With recent developments in cryptocurrency, individuals who have placed their bets on innovative digital currencies are being emboldened to increase their investments. Cryptocurrency is now more common than it had been when it started, and people are starting to take notice. The ease of access, not to mention the profitability of trading in crypto, has made it a worthwhile endeavor.
But it’s not just individual transactions that can benefit from the rise of cryptocurrencies in the market. Industries as large as pharmaceuticals and as concentrated as communications are also welcomed to explore how crypto can work out for them in the same ways it has improved individual transactions.
That said, here are four industries that can benefit from the crypto boom.
Perhaps the most obvious choice would be the banking industry since it already deals with people’s finances and it is closest to what cryptocurrency entails. With cryptocurrency’s direct and secure blockchain technology, which acts as a safe record of peer-to-peer transactions, banking clients can directly transact with others without waiting for any processing time.
In addition, cryptocurrencies are managed and organized similar to cash, making the playing field familiar to banking. Exchanges are still made between individuals, but the mode of transaction just happens to be different. For instance, those who make use of certain digital currencies can use a Monero wallet to secure their cryptocurrency with personalized digital keys available only to the end user.
Another industry that can benefit from cryptocurrency is healthcare. While much has been said about the positive impact blockchain can have on the health industry, not much has been written on cryptocurrency specifically.
However, there is definitely potential in the latter. The automated and decentralized nature of crypto can help patients transact directly with hospitals and healthcare providers without worrying about a third party mediator to oversee the transaction. This can also considerably speed up the transaction process without having to be bogged down by any possible administrative red tape.
At the same time, the nature of such exchanges between client and service provider builds trust as cryptocurrencies are generally secured by blockchain. The automation of transactions also relieves hospitals from the administrative aspect of managing patient payments to focus more on the health services and to improve any existing processes that can benefit healthcare workers and patients.
Similar to healthcare, education is another social service whose operations could improve under crypto. As a public service, education is especially saturated with administrative worries that distract rather than improve the industry’s main focus, which is to deliver learning services to students.
Cryptocurrency’s streamlining of educational transactions is especially beneficial when the demand for education is increasingly high. Not to mention, recent progress in digitizing education would include cryptocurrency as a welcome addition. Education is an essential public service that has seen plenty of recent innovations in the past years. This includes using blockchain technology to secure student information, as well as streamline the payment process during enrollment..
Agriculture is an industry that has traditionally depended on middlemen to facilitate transactions between producers and consumers. Farmers give a cut of their income to mediators in the market who sell their products for them. Although this is slowly starting to change, the practice is still common today.
This is where cryptocurrency can come in. Apart from innovating the agricultural market, crypto transactions also cut out the middleman from the equation, ensuring that all sales are remitted solely to the producer. This is done through cryptocurrency’s peer-to-peer technology that allows individuals to transact with each other directly. The transaction is secured by crypto’s blockchain technology, which is recorded on a series of computers with set security keys to prevent any private information from leaking.
The potential in agriculture is great. The digital currency can possibly level out the playing field between producers and consumers, ensuring fair prices on both ends. The way by which cryptocurrency transactions are recorded also ensures that nobody gets shortchanged.
Cryptocurrency is a fast growing trend and industries that want to get ahead have a higher chance of doing so by riding on this initial wave of the crypto high. That said, perhaps cryptocurrency’s strongest selling point isn’t in profit, but in the way it democratizes and streamlines transactions, whether this is between individuals or between individuals and institutions.
Industries that can benefit from crypto aren’t just the usual suspects that already deal with finance. Public services like education and healthcare can gain from such a setup, especially with the pressure to modernize their services to accommodate the changing needs of the public. At the same time, other industries like agriculture can even out the playing field by allowing safe and direct peer-to-peer exchanges between buyers and sellers.
The impact cryptocurrency may have on the market has yet to be fully realized. Yet even at its early stages, the promise of its benefits can already be seen. Given this, the disruption that cryptocurrency lends to industries may soon turn into a norm rather than an exception.