When most people hear blockchain technology, the first thing that comes to mind is cryptocurrencies like Bitcoin or Ether. Nevertheless, there is more to it than meets the eye.
Blockchain technology functions as a database-sharing framework that fosters secure and transparent information exchange. It operates without a traditional oversight mechanism, relying instead on the storage of data within blocks. These blocks are verified and subsequently added to an unalterable chain, building upon all previous transactions or data entries.
The global blockchain market continues to expand and evolve, and even though we have seen several blockchain challenges over the years, the technology is still being adopted by many industries.
Gambling
While gambling remains prohibited in certain countries, it continues to flourish in regions that permit and oversee its operations. Currently, one such transformation is the adoption of cryptocurrency as a payment method in different online gambling institutions due to its anonymity, rapid transactions, and reduced fees.
Finding crypto betting sites or gambling platforms that use cryptocurrencies is not as complicated as it once was as many gambling sites have adopted digital currencies. Such platforms entice players with exciting bonuses specifically tailored for those who opt for cryptocurrency as a payment method.
The integration of cryptocurrency into the gaming realm has proven advantageous for both players and platforms alike. One of the main advantages is that cryptocurrencies transcend geographical boundaries, enabling players from around the globe to financially transact at their preferred casinos.
Financial services
In the financial services space, many professionals within the industry have harbored skepticism over the years concerning the mechanics of blockchain technology and its potential evolution into the substantial phenomenon it currently represents.
Banking
Nonetheless, there has been growing discontent with conventional banking methods due to elevated transaction costs, insecurity, and fraud, as well as other transaction-related complications.
Therefore, numerous banking establishments such as Banco Bilbao Vizcaya Argentaria (BBVA) have had to use blockchain technology to enhance their security and have increased their integration of major cryptocurrencies such as Bitcoin. This transformation has enhanced the reliability, security, ease, affordability, and swiftness of transactions.
Certainly, there is ongoing debate about the potential for cryptocurrencies to eventually replace online payment methods entirely. Yet, it is important to acknowledge that this transition still has a long way to go.
Trading
Additionally, with an increasing trend toward cryptocurrency investment, the trading sector has been compelled to integrate these digital assets. This has prompted the industry to refine and optimize the procedures related to acquiring, selling, and trading these digital assets, adapting to the changing landscape of financial transactions.
Crowdfunding
Another financial service that has been influenced by blockchain technology is crowdfunding. Crowdfunding is the financing of a business venture by gaining capital from the small donations of a large number of individuals.
Certain startups and crowdfunding initiatives have integrated cryptocurrencies as a means of raising funds. For example, the movie “BRAID,” achieved a noteworthy milestone by becoming the first major feature film to secure financing through a token “crowdsale” on the Ethereum blockchain, raising $1.4M.
Healthcare
There is a huge challenge in healthcare when it comes to maintaining patient health records and efficiently sharing that information across different healthcare platforms without compromising their privacy. This can negatively impact patient care and treatment.
Enterprises like HealthVerity are actively harnessing blockchain technology to combine health data exchange with a blockchain-based solution. This innovative approach aids in the management of permissions and access rights, contributing to enhanced security and control over health-related information.
Gaming
The gaming industry has also benefited from blockchain technology by incorporating crypto as a form of payment instead of traditional debit or credit cards. This has eliminated middlemen and substantially reduced transaction fees. In fact, crypto is now accepted in many online and mobile gaming environments.
Also, blockchain technology has introduced Play to Earn games that equip gamers with the opportunity to earn rewards as digital assets and exchange such rewards in their gaming universes. Games such as Axie Infinity, Ape Max, and Decentraland have become popular among gamers as they give them the potential to earn and grow their crypto investments.
Retail
Online purchases are tied to a customer’s sense of trust in a store. Consumers increasingly seek anonymity and reduced transaction costs when making online purchases. In order to cater to their customers’ needs, retail establishments and corporate entities such as Home Depot and Whole Foods have begun to embrace cryptocurrencies as a valid form of payment.
What’s more, prominent companies like Moët Hennessy Louis Vuitton (LVMH) have collaborated with Microsoft and blockchain startup ConsenSys to establish a platform known as AURA. The platform uses blockchain technology to authenticate luxury goods and enables customers to trace their purchases from the initial design phase to distribution.
Education
In most learning institutions, the process of verifying academic credentials often relies on manual steps and paper documentation but as technology permeates the education sector, blockchain has become a prominent tool for maintaining student records. For example, Sony Global Education’s collaboration with IBM to create an educational platform that utilizes blockchain to secure and share student records.
Not only that, but certain schools and prestigious universities have extended the option for students to pay their tuition using cryptocurrencies like Bitcoin. Some institutions include innovative teaching methods such as integrating tokenization into the learning framework and rewarding students with tokens upon successful completion of exams.
Government
Governments have not been left behind as several top countries have effectively implemented blockchain technology and are beginning to reap its advantages. One of these countries is Singapore. The country is spearheading blockchain regulations by establishing guidelines that support the growth and development of blockchain.
Singapore’s Monetary Authority, under its Project Ubin, has embarked on a journey to investigate the applications of blockchain and distributed ledger technology in the clearing and settlement of payments and securities.
This endeavor has led to the creation of a payment network prototype, which is currently undergoing testing to ascertain its potential for further development to include other central banks and diverse stakeholders within the financial sector.
Tourism
Blockchain technology has notably impacted various sectors within the tourism industry.
Air travel
One of the major sectors in the tourism industry that has benefited from blockchain technology is air travel. Depending on the airline, passengers are typically obligated to provide information such as their names, birth dates, credit card numbers, immigration details, destinations, or hotel information. Blockchain’s potential to securely manage and share this wealth of sensitive information offers a valuable solution for enhancing the air travel experience.
Blockchain technology simplifies this process making it secure and easily accessible through the use of smart contracts in the ticketing process. This helps airlines prevent overbooking, and create accurate logs while providing travelers with a smoother booking process.
Airlines like Russia’s S7 Airlines have embraced Ethereum-based smart contracts to expedite settlement processes between the airline and its agents. Moreover, Singapore Airlines’ Kris+ lifestyle app has implemented a digital wallet solution, enabling the conversion of accumulated miles into cryptocurrency, which can be used with merchant partners.
Hotel booking
It is no secret that hotels and other travel accommodations lose part of their overall revenue on commissions to third-party booking services. However, blockchain, remedies this problem by offering them the option to eliminate these third-party services. For example, Winding Tree has collaborated with hotels to offer them the opportunity to upload their (API) to its marketplace making the hotel accessible to travel agencies.
Final thoughts
As blockchain technology becomes popular, it continues to challenge different practices in various industries. The industries above prove the use cases of blockchain and encourage other industries and companies to embrace it and build on the technology’s transparency, traceability, and security.