When blockchain technology was first conceived towards the end of this century’s opening decade, not many people would have predicted that the digital asset market would be worth over $1tn, just over 10 years later. While some detractors are skeptical about the practical uses of cryptocurrency and blockchain technology, this is not particularly widespread, judging by the huge institutional investment that has flooded into the space since the beginning of the 2020s.
Gambling companies based online have enjoyed a sizeable share of the overall market as the advantages of operating in this space continue to become more apparent. Not only do digital casinos not have to pay rent in land-based casinos but they can also get through more rounds of casino games per hour. They are implementing the huge technological and computing advances introduced to the market within the last few years.
In addition to this, cryptocurrency casinos are an emerging market. They will continue to gain traction because of the benefits they offer. These range from additional security benefits, as you don’t need to store sensitive bank information, to instantaneous deposits, since you connect your cryptocurrency wallet directly to the provider. Casinos such as Meta spins are an example of a provider expanding into this space.
The financial sector has long been a closed shop regarding specifics such as the technology and software used to finalize transactions. Many banking systems still use the SWIFT system to execute cross-border transactions. This technology was highly innovative at the time it was created. However, as we move into a world with web3 technology, having a cross-country payment system that can take days to finalize a payment seems rather dated. However, the sector has recently held talks with blockchain companies to implement their technology in this space.
To counteract the amount of time it takes, blockchain technology aims to verify and authorize payments instantly on the network. The blockchain then has a permanent, public record of it and is extremely effective at providing clarity and security for individuals or companies involved in the transaction.
Traditionally, the mortgage industry has been a market involving a lot of paperwork and what many people see as red tape. Of course, this red tape is necessary to ensure that such a big purchase is verified, secured and well-documented to protect both the buyer and the seller.
The blockchain maintains a permanent log of any exchange. This is from both ends, which guarantees protection for all parties. The blockchain information makes a log of the entire purchase, including:
- Name of the buyer and name of the seller
- Item details
- Price information
It also provides the capability of having a verifiable and authenticated record that is accessible 24/7. Implementing this technology removes the need for any middlemen and results in reduced costs, as there are no extra people in the chain who need to be paid.
This may sound like a similar point to the one we made at the end of the last section. Still, recording a secure transaction on a public blockchain allows transparency to be front and center of any business. This will increase trust between customers and the organization, and in the long run, result in a more open and honest culture.
That isn’t to say businesses currently operate in bad faith. However, having the option to view all transactions on a blockchain to ensure they’re verified looks like the direction in which many businesses are heading as we move forwards into this decade.
Cryptocurrency is a digital asset that needs plenty of work before being accepted in the public sphere. Despite its obvious benefits, there are still plenty of sceptics and negative language regarding this type of investment.
If we are to see mass adoption and seismic changes in the landscape of business environments, more work will need to be done. This includes increasing public awareness of the benefits, which need to become more apparent and simple for people to understand. It also includes an emphasis on learning about how the technology works.
Suppose cryptocurrency and digital asset companies can continue to innovate and sell their more convenient and cheaper solutions to larger businesses. In that case, this adoption may happen over the course of the next decade. It is extremely exciting, as there could be a total change in how businesses operate. It could equally be a promising technology that never achieves its full potential, although we think this is unlikely.