The introduction of Bitcoin to the world had far-reaching effects beyond just a new payment system. The underlying technology that powers this coin and many like it is known as blockchain technology. It’s here where the potential for greater applications lies. But if we lived in a future where blockchain ruled, where would it make the most impact? Here are four ways blockchain could change the way the world works.
1. We could have our own centralized digital currency.
Starting at the most basic level, it’s important to recognize the impact of blockchain in cryptocurrency and how it’s given us something truly valuable. Although most people see crypto as a digital asset only appealing to traders and investors, crypto at its core is a revolutionary payment system that beats traditional finance in many ways. The benefits of Bitcoin and similar coins is that they are completely decentralized (no one controls your money but you), transaction fees are far less than what banks charge (and there are no middlemen that you have to go through to send money), and it’s accessible to everyone across the globe. Put simply, crypto allows you to access money much more affordably and quickly than fiat currency.
If you’re looking to better understand how cryptocurrency works and how you can use it, use a platform like Crypto Vantage to get started. This platform tells you everything you need to know about wallets, crypto exchanges, and the various assets that you can purchase. No matter where you are in your crypto journey, they will provide you with all the information you need to know in order to approach cryptocurrency more confidently.
2. Blockchain can be applied at the government level to increase transparency.
Governments can use blockchain to improve the way they function and impact various industries. For example, taxes are just one area where blockchain could streamline our needs. With a decentralized (or centralized) ledger of all financial transactions, we wouldn’t need tax preparers or accounting firms to assess our financial data and produce tax reports. Rather, the government would have all the information they need at their fingertips to file tax returns for us and disperse incomes or send bills to citizens.
Of course, while this is simple in theory, it likely won’t happen for a while, if at all. Instead, you will want to look for tax supplies like tax return folders for accountants and other folders and envelopes to help you stay on top of your personal and business finances. After all, we’re not quite in the digital age yet, and having the right materials can help you keep all of your crucial important financial documents in one place.
3. We may no longer have to fight over personal privacy and data.
Data privacy and security have become a major focus in today’s society, so much so that Google is doing away with the third-party cookie in 2023. However, we don’t need an ad blocker and new tracking methods in order to support both consumers and advertisers. The decentralized internet gives consumers greater control over which types of ads they view and helps advertisers truly connect with individuals who would be most interested in their products and services. Additionally, there are generally rewards for those who use these types of platforms in lieu of other major search engines. All of these are great incentives to turn to blockchain for marketing over other current practices.
4. We can digitize buying and owning various items.
Whether we want to buy a house or a car, there’s a lot of paperwork, fees, and other hoops to jump through in order to get what we’re looking to purchase. Blockchain can help us avoid all of this by digitizing the process, eliminating the fees that we have to pay through the use of smart contracts, and helping us secure ownership through a decentralized ledger or the digitization of the assets into a format that can be held on a blockchain. In real estate and beyond, blockchain is already paving the way for a better future.
Cryptocurrency is great, but blockchain is the most exciting aspect that we can apply to a host of industries. If you want to catch a glimpse into how blockchain can change the way we currently do things, take a look at the four scenarios above!