Blockchain technology is one of the latest pieces of technology primed to transform how our society works. It does so by bringing decentralisation to the digital age, creating a healthy, self-sustaining and fair economy across every sector that relies on banking and data sharing.
However, has blockchain lived up to realising developers' visions for its creation and application? The best way to answer that is to look at how it is used today. Here are all the ways blockchain has positively contributed to society:
Blockchain tech first made its mark in money transfer and payments, as cryptocurrencies were a mode of payment and store of value. This includes Bitcoin (BTC) and Ethereum (ETH) as the most successful followed by assets with great potential like Dogecoin (DOGE) and Litecoin (LTC).
All of these assets circulate in many sectors but adoption started and propagated in recreation like online casinos Bitcoin betting. Through crypto, gamblers have found cheaper and more reliable ways to top up their bankroll than online banking and electronic payment. It is also a popular way to earn more valuable digital assets while hodling for long-term traders.
Ethereum, on the other hand, is the platform of choice for starting a new collection trend via non-fungible tokens (NFTs). These are digital assets people collect and trade with value derived from artificial scarcity and platform-wide applications. It trended across different industries like sports and gaming, creating many strong communities of collectors and fans.
Before crypto was introduced, commodity trading was mostly exclusive to the rich. Nowadays, average households with small upstart funds can participate and get rich in crypto trading. It started with Bitcoin when it was cheaper and then Litecoin and Dogecoin stepped in when it got too expensive and became exclusively institutional-traded.
Nevertheless, crypto is still a relatively open market for traders with small funds. Most exchanges and brokerages charge low fees in managing these assets as commodities compared to minerals and properties. This has given rise to crypto advocates like Jane Thomason and Youssof Altoukhi.
Blockchain technology has become one of the key talking points in many pre-existing communities. One such example is the online gambling circles which also talk about crypto bankrolls to play Bitcoin casino online games. Sports fans also showed interest when clubs began selling tickets and memorabilia in NFTs and bookmakers embraced Tether (USDT).
PC gaming communities are also sharing information on hardware specifications. These conversations usually discuss using graphics processing units (GPUs) for mining or running the Metaverse for the next-generation gaming experience. You can also see reward systems in play-to-earn (P2E) games becoming popular and only possible on the blockchain.
Cross-border payment is a big challenge for all small businesses. They often cost so much for countries with no direct local currency conversion with their willing customers, forcing them to meet halfway through the United States dollar (USD). Crypto has made this process easier with peer-to-peer (P2P) payment system, allowing businesses to avoid high fees.
Some of the countries that benefited from this alternative mode of payment are Nigeria, Kenya, and Botswana. Small businesses became thriving enterprises with an international customer base all thanks to vendors benefiting from blockchain tech.
Despite its great contributions to society, blockchain adoption still faces plenty of challenges. It’s bound to change with countries like the United States, Australia, South Korea, and Japan showing interest in crypto adoption. BTC casino games are one of the first examples of it and it will soon become the normal mode of payment for everyone. Blockchain global adoption still has a long way to go but it is going in the right direction.
