H.G Wells famously wrote about the need to “adapt or perish”. It’s a saying that makes perfect sense when it comes to cryptocurrencies because when it comes to the blockchain, companies either need to get on board or risk complete destruction.
Some industries are already being threatened with extinction if cryptos continue to rise, but others are embracing the changes and creating an almost symbiotic relationship with the world’s biggest digital coins.
Here are a few of the industries that are benefiting the most from the implementation of blockchain technology.
Online Casinos and Sportsbooks
For most people, their first experience of the internet was dodging banners and popup ads for online casinos and poker rooms. The chaos was caused by affiliates and not by the casinos themselves, but it still gave them a somewhat negative reputation. Over the years, Google has made that worse by penalizing sites that associate with gambling companies.
But times have changed. Not only is online gambling more widespread than ever before—embraced by most countries around the world—but it’s also driving some massive technological innovations, including cryptocurrencies.
A huge number of online casinos and sportsbooks now accept Bitcoin, Ethereum, Litecoin and Cardano, to name just a few. It means that they are helping to facilitate the transfer of millions of digital assets every single day.
There are still many gambling sites that don’t accept these currencies, but developers and white label providers are steadily taking note and most sites will accept them before long.
Take a look at this list of Coinbuzz casinos for an insight into how online gambling is supporting cryptocurrencies.
Banks and Financial Institutions
The whole point of cryptocurrencies was to create something that didn’t rely on banks and centralized exchanges. If they continue to grow and become part of our daily lives, the future of major banks will be in jeopardy.
Not only is that bad news for investors everywhere, but it puts many major economies at risk, as well. The good news is that they’re not rejecting cryptocurrencies outright and hoping that they will go away.
Many major banks are experimenting in introducing cryptos, including Credit Suisse, who partnered with massive blockchain firm Paxos.
JP Morgan has its own alt coin and Citigroup and Goldman Sachs have also dipped their toes into the crypto sector. Banks will certainly be disrupted by cryptocurrencies, but it seems that they are ready to ride the wave and profit from the growth of the blockchain.
The insurance sector may seem like an odd one to embrace the blockchain, but these companies rely on data and efficiency, and if investing in blockchain technology means that they can reduce costs and increase speed, it’s a perfect fit.
Major insurance companies are already investing in the blockchain to improve payout speeds and the efficiency of incoming payments. It could also help them to develop additional products and services, such as insurance policies related to digital assets.
The Hospitality Industry
The hospitality sector is looking to blockchain technology as a way of reducing commissions and ensuring that more of the customer’s money actually goes to the hotel.
Most customers go through third-party booking sites when they book rooms. These sites charge a hefty commission, and it’s one that’s often much larger for independent establishments.
It means that they are forced to increase their prices, putting an additional financial burden onto the customers.
By utilizing blockchain technology, they can skip the middleman and keep all the money for themselves. They still need networks that perform these roles, but blockchain platforms are already springing up to provide cheaper commissions and faster booking.
Every time you purchase an item online, you will be directed through a third-party payment processor. The network will take your payment details, process the payment, and handle everything on behalf of the website. It means that the retailer doesn’t need to deal with all the financial aspects and can provide their customers with a safe and secure way to pay.
But those merchants aren’t free, and they often charge a fee of between 1% and 5%, depending on the type of service they provide. That might not sound like much, but it all adds up, and for retailers processing millions of dollars a day, it’s a pretty hefty sum.
The blockchain could help these customers to process payments quickly and cheaply, allowing them to avoid the middleman, cut out the costs, and keep more of the profits for themselves.
The result is that retailers will have more cash and more freedom, and that could potentially lead to cheaper products and services.