The digital currencies are getting popular day by day. Many different sectors are using this technology to make advancements. One can say that that the ICO, blockchain and cryptocurrencies are shaping our lives.
Blockchain is not controlled by one server and is decentralized; therefore, there is greater security and not bound by any government regulations. Cryptocurrency is a modernized digital currency and strengthens blockchain.
They ensure fast and easy transactions and are not guided by financial organizations. ICO is a type of funding, here the crypto tokens are released by the companies, and the investors buy them.
These three (Blockchain, cryptocurrency, and ICO) are interlinked, and they all pose a great impact on different sectors.
Advertising and marketing is an important aspect of today’s industries, and blockchain advertising ensures a direct link of the consumer with the producer that makes it more effective. Recently, Basic Action Token (BAT) is a popular advertising service utilizing decentralization mechanism.
In the Education sector blockchain technology provides transparency in record keeping and easy transaction of fees. Moreover, it exempts the paperwork too. The recent examples are the University of Nicosia and MIT, who launched this technology.
The financial sector is being strengthened by fast transactions, high security and cost-effective rate. Bitcoin is largely being used for decentralized payments, and other altcoins are also striving to make advancements in the financial sector.
In the government domain, the system of voting can be made transparent by the use of blockchain technology. Also, the record keeping process can be made more effective. Switzerland has used this technology in the voting process. Estonia and Dubai are also taking initiatives in this regard.
Health segment has got a lot of advancements in terms of easy payments and for effective record keeping of patients. MedRec and Tierion provide decentralized storage for medical records. The insurance companies can also use blockchain technology for a direct link with customers without any interruption. Currently, many companies are using this technology like SURETY.AL, RYSKEX, etc.
In the same manner, many Real Estate businesses are utilizing this technology to reduce human error like Sweden is taking the initiative to strengthen its real estate sector by this technology.
Last but not the least in the supply chain, the duplication of data can be reduced and ensure easy tracking of data examples include; Provenance and WAVE.
In a nutshell, many analysts are positive about the future of cryptocurrency and decentralization. A renowned capitalist Tim Draper speculated that Bitcoin would achieve two hundred and fifty thousand billion dollars ($250,000) by 2022.
Justin Sun is also hopeful that business will adopt blockchain technology massively in the near future. The Co-author of ERC-20 Mr Fabian believes that ICO is a great funding mechanism.
There are many new projects of blockchain in the pipeline so one can only expect good from this segment and its massive adoption in the near future.