Cryptocurrency, also known as crypto, is a digital or virtual form of currency that uses cryptography to secure transactions, and in recent years it’s been in booming development and growth. Despite having no central issuing or regulating authority and using a decentralized transaction-recording system, crypto has increasingly gained importance in a number of industries. Whether it is used in real money poker or banking transactions, this emerging technological advancement has been used more and more and will likely continue to grow in different industries. Here are 5 examples of industries in which crypto is gaining importance.
With these technological developments, a number of doors open however, it also creates threats such as cyberattacks. Data breaches, such as the 2017 Equifax breach, can affect millions of people, and as such, cybersecurity is an important industry today. Indeed, crypto is gaining importance in this field because it secures data from unauthorized interference. Since crypto is decentralized, it is perfect for high-security industries, such as cybersecurity, but also many more. Because crypto data cannot be changed or meddled with, it provides a more transparent manner of transaction recording. A number of companies have been successfully turning to crypto in cybersecurity, making it an assured industry for growth.
Crypto is gaining importance for governments for a number of reasons. From fraud to security concerns, governments require a level of security that cryptocurrency can help provide. Although technology can be a disruption, blockchain can also be a viable solution. Once again, the decentralized aspect of crypto makes it trustworthy and transparent across supply chains, energy, food supply, financial services, identity sectors, and more. Several countries have considered relying on crypto more and more due to its reliability. For example, Dubai has shared that it intends becoming completely dependent on crypto and blockchain for functions of the government to guarantee available access to governmental services.
Banking is an industry in which crypto is gaining importance. With fee charges and transfer rates today, banking can be a complicated matter which is at risk of being unsafe, time-consuming, and costly. Despite the fact that commercial banking could be disturbed by the arrival of crypto, it provides higher security and cheaper fees because of its peer-to-peer payment, meaning the exchange of an asset between individuals with no involvement from a central authority. Additionally, crypto in banking provides a better sense of autonomy and is sure to keep gaining importance.
Health data can be a huge help within the medical field; however, it can also be a danger if it lacks security. As such, crypto is gaining importance in the healthcare industry. If information is kept in centrally located files, it can be easy to access to anyone with computer knowledge, which is dangerous for patient confidentiality and much more. Since crypto eliminates that centrality element and is highly secure, it can enable quicker information and data access and can also stop hackers from accessing or tampering with existing data. However, crypto can also help with issues of provenance or authentication, making it a very valuable element in the development of healthcare. With some companies adopting crypto within their healthcare sector, positive results can be witnessed. For example, United Healthcare improved its interoperability of health records, security, and privacy by using blockchain, a form of crypto. Crypto can also use supply chain management protocols to trace the provenance of medicine.
Supply chain management is also a relevant industry in which crypto is gaining increasingly more importance. Since crypto can track supply chain traces, it can improve the supply chain management industry in many ways. Crypto is transparent for one, but also provides transaction validation which is shared through several supply chain partners, making transactions verifiable and permanent. This grandly facilitates record-keeping. Furthermore, any type of verification is doable, from tracking meat provenance from production to the market and, ultimately, a restaurant. A prominent example of this is the Pacific Tuna Project which uses crypto to manage information such as import and purchase details for the prevention of illegal fishing. Lastly, supply chain management can use crypto to search and find information in a more effective manner.