Thursday, March 21, 2019

How is Cryptocurrency Affecting Society?

by Editor (editor), , May 04, 2018

Although still relatively young, cryptocurrency and blockchain are already having a profound effect on society through the industries that it is changing.

Cryptocurrency is an amazing thing. Built on a base of blockchain technology, it has a lot of potential and power to change our world as it continues to develop. Although it was initially created back in 2008, cryptocurrency has just recently entered the mainstream world, but it is already changing and shaking up society.

The blockchain technology behind cryptocurrency is one of the biggest factors fueling the growth and development of the space as well as revolutionizing industries in big ways. A blockchain is a secure, decentralized ledger that records every transaction chronologically. Once a transaction is recorded, it cannot be changed or altered and is stored cryptographically, making it secure.

Cryptocurrency and the blockchain’s functions can be applied in numerous different ways in numerous different industries, and many companies have dedicated themselves to making that happen. Although still relatively young, cryptocurrency and blockchain are already having a profound effect on society through the industries that it is changing.

Industries It’s Changing

Healthcare – Despite HIPPA laws and other protocols that are in place to protect patient information, many healthcare providers do not have a secure platform on which they can store and share sensitive and personal data that they gather from and enter about patients. This leaves healthcare providers wide open for error and fraud as well as lost records and other troubles that affect healthcare providers and patients alike. Through the implementation of blockchain, however, all information entered will be stored cryptographically, making it more safe and secure. Additionally, since all data entries would be recorded, they would be easier to find and virtually impossible to lose.

Finance – The financial industry sometimes seems to do more harm than good, but is a necessity because there are no viable alternatives to banks. Varying interest rates on loans and credit cards can cause serious debt, yet people approach banking institutions year after year to hold onto their money or get extra money to cover what they need. Blockchain, though, could change all that. Because it is decentralized and cryptocurrency can be stored in an electronic wallet on your computer, it puts the control of your money back in your own hands.

Additionally, it’s not subject to all of the service fees and other charges that banks impose on their clients, helping you save money and giving you more freedom and flexibility to do with it as you please.

Real Estate – There are a few different aspects of the real estate industry that frustrate buyers, sellers, and even agents. From high commission rates to slow closing times, there’s plenty to annoy. One of the most frustrating, though, is the amount of paperwork required to get a house sold. Not only is it inconvenient, but it’s also bad for the environment.

Luckily, cryptocurrency and blockchain can change all that. Blockchain technology powers smart contracts which are digital contracts that can manage themselves. Once created, they will automatically carry out the terms of the contract and impose any penalties should the terms not be met. This means that the closing process can be much faster, easier, automated, and save a lot more trees.

Charity – Whenever disaster strikes, people are quick to rally around each other and provide support in whatever way is needed. If they aren’t able to physically help, many people will offer financial relief to those in need through charitable donations made to charities around the world. Unfortunately, there’s a lack of transparency when it comes to many charities, and donors are unable to truly know where their charitable contributions are going—all too often, their donation goes straight to overhead, and very little of what the charity receives is put towards helping a cause.

Blockchain, although encrypted and secure, can also be made accessible to anyone who wishes to see the transactions. Because it cannot be changed or altered, the information can be made public. This means that cryptocurrency and blockchain can revolutionize the charity industry and make it possible for donors to see where their donations went and in what ways they helped.

Freight and Transportation – The freight and transportation industry is the backbone of America. Without it, we would not be able to have access to all that we have access to throughout the US, no matter where we live. Unfortunately, as it is now, the industry is broken. Brokers are not filling up trucks, sometimes sending empty freighters across the company. Additionally, suppliers are unable to find truckers with the space to carry their loads, despite all of the empty or partially-empty trucks hitting the road.

Cryptocurrency and blockchain freight technology could bridge the gap between suppliers, truckers and companies, and brokers. It can act as the middleman so that trucks are filled and loads are delivered as efficiently as possible, saving everyone time, money, and hassle.

Final Thoughts

Nearly every industry is being affected by the application and implementation of cryptocurrency and blockchain technology. As it continues to develop, it is likely that cryptocurrency and blockchain will revolutionize every industry as we know it today, and affect society as it has already begun to do. How else do you think cryptocurrency will affect society?

About the Writer

Editor is an editor for BrooWaha. For more information, visit the writer's website.
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