Cryptocurrency in all its forms is definitely the buzzword of the year. Despite being around for several years already, the mainstream media heard of the benefits of Bitcoin – and its many alternatives – at the start of the year, which gave it a popularity boom. But there are certain industries that could benefit from the method of payment that Bitcoin and blockchain cryptocurrency allow. From more equitable content creation to a better system for pay outs for online gaming, blockchain cryptocurrency could definitely revolutionize many sectors.
The unique nature of the blockchain strands that form the basis of cryptocurrency means that publishing platforms can benefit by appropriating funds for published pieces directly to the author themselves. For example, the app Authorship uses a token system that is based on paying writers for demand for their work and per views and audience numbers, which allows publishers to discover new talent and the writers themselves to get paid fairly. This is a prime example of how blockchain as a payment method can help make the system more equitable.
The music industry has changed a lot in recent years. The growth of self-publishing artists on YouTube and other streaming platforms who are able to create their own fanbase without the backing of a record company has leant itself to other developments in the music world. Blockchain technology could further help the music industry change for the better. The immutability and unique nature means that the ownership of the music and the way in which songs can be transferred for direct payment makes it fairer for artists and also helps them develop their own fanbases with their own music. Thom Yorke, Nine Inch Nails, and Bjork have released albums in a way to receive cryptocurrency payment and are leading the way in the future of music release.
Playing games online, such as bingo, could also receive a boost from cryptocurrency. As Oddschecker shows, more online bingo sites are offering opportunities for free bets and ways in which fast transactions are more beneficial than traditional methods of payment. Both in terms of paying deposits and being paid out in the winnings. Choosing a payment method that utilizes cryptocurrency here would make the transaction easier and faster, as well as being more secure.
Supply Chain Management
One such industry that isn’t widely known in the public eye is the supply chain management industry that ensures products are delivered from the manufacturing to the consumer. An issue with supply chains is that often companies aren’t sure how much demand they might have – but blockchain technology and cryptocurrency look to help to fix this. VeChain and ShipChain are projects that turn orders into smart contracts that have orders locked in. This way, the manufacturing process and delivery can be made even smoother and products can be shipped in the most efficient way possible.
Cloud storage offers another interesting prospect for cryptocurrency. When it comes to developing new business, companies are more about hosting than they are about generating or owning (Netflix, Uber, AirBnB etc.) One such area where there is a great demand and a great supply, but someone just needs to connect them is through cloud storage – and that is what Filecoin is doing. Thousands of bytes of space sit unused in hard drives, so blockchain can be used to link those needing space with those who have space for a small fee. Decentralized storage is safer and those who help store files are rewarded through crypto systems. Data is a hugely important facet of modern digital technology, so using blockchain to help control it seems apt.
Blockchain technology is definitely set to revolutionize how we look at payment methods, but the uses surpass just blockchain as cryptocurrency. A varied range of sectors all look to blockchain cryptocurrency technology in order to fully revolutionize how they work. These range from content creating industries such as music and publishing, to those that offer a platform for entertainment such as online gaming, to more behind the scenes businesses such as supply chain management and cloud storage. By finding ways to harness the latest technology, businesses also show that they are keen to progress with the advancements of the digital age.