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In recent years there has been an extraordinary knowledge of blockchain and cryptocurrency among the general public. Gone are the days when people wondered "what's the cryptocurrency?" And this popularity has helped the industry to grow tremendously in recent years. The concept of blockchain is to gather a large number of transaction lists, which are then guaranteed by cryptography. Each block in the chain includes a hash pointer that connects to the previous block while it is supplied with the timestamp and transaction data.
The reality of the blockchain is rather harsh for many industries and sectors, which have had to revolutionize on several fronts or risk losing the possibility of losing this new technology. This has led to many sorrows in some sectors and people remain towards the future raised by blockchain technology.
These are the five sectors, other than cryptocurrency, which are interrupted by blockchain technology:
Banking
The largest sector that will be affected by the application of blockchain is the banking sector, which has already suffered immensely due to the presence of cryptocurrency. Although the banking sector has become much more sophisticated in recent years than in the past, it is still very lagging behind in terms of fairness and transparency. The transaction and interest rates they are also strongly in favor of financial companies, where customers are only in a disadvantageous situation compared to banks.
There are also several situations in which some of the banking operations are very unfair to individuals, but they have little chance other than to take those offers.
Trading and transfers of cryptocurrency
The revolution of cryptocurrency involves a big difference in this sense, since customers can start transactions according to their wishes. There is no centralized authority that supervises transactions while the registers are kept incorruptible.
As a result, this technology has the power to take away hold of the banking sector to customers, who no longer have to pay commissions to intermediaries. It is estimated that the banking sector will suffer $ 20 billion each year in the form of intermediary costs. Bitcoin, the future of money and Ripple are some of the cryptocurrencies that make the difference.
Finally, cryptocurrency trading becomes cheaper when servers are run on blockchain.
Real Estate
The preferred choice among millennials when it comes to real estate is the idea of long-term rentals rather than the outright purchase. However, the process of searching the apartment, negotiating with landowners, payments and setting the basic rules can be a painful affair for many people.
This sector has the potential to be revolutionized by the blockchain, which can employ smart contracts to simplify the process. This primarily removes the idea of a broker by directly connecting tenants and landlords. This greatly simplifies the negotiation process as intermediates have the potential to stop procedures to their advantage.
Blockchain technology can also be used for the purpose of entering into rental contracts using smart contracts so that it becomes impossible for both parties to withdraw from the contract. There are platforms that also focus on buying property, where sellers can list the property that will be tokenised. Those interested in buying property can get these tokens on a decentralized exchange through negotiations.
Travel
The rise of Uber has been met with a great deal of approvals from around the world, but the monopoly enjoyed by the company in recent years has led to growing discontent among pilots and pilots. Most Uber drivers clearly are not happy with the work and earnings they earn through it.
Earnings are widely seen as favorable to the company, while drivers must face enormous competition to earn a decent salary. Bringing a decentralized system through a blockchain technology can make a big difference.
Travel at the moment was held together by a handful of a few companies like Uber. If a decentralized system were to get on board, drivers will be able to set their personal rates to compete with other drivers. They would also be able to provide additional services to differentiate them from the competition.
Platforms that use blockchain technology to simplify the travel world do not absorb any of the driver's earnings and translate into reduced costs for both parties. Thus, cryptocurrency trading is not the only place where blockchain technology has had an impact.
Music
The music industry has been set up unfairly in such a way as to favor only a couple of registration labels. In many ways, this sector is just like the publishing world, where only a few companies can enjoy big prizes. There are a number of musicians who have strayed from streaming services because of the logging levels that took away a considerable part of their earnings. This is the sad truth of the industry where artists are trying to earn a decent share of their earnings.
Apple Music and Spotify are some of the popular versions of streaming solutions available to artists, but paid in pennies compared to what artists can earn through CD sales. Blockchain projects have begun to focus on this sector in order to provide artists with the opportunity to sell parts of their music for greater rewards.
Small parts of the music can be purchased using bitcoin currency and other blockchain technology products. This can act as a crowdfunding technique to significantly improve the payment of a musician without having to worry about profits being shared with record labels. Previously, there was a problem with bitcoins real money or no, but this concern has left the window.
Gaming
The game and the cryptocurrencies have been one with the other for several years, but they have started to gain importance in recent times. The gaming industry was a pioneer when it comes to the digital landscape and the way online transactions are performed.
Players have been able to sell their titles online, but the next ideal stop for a player would be to enter the trade of their digital assets through forums or e-commerce sites. The blockchain technology can be exploited so that players are able to exchange ownership of their title and is one of the first options that come to remind a player looking for ways to earn from cryptocurrency.
Independent game developers have not been able to outperform big established names, which have excellent marketing techniques to sell titles. This allowed the industry to be geared towards large companies, which are forcing independent game developers to sell their securities for a small amount of money. The gaming industry has become mainstream significantly in recent years, but blockchain has the potential to revolutionize the same.
Conclusion
Blockchain is revolutionizing almost all sectors, but are these the sectors that will probably be more upset by this new and emerging technology? It's really hard to say, and most of what we've written here is pure idea supported by media information and trends. What is your opinion on this? Leave a comment below with your opinion and let's discuss!
