You may ask how crypto is changing the world. To be honest, it’s hard to think of an existing industry that isn’t likely to be disrupted by blockchain and crypto. That being said, we can now see some emerging trends concerning particular use cases of blockchain-based systems that really stand out from the crowd.
The Internet of Things is growing and finding its way into household objects like smart fridges, toasters, and even a smart toilet! Beyond these everyday items, many industries rely increasingly on machine-to-machine transactions to expedite their workflow. The ability for microtransactions, such as app purchases or even energy to run your smart fridge, to be processed on the blockchain without passing through and incurring fees from a central banking entity opens up new possibilities for the future of the digital asset economy.
Historically, when you needed to borrow money you had to go to a bank and apply for a loan. In this scenario, the bank sets the interest rate and largely controls the terms of the arrangement.
Today, peer-to-peer lending is becoming an increasingly popular avenue of personal finance.
Lenders can earn on their savings in a low-interest capacity while enabling others to borrow at a reasonable rate. Adding cryptocurrency and blockchain into this scenario offers more transparency and security for both parties, as well as additional potential for crowd-sourcing and decentralization.
There are a ton of really exciting applications for blockchain that go way beyond cryptocurrency, but let’s not forget that cryptocurrencies are still pretty transformative. At the root of Bitcoin is the idea that technology has reached a point where one, big, centralized institution that mediates all transactions is no longer the only viable option.
For the millions of unbanked or underbanked people in the world, digital currencies have already made a massive impact, and as mainstream adoption continues to spread, it seems safe to say that there is more disruption to come as crypto and blockchain intersect with the traditional economy.
As you can see, the possibilities of this technology are truly impressive and, in a space that’s constantly evolving, we likely can’t even comprehend what other benefits and uses crypto will bring us in the future. But two things are for sure: crypto is awesome and it’s here to stay.
Do you believe in crypto?
The CoinMetro Team