The Blockchain Revolution: Which Industries Will Cryptocurrency Affect?
Cryptocurrency is here to stay, establishing the ability through blockchain technology for secure identity, ownership, and records of transactions. It is no secret that there is big money involved—the collective worth fluctuates between $150 and $200 billion, and this is just the beginning. Apple’s co-founder Steve Wozniak says that cryptocurrency is better than gold, gearing up to become a better standard of financial value than the U.S. dollar.
If you are an investor, it is always important to consider the tech aspects of a company so that competitors don’t easily adopt new innovations that will surpass your investment, says entrepreneur Jason A Sugarman. In the case of cryptocurrencies, investors should be aware of the way that blockchain technology will affect market expansion, either positively or negatively, in the long term. But beyond the realm of investing, cryptocurrency is set to affect numerous industries, such as:
The cybersecurity industry is one that is already being disrupted and changed by blockchain. Cryptocurrency has an inherent connection to cybersecurity, offering a different and more secure approach to storing information, establishing trust, and performing functions. In environments requiring high security, blockchain will effectively take away the human factor from the security equation, which is usually the fundamental flaw. By eliminating the middleman in financial transactions, the technology will reduce the chance for hackers to exploit numerous links.
A second industry that will be affected by blockchain is academia. Colleges and universities may see the appeal in utilizing the technology to verify certain student credentials when applying for admission. Already, schools like The Holberston School use Bitcoin blockchain to deliver secured academic certificates. This will eliminate any dishonesty about credentials, which is an issue for many universities, and it will improve the overall efficiency of admissions.
Preserving the integrity of voters is a serious issue in the U.S., and blockchain is one proposed solution that may make electronic voting a reality. The election management industry needs a way for votes to be as secure as possible, and blockchain may allow voters to be able to track their vote to ensure that nothing has been compromised. On a large scale, paper ballots are too difficult to track, but with a technology that is based on security and protection, blockchain can make it much more challenging—and even impossible—for scammers to commit election fraud.
Clearly, cryptocurrency and blockchain technology is shaping up to have a significant effect across a variety of industries, like cybersecurity, academia, and election management, resulting in heightened security and protection for individuals.