Blockchain and Bitcoin go hand-in-hand in the minds of most people. Especially those who are just getting into these technologies.
BTC and blockchain have already revolutionized several industries and will continue to do turn the world upside down when it comes to how certain types of business, transactions, and data is handled.
Crypto 101: What is BTC
Bitcoin is a decentralized digital currency. What does that mean? It means that it doesn’t have a centralized bank or single administrator managing it. Think of open-source software, but with money. There are two parts to BTC, one is the digital token itself, which is just a bit of code, ones and zeros, if you will. The other half is the network that it uses, Bitcoin blockchain. This allows users to move the digital currency on a peer-to-peer basis, safely and securely without the oversight – or fees– from a central banking authority.
Crypto 101: What is Blockchain?
Blockchain is a ledger that much like BTC has no central administrator. Think of your MS Excel spreadsheets that are housed in a single instance on the hard drive of your computer. That record can be changed whenever you want and however you want, by you. Now imagine if that same spreadsheet was shared and housed and encrypted on millions of computers. It becomes almost impossible to falsify the ledger because millions of encrypted instances exist.
Also Read: Develop a career in blockchain technology
Top Industries that Benefit
Almost all online casinos and most offshore sites accept Bitcoin because the Bitcoin blockchain has added an amazing level of security and speed to the transactions between the public and the betting sites. The verification process for moving money to and from offshore accounts used to be lengthy and difficult. There were various third-party services needed. Now, BTC and blockchain simplify the process down to a 12 minute, $.60 transaction that is secure.
Banking hasn’t fully adopted cryptos, but they are on their way to doing so, even centralized banks. XRP has been picked up by big banks and they are planning on using it cheaply transfer money globally. With blockchain, there as almost no risk of a system collapse or a fudged ledger that ‘loses’ or ‘gains’ money into one account or another. The ledgers are immutable so it’s almost like each person has their own private bank vault.
Blockchain is a game-changer for consumers when it comes to buying a home or property. Imagine you are going to buy a home, and the seller tells you they fixed the roof in the last year, and that everything is on the up-and-up with the home. They pull out their records and show you, and you believe them. After buying the home it turns out that the roof was fixed 10 years ago and there is water damage to the foundation.
With blockchain, all of the updates, repairs, and insurance claims, would be recorded in millions of ledgers so the purchaser would always know the full truth about the history of the property. On top of this, there are using cryptos for handling purchase transactions could drastically reduce the commission rate – as little as 1%. Sorry real estate agents, but the truth will be revealed and your commissions might go down.
Blockchain will make legal documents unquestionably accurate. Common things like a shady last-minute change to a will be a thing of the past. Criminal records will be immutable as well. There would be no chance for a vengeful cop – blockbuster movie scenario– to suddenly change your clean history and turn you into a fugitive. Likewise, a criminal couldn’t unduly have their criminal record expunged. At least, not without going through the proper channels and having it verified over and over and over, in which case, it would be legal and legitimate.
What are some other top industries or institutions that could be revolutionized by cryptos and blockchain? Well, Government and Politics – immutable voting records, complete accountability for records of money which would, for the most part, eliminate corruption … and waste. Another industry would be Education. Blockchain would be able to house your entire education history, grades, achievements, titles, you name it. Charities would be held fully accountable for what they do with the money and goods that they take in. Healthcare is another, doctors and healthcare practitioners anywhere in the world would have access to your correct records. No more having to pay for a full dental exam at a new dentist because they ‘can’t access your dental records.’
There are so many ways that Bitcoin and blockchain will streamline our daily lives as we move into the future. These are just a few that scratch the surface.