Cryptocurrency today is used by many people across the globe for everyday transactions, in fact some people prefer it over regular cash. As you might already know, the technology it is based on is called blockchain, which has been responsible for ideas like dApps and Web3. Cryptocurrency is opening doors to endless technological possibilities, but how? That’s what we are going to cover in this article.
Many mega-corporations have adopted cryptocurrencies in the last five years, including Microsoft, IBM, and PayPal. Not only that, but they are also investing in blockchain technology research. Casinos, especially the digital ones, are notorious for their compatibility with decentralized currency, and thanks to them, you can dive into crypto-friendly table games like Lucky Wheel right from the comfort of your home. With a more vibrant way to enjoy online roulette, Lucky Wheel features 10 betting areas, which you can access by depositing via direct transfer or digital currencies. This fosters a more accessible digital gaming experience, paving the way for the mass adoption of cryptocurrencies in the iGaming sector and beyond.
IBM leading the pack in blockchain banking
Banks around the world have taken a keen interest in blockchain technology, and IBM is at the forefront for providing the institutions with top-tier solutions. The company is playing a major role in helping businesses adopt this technology on a global scale. IBM’s research has shown the adoption of blockchain technology is growing at an unprecedented rate.
IBM Blockchain helps financial institutions enable fast transactions and accurate data management with little to no paperwork. The benefits of blockchain technology are not just limited to new ways of asset management; it is cost-effective as well.
Cryptocurrency demands technological innovations
In the last five years alone, the cryptocurrency sector has grown by over 530%, presenting a huge challenge for banks, government entities, and tax authorities. The risks for the financial institutions are apparent, and the loss of tax revenue to government organizations is huge too.
This is leading to the birth of much more advanced technology that could help the government track crypto transactions. However, the blockchain itself has responded with its own innovations, making it even harder to trace. The challenges posed by the crypto industry require advanced technological solutions.
Many companies across the globe now accept cryptocurrency
Microsoft, the largest software publisher in the world, allows users to make payments through cryptocurrency. The company also partnered with BitPay, a bitcoin payment service provider. Not only that, but the tech giant is also researching the technology, just like IBM, to help enterprises adopt the blockchain technology.
That said, companies like PayPal, Express VPN, and popular online stores are not behind the blockchain race either; they too have extended their compatibility with cryptocurrency digital wallets.
Elon Musk’s Tesla, Inc. allows users to purchase the company merch via Dogecoin. Musk has also been very open about his support for cryptocurrency and often encourages people to use it.
Why is blockchain technology so important for technological innovations?
First, let us get the fundamentals of blockchain right: A blockchain is a database or a ledger that is stored across several computers in a network. The distribution of information across the network of computers can be imagined as blocks connected together with a chain. The stored data is virtually immune to hacking and cannot be altered unless the access is verified by other computers in the network. With that out of the way, we’ll look into how this technology has attracted so much interest.
- Decentralization: This term often gets thrown around a lot whenever cryptocurrency is mentioned. This feature of blockchain technology means no single person or entity has control over it; rather, everyone who is part of the network owns it. The transactions recorded on the blockchain are eternal and are transparent to every computer. This inherent feature of the technology has allowed for some really interesting ideas for technological innovations.
- Privacy and Security: It’s impossible to establish which user owns how much Bitcoin if it was purchased anonymously. This means no government or tax authorities can trace the digital assets in possessions. User’s information remains private if he wishes so and can only be accessed with special permissions, like unique keys or passwords.
- Low-cost fast transactions: Unlike traditional banks all crypto transactions are near instantaneous and require very little information in order to initiate the process. All of which happens at extremely low transaction fees. This efficiency has revolutionized how computing, security and industrial applications work.
The future of internet, Web 3.0 is based on blockchain technology
Web 3.0, also known as Web3, is a new way of browsing the world wide web. This is the latest version of Internet, and thanks to blockchain technology, it is decentralized. Within this innovation’s ecosystem, an individual can access an array of dApps (decentralized apps) and browse the internet without fear of getting censored, as it is collectively owned by every user.
Unlike Web2 services like Google that exploit user data for advertisements, Web3 offers true privacy, and all the other features of blockchain also apply to it.
