What Blockchain Has to Offer Beyond Cryptocurrency?

By Kapil Gauhar

It’s been nearly 10 years now, and the crypto fever hasn’t taken a break. It appears as though nobody is getting enough of it. How have you been enjoying the craze of crypto trading? Is that all blockchain brings to the table? Where else has this technology been embraced in real life? Let’s find out!

1. Time Equals to Money

Thanks to the blockchain technology! Transferring money is now efficient without geographical limitations. You don’t have to rely on remittance intermediaries to wire money overseas, which generally takes about one working day to process.

For individuals who regularly send money to other countries, blockchain brings a faster way at a much lower rate, round the clock. Plus, the request can always be completed instantly.

Another advantage of the adoption of this technology to remittance is the high level of security it comes with. The blockchain isn’t vulnerable to malware attacks as it’s decentralized and stored on the digital ledger to prevent people from creating fake data.

It is the best that traditional remittance firms adopt this new technology, or they may be losing out. There are already some financial institutions like the Bank of England, which have commenced experimenting with the technology on their payment system for serving blockchain users.

2. Time to Bid a Goodbye to Copycats

The critical challenge that the music industry face is how to secure the copyright of their creatives. As far back as the growing popularity of internet streaming and social media platforms, it’s been hard to recognize the first maker and practically impossible for artists to get paid for their works.

With blockchain smart contracts, artists can rest assured that they can get a fair amount when individuals use or download their works. At the point when a song is being logged on a blockchain, it will be shielded from fraud after the producer marks their name on the block, in light of the fact that no data can be changed once it’s uploaded on the blockchain.

We have already seen some blockchain based music companies, like Musicoin, eMusic and Choon, just to name a few, engage in smart contracts with lyricists by taking out the third parties, so that artists and producers can get their prizes legitimately from fans.

3. It’s an Eco-Friendly Invention

Is that true?

One of the blockchain’s goals is to eliminate the physical records which are prone to tampering. Thus, going digital can make sure that your records are immutable. It makes no difference whether you are buying a car or a house, creating a will for your family or storing your medical records, blockchain is just perfect for handling the ‘paperwork.’

The blockchain is undoubtedly a game-changer that will continue to inspire people to build a better world out of it.