The cryptocurrency revolution continues to impact multiple industries. Cryptocurrencies ride on blockchain technology and these continue disrupting many aspects of the global economy. Cryptocurrencies today have continued experiencing phenomenal growth in market capitalization, price, and mainstream adoption.
The latest reports show that the cumulative market capitalization of digital currencies stands at $237.1 billion. The global blockchain market, on the other hand, is projected to grow to over $23.3 billion in size by 2023. While these numbers are impressive, they don’t show the actual impact these intertwined technologies and the disruption cryptocurrency will have on different industries.
This post highlights a few of the industries that will experience disruption by cryptocurrency and blockchain technology.
Financial sector
The financial sector has remained rigid for decades. Many new investors who would like to invest or transact feel left out by the outdated financial structures. This is where blockchain comes into play. Today, the banking industry which has, for a long time stuck to tedious processes has started experiencing change.
Blockchain technology allows for seamless and secure global transactions in minutes. Cryptocurrencies such as Ripple offers a mainstream digital currency and platform for banks and users to transact. This is just a tip of the changes to come.
Casino industry
The casino industry has embraced cutting-edge technology to survive. Most casino brands are now online and many now accept cryptocurrencies in their payments. Gambling platforms such as bspin now accept bitcoins, thus accepting players from across the globe.
Bitcoin casino transactions are now safer, secure, and faster. There are also cryptocurrencies targeting gaming and other entertainment sectors.
Supply industry
Supply chains are a critical component of the global economy. However, there are myriad logistical problems across supply chains and this slows the global economy. Blockchain technology boosts the supply industry by improving transparency, speeding agreements, facilitating tracking, and allowing seamless payments.
There are cryptocurrencies specifically targeting supply chains, including WaltonChain (WTC), Modum (MOD), VeChain (VET), among others. The global supply chain industry is ripe for such a boost to overcome the multiple challenges it faces.
Gaming
Gaming is a multi-billion dollar industry and a pioneer in the adoption of digital technology. Cryptocurrency developers want to allow gamers to buy, sell, track, and trade their digital assets. Blockchain technology will allow gamers to trade in-game merchandise and so much more.
FunFair (FUN), Enjin (ENJ), RevolutionVR (RVR) and GameCredits (GAME) are a few of the platforms leveraging blockchain technology in the gaming industry.
Music industry
Content creators such as musicians have for a long suffered under the hands of producers. It’s hard to sell content even in this digital age and this is where blockchain and cryptocurrency come in handy. XRP is one of the trendsetting cryptocurrencies aimed at content creators
By cutting the middlemen, this technology allows musicians to benefit directly. It also allows consumers to access content and pay for the same easily. XRP made a huge investment in the entertainment industry with its 1 billion XRP injection to Coil, a micropayment platform.
Final thoughts
If you are an entrepreneur, it’s time to appreciate how blockchain and cryptocurrency will cause disruption in your industry. Staying abreast of such trends helps you prepare your business and leverage the growth of blockchain and cryptocurrency. The future of business is in cryptocurrency and you need to make your business crypto-ready.