Blockchain May be Famous for Its Cryptocurrency Capacity, But DLT Is Set to Offer the World Much More
Cryptocurrency and blockchain are separable. Here are the ways the latter has been making its way.
First, blockchain has been promoting more efficient money transfer and it has done so in a manner that goes beyond borders. Those who use blockchain technology for transfers do not need to rely on remittance intermediaries to wire funds. Further, unlike traditional transfer processes, which can be costly, blockchain offers a more affordable solution.
Second, blockchain is being used to protect artists’ creativity and creations in the music industry. The technology uses smart contracts, which allows artists to feel secure that they will receive a fair amount when their music is downloaded. A few companies have appeared in this field as well, such as Choon and eMusic.
Finally, although not a method by which blockchain has been establishing itself, the technology is an eco-friendly solution. Everything is digital, so whatever industry uses the technology can benefit from its eco-friendly nature.