Bitcoin is the world’s largest cryptocurrency, and since its launch in 2009, it has been transforming our view on money, time, and energy. Just like a living ecosystem, its distributed encoded network is spreading fast across industries and borders, bringing with it more opportunities and attracting more than a million miners supporting its growth.
“Bitcoin is the first example of a new form of life,” according to encryption pioneer Ralph Merkel. He said, “Bitcoin breathes and lives on the internet,” and what he found fascinating is bitcoin’s ability to connect with economic systems and human culture. This unique interdependence could shift humankind into a new path.
To find out which ways Bitcoin affects the global economy of Canada, we teamed up with our expert Michelle Thomas (see profile) to uncover a few effects of Bitcoin. Here are some of the sectors in which Bitcoin has greatly influenced and will continue to influence.
The Banking Industry
The banking industry has a few issues which blockchain technology can solve.
Currently, the banks hold the role of handling their clients’ money and aids in the exchange of that money.
Blockchain technology offers a reliable and secure way of handling the numerous exchanges that are made in the banking sector every day. The technology that Bitcoin offers could essentially bring down that risk of providing safe records.
Furthermore, money could be moved faster with the decentralization lent by blockchain. Ripple and SEC are working on guidelines that will streamline the adoption of blockchain. Ripple is one of the most advanced blockchain protocols and has been adopted by some big banks and financial institutions.
The online casinos
The gaming industry has greatly benefited from blockchain technology. Bitcoin is now and being used as a payment mechanism and a gateway for game purchases and a deposit and withdrawal option in online Canadian casinos. Bitcoin technology, therefore, could work perfectly in creating and managing game currency accounts.
Woke players in the search for casino games Canada will evaluate whether the platform allows crypto deposits and withdrawals. Blockchain is also making it easy to create secure online casinos and protect users’ data and money.
The healthcare sector has been facing numerous challenges when compiling, sharing information and records. The extortion of data and missing information has brought skepticism among healthcare practitioners and customers.
Blockchain technology can rebuild trust from customers and practitioners by providing a safe and ideal method of storing medical records and moving them safely among specialists in authority.
Adopting this technology by the healthcare sector will make it easy to compile, store and share information. As a matter of fact, most startup businesses are now attempting to make multi-source people identification a reality which is possible by utilizing this technology.
The main reason why blockchain technology was developed was to make it easy to transact digital currencies. Bitcoin currency in a blockchain can help you transfer Bitcoin from one part of the world to another in less than an hour.
Bitcoin has made a great revolution in the finance sector by cutting out third-party organizations. In this case, Bitcoin is decentralized, and all transactions can occur without depending on centralized organizations.
In addition to this, Bitcoin helps solve the biggest problem of transparency that is ailing the world right now. This is because all transaction records in the Bitcoin ledger are made public and nothing can encourage the irregularities that have been happening in the finance industry.
The Insurance Sector
The insurance industry has also been a significant beneficiary of blockchain technology. Insurance is one of the sectors that demands transparency from the transacting parties. With blockchain technology, the insurance industry has been able to improve its operational efficiency. Now the insurance sector is looking for ways to reduce costs and provide better customer experiences.
Luckily, blockchain technology provides the ideal method for providing a single source of truth for transactions between parties. This has reduced cost and processing time in insurance companies, thus increasing customer experience.
There is no doubt cryptocurrency holds numerous benefits, from investment opportunities, transfer of funds across borders, growth of economy and security, and many more. However, let’s not forget that there could be danger looming in the future with it being unregulated.