How Blockchain Technology and Crypto Currencies are Changing Major Industries

2018 will mark the ten-year anniversary of the inception of Bitcoin, a form of crypto currency that is currently valued around $90 billion. While Bitcoin and several other crypto currencies are surging, this form of technology is still in its early stages of development. Nonetheless, some investors have predicted that crypto currencies will be worth $5 trillion by 2022-a fact that many industries cannot ignore.

In addition to the technology’s ability to prevent widespread fraud and identity theft, crypto currency can be used by international industries without experiencing exchange or interest rates and therefore fueling efforts in globalization. In our fast-growing but decentralized economy, these investment platforms will allow new infrastructures to develop and more people to purchase crypto currency like UnikoinGold for personal gains and more efficient investing. As the use of blockchain technology and crypto currencies becomes more prevalent, many of our most popular and dynamic industries are certain to experience significant changes.

Financial Industry

Perhaps the most obvious industry that will be transformed by the use of blockchain is the financial industry, which comes as no surprise. According to financial experts, watching will reduce the costs of financial intermediaries (like stock exchanges and money transfer services) by $20 billion a year. This has led many banks, such as Wells Fargo and J.P. Morgan, to heavily invest in blockchain, as the technology will ultimately help to reduce friction, costs, and risks.

Music & Entertainment Industry

A second industry that will be impacted by crypto currency is the music and entertainment industry. Already, entertainment companies have started to use blockchain compensate their artists, which is proving to be a more efficient solution for all parties involved. Blockchain could transform the industry’s monetization, publishing, and the relationships of artists with their fans, finally solving the historic issue of illegally downloaded and copied content. Musicians will no longer need to deal with purchasing platforms and brokers, but will instead be compensated in crypto currency each time their song is played.

Academia

A final industry that will be affected by blockchain technology is academia. Schools that require a significant application process may begin to use blockchain to verify certain educational credentials and streamline the admissions process. Blockchain can help schools verify documents in a much more efficient way, making the technology an ideal place to store academic certificates and qualifications.

In future years, select industries like the financial circuit, the entertainment industry, and academia, will be revolutionized by the use of blockchain technology and crypto currencies.