The cryptocurrency craze was thought by many to be just that—a craze. That it would fizzle out of popularity after a short time. What’s now clear, though, is that it is here to stay. Cryptos of many kinds have sprung up in recent years, and almost all of the major coins have offered something fresh and unique.
Today, more and more traditional industries are beginning to adopt crypto use in some form or another. It has many benefits for those who take it on, and it’s clear that there are plenty of advantages over traditional methods.
Let’s look at some of the industries benefiting most from adopting crypto.
1. Financial services
Since crypto is, essentially, in and of itself a financial service, it’s not surprising that one of the main industries which has benefited from the advent of crypto is the financial sector.
One of the main goals of the crypto movements has been to take some of the power away from big banks and return it to the hands of their customers. But banks themselves are also adopting crypto more and more in order to increase the efficiency of their services.
Open-source platforms like Corda are currently working with hundreds of financial services companies worldwide to bring crypto technology into the mainstream. Big banks like the Bank of America and the Deutsche Bank are some of those leading the way.
But crypto also has clear applications in things like insurance, loans, fraud reduction and even simple things like customer services.
If the financial sector continues to adopt crypto technology, then we can expect to see the continued and expanding use of it elsewhere in society, too. Other industries will not want to be left behind, and we can already see that happening.
Again, one of the clearest candidates for the adoption of crypto has been casinos and the gambling industry. Already, there are hundreds of crypto casinos worldwide offering traditional gaming services like casinos do.
Crypto casinos have been around since as early as 2014, when 7BitCasino was launched—this is one of the first examples of its kind. There are plenty of clear benefits to the industry of adopting crypto, from the privacy of the users to the transparency of the games. With around 1,200 data breaches a year, and a typical house edge for traditional casinos of 5-10%, crypto adoption is a clear choice for casinos.
Now, no personal info need be risked to sign up, and most crypto casinos have a house edge as low as 0.5%, sometimes even lower.
The future of casinos is clearly in crypto.
When it comes to efficiency, few industries would benefit as much as government and government agencies would. Private businesses rarely need to deal with anything like the volume of data that governments do, and so added efficiency is always great for governments.
With cryptocurrency put to use in government agencies, access to records could all be on the blockchain. Data could be seen and properly verified by anyone, and thus overall trust is going to increase.
This is, doubtless, a more sensitive area. It is easy to understand why some might feel less comfortable with this shift, since we all have to deal with our local governments in some capacity. But as more peripheral industries begin to adopt crypto technology, overall trust will continue to grow.
Following on from that, one industry which has long been eyed by crypto enthusiasts is the healthcare industry. Many have argued that, again, with increased efficiency brought on by crypto adoption, the overall outcomes for patients and the healthcare bodies would improve a great deal.
The security of private medical records is, of course, always paramount. And while there are still some teething issues with the exact way cryptocurrency and the blockchain can be put to use without these fears, it is clear that the use of crypto is beginning to change the way the industry works.
Something as simple as increased efficiency and security in records and accessibility could have huge implications for the health sector, and clearly are already.
Finally, what’s clearly happening around us today is the energy sector is slowly transforming. Energy needs are changing, and the way we get our energy is clearly going to change and continue to change in the years to come.
Crypto is clearly going to be a part of that, too. Even one arm of the oil giant shell is preparing to adopt blockchain-based platforms to facilitate data transfers and enable the easier switching to clean energy.
No one thinks that moving away from fossil fuels is going to be easy, but it’s clear it needs to happen to protect our future. The blockchain and crypto are going to be a part of that.