A new argument has been made for the blockchain technology’s role it plays in disrupting, while innovating some of the largest industries in the world. As new cryptocurrencies emerge, they can be used to facilitate transactions as well as communications in newer beneficial ways. While the possibilities faced in the future cause excitement, the use of new technology on existing industries of today are similar in how significant they are. Here are five existing industries already receiving a healthy impact because of cryptocurrency.
Even though members of the cryptocurrency market have been labeled with a controversial reputation for tucking away their new wealth, tax evasion, and the exploitation of the system, some breakthrough initiatives in the space are proving that members in the crypto space are very charitable. The new Pineapple Fund for example, is a game changer that has donated more than fifty-five million USD to several charities at the end of 2017. It’s easily one of the greatest examples of what can be done with cryptocurrency. Also, cryptocurrency-based donations are receiving even more usage in response to crises and disasters.
Other known charities to have received funding are those from miners. UNICEF played with an Ethereum miner in which donors would engage with a new mining client that would send ETH to UNICEF. Other clients with miners like GNation’s GShare one-click mining ecosystem, are working with new ways to give users the ability to donate some of their mining outputs to different charities.
The new marriage of the different digital jobs market and cryptocurrency is sensible. The essence of digital work before cryptocurrency is used to make small freelance contracts and microtask to work nearly impossible to agree on. With so many insecurities and inefficient functions, it’s been too easy to negate agreements for work.
But with cryptocurrency, cross-border, easy to setup payments with anonymity through smart contracts and trust networks makes it work, with the ability for massive scaling. The new bounty hunting niche for example is one where the users can earn heavy wages through the completion of microtasks on different entities, was born through the proliferation of various cryptocurrencies.
The Black Market
Like it or not, the role that is played by cryptocurrency on black markets, through the use of coins like Bitcoin, has been worst than that of fiat money. The reason being is that the transparent, unchangeable foundation of transactions makes it hard to control. With coins like Monero, the most secure and safe, offer users the ability to make purchases or sales with total anonymity. You can’t even see the balance of a Monero wallet on the network.
But with more activity taking place on the black market that extend well beyond drugs and guns, more things are happening then people realize. In countries like Venezuela for example, there is a significant amount of transactions happening with cryptocurrency outside the control of the oppressive party in power. It gives people the ability to pay for things like food that wouldn’t typically happen through a normal market.
Even though cryptocurrency was introduced first with Bitcoin, as a tool to use against traditional financial institutions, it is now being used by these same entities. With the way finance works, it’s not a surprise that these institutions started relying on the blockchain to store their data.
As an example, people who use Ripple can save as much as 97% on cross-border payments because of the amount of energy saved by not using a central database. Even big names like Mastercard are starting to play a part in the cryptocurrency industry, using it for mass adoption on their networks in conjunction with the blockchain
E-Commerce is the first arguable and profound case for cryptocurrency by far is E-Commerce. Since the early days of cryptocurrencies like Bitcoin, new possibilities have been given to people online. Things like micropayments for subscriptions, online games and software keys are now bought and sold through cryptocurrency.
As cryptocurrency grows, so does the adoption of eCommerce, with numerous e-commerce business emerging, like that of overstock, WordPress and Newegg accepting Bitcoin – the world of eCom is growing like never before. Even E-Commerce giant’s like Amazon are playing with the blockchain and accepting cryptocurrency for things like gift cards.