Industries That Blockchain Will Radically Transform Cryptocurrency Exchanges
A common misconception, held by many newcomers to the blockchain world, is that the technology’s potential lies solely in the banking and financial industry. In fact, the recent suggestion of the Indian government to rename cryptocurrency as “crypto assets”, and Warren’s Buffett’s belief that Bitcoin is not in any way a currency, are perhaps closer to the true nature of cryptocurrency than the commonly held belief that it is simply digital money.
Cryptocurrencies should not be seen as just money, but as tools. Blockchain technology, which underpins cryptocurrency, has potential in many more forms than just as a medium of exchange and store of value.
The application of this technology to industries as varied as supply chain management, fashion and publishing is a result of the innate flexibility of blockchain. The nature of a platform can be programmed to suit a variety of needs. The sooner an investor realizes this, the sooner they will see how exactly it might be applied to different industries, giving them a degree of clarity with can help them measure the potential of a project to disrupt a particular industry.
Given the immense potential of blockchain, we take a look at industries, one at a time, that will be upended by its imminent commercial arrival. The shown here is as follows:
Oddly enough, for an industry bent on selling the idea of decentralization,
much of its blood comes from trading on centralized exchanges. Millions of dollars worth of cryptocurrency have been stolen from centralized exchanges and a secure solution is needed to prevent this from reoccurring. Today, more decentralized exchanges are being launched, with well-known names like ICON, Stellar and Waves creating these “DEXs”. A DEX has no third party involved and keeps the coins safely in the hand of the holder. It suffers from the same shortcomings as the underlying blockchain technology, but we know that this is being improved.
Enigma, a project backed by MIT graduates and researchers, is an off-chain network that is trying to solve the problem of scalability and privacy. Catalyst, their DEX, is an investment platform for cryptofunds that is data-driven. Other DEXs include NEX, an off-chain solution by NEO which integrates payment services, and OmiseGO.
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