Cryptocurrency is often hailed as the money of the future – but the last few years have shown us that things are more complex than they look at first sight. The world is actively resisting the adoption of this innovative new currency. But even without the world embracing cryptocurrency on a large scale, its backbone – blockchain – can and will change the world we live in or at least the digital one. Here’s how.
Banking will get faster and cheaper
A traditional bank transfer is a complex process that, depending on its destination, can take anywhere from a few hours to a few days to be completed. The amount you transfer has to pass through several hands before reaching its destination – correspondent banks, payment processors, and so on – and all this will cost you a certain amount. Again, depending on the destination of the money, these fees can add up to a lot.
Some banks are already experimenting with replacing these complex chains with their own in-house stablecoins that would allow them to complete settlements much faster – and much cheaper. Basically, these banks (and their correspondents) would use their own stablecoins to settle international payments, cutting out companies like SWIFT and making money transfers faster and cheaper for everyone.
Online games will offer complete privacy and transparency
On the list of online casinos that payout fast, you’ll find at least a few that also work with cryptocurrency – and part of their speed is due to them embracing the blockchain. Crypto can be by far the fastest means of receiving your winnings A gaming platform like this offers not just greater transparency than traditional ones, and more privacy, relying on crypto wallets rather than sharing banking or other payment information, but also a more streamlined experience through smart contracts that will allow them to stay anonymous and receive their winnings quickly.
Relying on cryptocurrency makes their payments incredibly fast, without the need for the operator and the player to rely on middlemen – payment processors. Plus, a crypto platform is more accessible than traditional gaming platforms, given the blockchain’s decentralised and censorship-resistant nature.
Medical records in the distributed ledger
Over a lifetime, you see quite a few doctors, and this can make your medical records pretty messy and complicated. Imagine having it all stored in a single virtual file cabinet that holds all the information about all your conditions, treatments, and diagnoses – one that would be easily and instantly accessible by scanning a QR code or tapping a button on your phone, but only by those you choose.
Blockchain, when used in healthcare, can offer exactly that. It can hold your complete medical history that only the people you authorize can access. Health practitioners will gain instant access to it, seeing how different doctors approached different conditions, and provide better care overall.
Smart contracts will ensure we are paid on time
A “smart contract” is a program that executes itself when certain conditions two parties agreed upon are met. These conditions can be anything from the delivery of an agreed-upon (digital) good or service or the payday set in your employment contract.
Since they are created on the blockchain, these smart contracts are immutable and verifiable, so the option of not fulfilling them is non-existent. As soon as the conditions are fulfilled – say, the freelancer delivers the product or a certain number of work hours are completed – the contract is executed, thus saving a lot of time and hassle for both parties.
Blockchain-based voting will be tamper-proof
Traditional voting systems are always subject to scrutiny. After all, they say, it’s not the votes that matter, it’s who’s counting them. Well, this could be eliminated with the use of a blockchain-based digital voting system.
Each person with a right to vote would be issued a unique, tamper-proof ID that they could use to cast their vote. Due to the immutable nature of blockchain, the votes cast and the result of the votes would be completely tamper-proof – they would remain unchangeable and impossible to delete from the distributed ledger.
Aside from making voting more accessible to anyone with an internet connection, voting results could be pushed out immediately, thus eliminating the lengthy and laborious process of vote counting.
Blockchain will change the world
For most people, blockchain means cryptocurrency – but this is not the case. Blockchain has countless other use cases aside from serving as a backbone for digital money. It can change banking and gaming, healthcare and politics, and even ensure all employees are paid on time.
SOURCE Vestigo Finance