As 2017 saw the rising trend of interest in crypto and blockchain technologies, a lot of people are questioning what is there to do with it. After all, most individuals don't realise the practical value of blockchain technology until they can spend their Bitcoin at McDonald's./n However, because we're still in the early stages of this new technology, there are a number of blockchain applications that have the potential to transform the internet as we know it. Which is why we are sharing a few significant trends to add value to the current conversation. Here are the five reasons why you should be talking about Blockchain.
Despite the fact that the tech world likes new industries, some early adopters are investigating how the blockchain can impact these emerging businesses. The study into how blockchain might play a role has been amazing, from enhancing legacy infrastructure in FinTech to developing decentralised markets for APIs. The Internet of Things (IoT), on the other hand, has emerged as an early favourite among Silicon Valley's new ideas./n With an expected $284 billion spent on IoT in 2017 (according to Statista), this is a booming market, with blockchain technology assisting IoT device connectivity. Although it is still early in the market, a few companies are looking to have an impact on the IoT-blockchain interaction.
The advent of the ICO, or Initial Coin Offering, was one of the most intriguing blockchain developments this year. According to Coinschedule, ICOs raised approximately $3.7 billion for early-stage blockchain startups, surpassing the total amount invested in seed/series-A initiatives by venture capital. These are pre-sales of coins or tokens that may be utilised on the blockchain company's decentralised platform, which is different from how we think about investing.
As we mentioned earlier, efforts in the health and security industries, information exchange among people involved in these fields will be enormous. According to Get ReferralMD, approximately 86 percent of healthcare errors are administrative, as many institutions use different systems and struggle to send medical records around accurately.However, many people are expecting that the blockchain will change this./n Within the medical records business, blockchain's power resides in both safety and security, as well as the speed with which files may be exchanged. Furthermore, by assigning each patient a unique ID, it is feasible to create a universal identity (similar to a social security number) that can be readily transferred from one care facility to the next. Although many people are eager to get started with using blockchain for medical, financial, and security data, they expect the infrastructure to be built out over the next few years.
Blockchain has been a major aid in the remittance sector, particularly through the trading of Bitcoin and Litecoin, despite being an early use-case we often forget about. If you're unfamiliar, remittance is the process of moving money from one party to another, which may be extremely expensive in some countries (especially developing nations). According to the World Bank, remittance costs an average of 7% of the entire amount sent, which can quickly add up for those who send money back and forth frequently. However, the blockchain has already helped lower costs in this area, and it is expected to gain traction as cryptocurrencies become more popular./n A few factors contribute to crypto's popularity as a means of sending money. First, the market cap, not a central government, determines the value of a coin. Second, interchange costs may be less expensive than those charged by established methods like Western Union. Lastly, the level of protection stops fraud or theft from an account, which can be a huge relief in areas where banks aren't very good.
Finally, decentralised marketplaces for digital valuables are possibly one of the most exciting blockchain uses. Digital collectibles, also known as NFTs, are one-of-a-kind inventions that are bought, sold, and traded on NFT marketplaces. Business Insider says that CryptoKitties is a great example of this because more than 200,000 people trade digital cats, some of which sell for more than $50,000./n Basically, people raise their cats to enhance their worth (like Tamagotchi, but with cryptocurrency), with the goal of eventually selling them for more than they paid for them. And, while some may find this absurd, the underlying concept of producing something with scarcity that can only be used on the blockchain has been revolutionary, and it will be interesting to watch in the future.
Blockchain technology will continue to grow in the fields of business, finance, law, medicine, and real estate. Finally, whether bitcoin is the proper investment for you will be determined by a multitude of personal circumstances. Staying informed and experimenting as much as possible are the best ways to determine whether this is the perfect opportunity for you. You will gradually realise whether or not the space is the one you desire.