When Bitcoin, Ethereum and other cryptocurrencies were making new highs every day, investors could not get enough of these virtual forms of payment. From tech enthusiasts to technophobes, everyone wanted a piece of the virtual pie.
Now that the tide has turned and cryptocurrency prices are falling, many of those same investors are changing their tune. Worse yet, some diehard cryptocurrency fans have soured on their favourite investment, dismissing Bitcoin and the like as a passing fad.
But no matter what happens to the price of cryptocurrency in the future, one thing is already quite clear. The underlying technology behind the cryptocurrency revolution, the blockchain, is currently changing the world.
Here are 10 ways blockchain technology is already revolutionizing the world.
- Supply chain management
Manufacturers are already using blockchain technology to optimize their supply chains, driving down costs, improving efficiency and speeding products to market.
- Secure money transfers
From banks and credit unions to online sellers, blockchain-enabled money transfers are enhancing security, reducing fraud and lowering costs.
- Fighting identity theft
In the age of identity theft, proving who you are is no easy task, but blockchain technology is helping the cause. Digital IDs based on the blockchain allow individuals and businesses to fight back against the scourge of online identity theft.
- Copyright protections
The theft of intellectual property has reached epidemic proportions, but blockchain technology is allowing copyright holders to fight back.
- Fighting counterfeits
Luxury brands have a huge counterfeiting problem on their hands, one that costs billions of dollars a year in lost sales and lost loyalty. Blockchain technology is being used to ferret out the fakes and bring the perpetrators to justice.
- Title transfers
From car dealers to real estate agents, businesses large and small are using blockchain technology to simplify the transfer of titles.
- Food safety
Blockchain technology allows food suppliers to trace the source of every ingredient in your dinner, tracking its movement from field to packing crate to table.
- 8. Tax compliance - Many people feared that Bitcoin and other virtual forms of payment would facilitate tax avoidance, but blockchain technology is currently being used to enforce compliance with various tax laws.
- Security for medical records
The theft of medical data and patient records is a booming business, but blockchain technology is allowing clinics, hospitals and doctors to fight back. Secure storage on the blockchain lets everyone rest easy, so patients can focus on getting better.
- Managing IoT networks
The Internet of Things promises to revolutionize the way people live their lives, but securing has been a weak point. Blockchain technology could vastly improve IoT security, so businesses and homeowners can reap the rewards without the risk.
Some people say the Bitcoin bubble has already burst, while others predict that cryptocurrencies will soar to record highs. While no one knows for sure, the underlying technology that makes these virtual forms of payment possible is already changing the world. Few industries have been untouched by the blockchain revolution, and this technology has the potential to improve lives in countless ways.
In 2016, e-dimensionz Inc. began consulting with a Ukrainian municipal council as part of a series of major digital reforms to stamp out corruption.
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