There is no doubt about the fact that cryptocurrencies and Blockchain technology are a disruptive and revolutionary force. Ever since Satoshi Nakamoto first created Bitcoin in 2008, it has redefined the way we look at our financial systems, transaction technologies and governmental control over economy.
In the last ten years, Bitcoin and other cryptocurrencies have established themselves as a real alternative financial asset system to traditional fiat currencies. Likewise, Blockchain technology has also proven itself an incorruptible, fast and efficient mechanism of doing transactions.
In this article, we are going to focus on five industries that are seeing increased exposure from cryptocurrencies and Blockchain technology.
5 Industries that are going to be dominated by Crypto and Blockchain Tech: The List
- The Online Gaming Industry-
Online gaming is a huge multi-billion dollar industry that is experiencing double-digit year-on-year growth for the last five odd years. Experts predict that this industry is going to see an exponential rise not only in the number of players, but also revenues and profits.
Tencent, a leading China based financial investment corporation has bought controlling rights in some of the most famous games ever, including ‘Clash of Clans’. Gaming companies are already experimenting with crypto payments and Blockchain technology on a massive level.
- The Financial Investment Industry-
One industry, which has faced the brunt of the Coronavirus pandemic, has been the financial investment sector. With markets crashing all over the world, investors have lost trillions of dollars’ worth of investments in a very short span of time.
The option is either to go back to investing in precious metals like gold and silver (which are hedges against rising inflation) or look towards the future. The future is investing in cryptocurrencies and Blockchain technology and getting trustpedia.io. The stability and security of investments has been on display even during the Coronavirus lockdown.
- Alternative Energy Technology Industry-
The Coronavirus pandemic saw the world’s worst oil crisis ever. With zero demand for oil globally, the oil and energy sector saw its sharpest fall in recent times. On the other hand, industries, which are powering alternative energy solutions, saw their stocks rise.
Many industries who are innovating on new technology favour cryptocurrencies as the future of financial systems. They are also actively working with Blockchain technology as a fast, safe and efficient model of transaction. This association is expected to get strengthened further in the coming years.
- The Social Welfare and NGO Sectors-
United Nations along with other global organizations like the Red Cross are engaging with cryptocurrencies as a fast model of reaching currency to the most underprivileged parts of the world. During the Coronavirus pandemic, the Italian Red Cross also started accepting donations and emergency funds from donors in Bitcoins.
NGOs all over the world have explored the immediacy, which is associated with crypto and Blockchain technology. This becomes very critical especially when it comes to transferring relief materials and funds to the people most affected by natural calamities, wars, insurgency, etc.
- Information Technology and Software-
Last but definitely not the least, the IT industry and SaaS service providers are exploring and dealing with cryptocurrencies from a number of clients. They are also reworking their systems and processes at the behest of clients who want to shift to Blockchain technology.
Over the past few years, more and more clients, especially in the Supply and Logistics services like billion dollar fashion brands and huge FMCG manufacturers are experimenting with Blockchain technology on an unprecedented scale. It is expected that this collaboration is going to rise incrementally in the coming years.
While everyone believes in the meritorious nature of cryptocurrencies and Blockchain technology, brands and industries are still a bit sceptical owing to legal issues and regulations. However, experts feel that the more powerful industries get into the game, the more will be the lobbying effect they will start having on governments and policy makers.