With cryptocurrencies like Bitcoin and Ethereum in the news so much lately, more and more people are waking up to the concept of blockchain, but not enough people actually understand how it works, how it is applied in an industrial or financial system, and the potential it has to make dramatic improvements in the quality of our lives on a global scale. Bitcoin betting bookmakers even make it easier to find casinos to bet with bitcoins. What sector hasn’t been affected is the question here.
The year gave us a taste of what the next paradigm shift in technology and finance would be. After the revolution brought on by the applications of the internet and mobile technology, blockchain technology is slated to be the next concept to rewrite the rules of tech-evolution.
Cryptocurrency modules like Ethereum and Bitcoin have been on an upward surge with investments pouring in from all corners of the globe. Top business experts from various industrial sectors have been closely following the Bitcoin revolution along with its contemporaries like Ethereum. There’s a great deal of speculation about how traditional markets will respond to the pressure that is being put on by the cryptocurrency trend.
Cryptocurrencies are now way beyond a trending concept. It’s something that is poised to do a complete reset across business verticals and change the way we manage our lives.
The number of people investing in cryptocurrencies is growing with every passing day, with key global investors choosing it over traditional stock and financial systems. The decentralized currency system certainly provides an alluring promise of quick and convenient risk-free global financial transactions, something that traditional banking systems are far behind in achieving right now.
Ethereum certainly looks on its way towards causing a revolution in legal, asset exchange, and finance sectors. With several cryptocurrencies coming into the mainstream, the scenario of banks adopting blockchain technology doesn’t seem far fetched any more.
Though an out-and-out doomsday scenario for traditional banks and financial systems may not be imminent, it’s fair to say that major changes can be expected in how investors prioritize their investments for cryptocurrencies in the coming years.
Though traditional large corporate and financial institutions have been publicly dismissing cryptocurrencies as a “flash in the pan” concept that has no reliability quotient, the fact that a significant portion of their users have adopted cryptocurrencies has been causing a great deal of concern for them. In the present setting, their only option seems to be to adopt a “wait and watch” strategy.
We are gearing up towards a green shift in the technology, finance, and energy sectors. Green cryptocurrencies are expected to have a superior role to play in this paradigm shift. Blockchain technology, which powers cryptocurrencies is already being used by major industrial sectors like mining and energy streamlining and enabling them to run daily operations at a fraction of the original cost.
Blockchain technology is being used to pool data from various economic sectors and integrate them into a single global dataset that is completely reliable and virtually governs itself. This in turn provides transparency and specificity making it possible to actually measure various aspects that are beneficial to the environment such as renewable power, clean jet fuels, and so forth.
The blockchain technology can be used to follow and manage the results of environment-friendly practices in real time. This could be anything from how much carbon footprints have been reduced or how much water has been saved as a consequence of a financial transaction or any measurable action for that matter.
Apart from the manufacturers and distributors, this positively reflects on consumers who have a better understanding of how their actions can actually make a positive change to the environment.