Technological innovation can impact a lot more than our daily lives. In fact, it can disrupt entire industries and change the way we do business.
Here are five existing industries already receiving a healthy impact because of cryptocurrency and blockchain.
1. Banking and Payments
Some say that the blockchain will do to banking what the internet did to media. It can be used to give access to financial services to billions of people around the world, including those in third world countries who don’t have access to traditional banking. Bitcoin allows anyone to send money across borders almost instantly and with relatively low fees. Abra is one startup that is working on a bitcoin-based remittance service.
Many banks like Barclays are also working on adopting blockchain technology to make their business operations faster, more efficient and secure. Banks are also increasingly investing in blockchain startups and projects. IBM predicts that 15% of banks will be using the blockchain by the end of 2017.
2. Apartment Rentals/Real Estate
Anyone who has ever purchased or sold a home knows just how much paperwork is involved in a real estate transaction. Blockchain technology can completely change the current headache that all of these documents cause.
By using blockchain, all of the documents and transaction records can be stored securely with measurably less work and less cost.
According to Piper Moretti, CEO of the Crypto Realty Group and licensed realtor, the use of blockchain can also potentially eliminate the escrow process.
The technology can create smart contracts that release funding only when the conditions are met.
Additionally, many people in the process of working with a real estate agent know how frustrating the commission rates can be, with many charging up to 6 percent.
Also Read: Port of Brisbane Adopts Australia’s First Blockchain Supply Chain System
Also Read: Coinbase CEO Launches a Cryptocurrency Fund for Charity