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3 Industries That Can Be Transformed by Blockchain Technology


Many people are touting that blockchain is going to revolutionize the world. The technology that it brings to the masses is equivalent to that of the internet in the early 90s, as it allows people to send money to one another without the need of a third party. This kind of financial freedom is unprecedented in our lifetime and is set to transform many industries and businesses. Let’s take a look at the industries that can be dramatically changed by blockchain technology and how it can do that.

Banking

The one industry that everyone thinks of when it comes to blockchain technology is the banking industry. It was the sole purpose of revolutionizing the way money works that were behind the creation of the world’s first blockchain, Bitcoin, back in 2008. Even with modern online banking, sending money overseas or even to a friend using a different bank is time-consuming and comes with fees that reduce the amount your recipient receives. Not only that, but it’s controlled by a central authority that has the final say on whether or not the transaction occurs or even whether or not your bank accounts can be frozen. Bitcoin and blockchain technology fixes this, as your payments aren’t controlled by a central authority; they’re facilitated by a peer-to-peer transaction system. This means that a bank or any other governing authority cannot override your transaction, so you can guarantee that your money will reach its destination. It also comes with lower fees for moving large amounts of money, and it can make transactions at a fraction of the time it would take a bank.

Gaming

Another industry that is commonly paired with crypto and the blockchain is gaming. The blockchain deals with digital assets, and gaming has become an almost exclusively digital medium, so the two go hand in hand. Many games are developing a way to integrate blockchain technology, and specifically NFTs, into their games to bring value to their in-game assets and allow people to get more use from the digital assets they already own. Imagine using an NFT as a player character in a video game or purchasing land in a game and having the NFT of it to prove ownership, which you can then sell for a profit. Video games aren’t the only gaming industry taking advantage of this technology, as online casinos are shifting towards cryptocurrency and the blockchain. Crypto casinos allow players to connect their wallets directly to the site, so no depositing or withdrawing is necessary. This means you can play great real money slots, such as Mega Moolah, Hall of Gods, or Divine Fortune, and have your winnings deposited directly into your crypto wallet. When choosing a slot machine, it’s always essential to check out the game’s mechanics, the paytable, and the RTP rate to ensure that you’re playing the best value slots. The best Canadian real money casinos will also have bonuses, such as matched deposits and free spins welcome offers. We see more Canadian casinos accept crypto payments, and it won’t be long until others follow suit.

Cybersecurity

Finally, we have cybersecurity. Cybersecurity is one of the top concerns of businesses today, with companies spending millions to ensure they keep their customer’s data safe; we’ve even given some helpful ways to improve your business’s cybersecurity. However, large businesses can take advantage of the advancements in blockchain tech to keep their customer’s data secure. One of the biggest threats to a business is a DDOS or a dedicated denial of service attack, which attacks the DNS servers of businesses to bring down their network. However, by hosting their DNS on a blockchain, there is no single point of failure, meaning that it’s much harder to bring down a network. Blockchains are also immutable, meaning that no one can overwrite a transaction or a record that has already been written. This ensures that any data saved on the blockchain is permanently recorded and cannot be altered by malicious third parties.

As blockchain technology grows, we’re going to see even more uses for it. It wouldn’t be a shock to see it infiltrate every aspect of our lives, just like the internet has done. It’s exciting to see what will happen and how people will react to having true financial freedom.



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