industry through increased transparency and security in cross-border financial transactions.
It enables the players in various global supply chains to process payments quickly, track their transactions, and speed up agreements. Global supply chains are constantly changing, and such a boost could help resolve some of the industry’s biggest challenges. Some virtual currencies such as WaltonChain (WTC), VeChain (VET), and Modum (MOD) specifically target supply chains.
Music producers have exploited musicians and artists for decades. Even in the current digital era, many artists still find it very difficult to sell content. That is where cryptocurrencies and blockchain technology come in handy. Crypto developers have now created unique cryptocurrencies to target content creators exclusively. XRP is an excellent example of such trendsetters, investing $1 billion XRP in Coil’s micropayment platform.
Blockchain technology eliminates the middlemen from crypto transactions, allowing musicians to benefit directly from their content. It also enables consumers to access and pay for content conveniently.
The gaming industry is also one of the pioneers of digital technology, worth billions today. Integrating cryptocurrency will allow gamers to purchase, sell, trade, and track their digital investments seamlessly. On the other hand, blockchain technology would also allow gamers to trade in-game merchandise and other items. Examples of the gaming platforms that leverage blockchain technology include FunFair (FUN), GameCredits (GAME), RevolutionVR (RVR), and Enjin (ENJ).
The expected blockchain and Bitcoin disruptions will generate more excellent business opportunities for all entrepreneurs, regardless of the industry. Keeping tabs on such developments would help you adapt your enterprise to the changing global business landscape and leverage blockchain technology and virtual currencies for future growth and sustainability.