Do Cryptocurrency and Blockchain Platforms Have The Power To Change The World?
Created on April 19, 2021
Blockchain technology and cryptocurrencies have been a hot topic since their inception. Crypto promised to transform the financial world by introducing a currency that was not controlled by anyone. Blockchain also promises to disrupt a number of industries by introducing trust and speed and eliminating middlemen in transactions.
Currently, these two inventions have grown from being mere promises to bringing real change in the world. Here are some of the ways blockchain and cryptocurrencies are transforming our world:
Blockchain brings speed to international money transfers
International money transfers are time consuming and frustrating to say the least. Banks use Nostro/Vostro accounts in other countries to hold foreign currencies and arrange their transfers using SWIFT messaging system. If the two banks reach an agreement, the money transfer can happen within the day. However, some countries control their currencies very strictly. Banks are therefore forced to use intermediaries such as liquidity agents which makes the process even more time consuming, expensive and labor intensive.
With blockchain solutions, the time and cost of sending money abroad is drastically reduced. Since the participating banks are connected using a blockchain, all ID and compliance checks are conducted automatically through cryptographic signatures. This helps to clear and settle transactions in a matter of minutes. A transparent record of the transaction is also left on the blockchain so the banks involved can refer to I later.
Blockchain and cryptocurrencies provide a platform for creatives
In the creative industry, it can be challenging for professionals to sell their works without involving intermediaries. With blockchain and cryptocurrency however, such individuals can sell their content directly to consumers and receive cryptocurrencies through real-world payment solutions.
Blockchain and cryptocurrency revolutionize the supply chain industry
Secure and reliable supply chains are vital for the global economy. Therefore, the security of supply chains is of major importance. Blockchain technology introduces security and transparency to the supply chain by making it possible for all the involved parties to track a product down to its origins. For instance, in the jewelry industry, it is possible for any stakeholder to track the origin of a necklace down to where the mineral was mined. This also ensures that people are buying quality products that resonate with their beliefs and values.
Blockchain is revolutionizing healthcare
Doctors rely on your medical history to provide you with quick and efficient treatment. However, it’s likely that your medical history is fragmented across several health care providers. Even worse, the different practitioners may use incompatible systems which complicated the process of transferring the data. Most of the time, manual intervention is required.
Blockchain technology can drastically improve the accuracy of medical records by introducing an accessible, permanent blockchain record of your medical history. You are in total control of this record and can share it with whomever
you choose. This will not only make it easier to receive proper treatment but also put your data in your hands.
Clearly, cryptocurrencies, and their underpinning technology blockchain, have the potential to radically transform the world as we know it today. All the industries including health, education, government, e-commerce, supply chain and many other stand to benefit from these inventions. We are already seeing improvements in areas where blockchain technology is being used and we are sure that this trend will continue.
At NetObjex, we use AI, IoT, and Blockchain to power smart connected products and digital economies. Feel free to check our state-of-the-art technology here.