If you’re tuned in to the tech world to any degree, you will most likely hear about cryptocurrency multiple times every day. Like any trendy new phenomenon, it has become a bit of a buzzword and something that seems like it’s only relevant to a certain type of person. But cryptocurrency is relevant to anyone living in the modern world. Here are a few ways you can expect to see cryptocurrency transform our world in ways that will be relevant to everyone.
1. Scientific Discoveries
The more data-driven the world becomes, the harder it is to keep track of all the information that currently exists. Within the scientific community, freedom of knowledge and real-time updates of discoveries are necessary to make sure everyone has the information they need to do important research. Currently, a lot of information that already exists is privately owned and therefore unable to be used for research via a power distribution block by the larger community.
Rather than a few powerful institutions or foundations having access to the majority of important scientific data, blockchain technology will make it possible for anyone to access the information they need and make updates in real-time. Scientific discovery won’t be for a small percentage of a highly-educated population any longer, since anyone will be able to make contributions. Data collection is a time-consuming process that often slows down the rate of research, so having more hands on deck will result in high-speed scientific discoveries that could have untold benefits for the world.
2. Business Accountability
More than ever, consumers are expecting a certain level of ethical accountability from the businesses they use. There has been a spike in general awareness of unethical and illegal practices that are commonplace within many industries, and consumers are beginning to have less tolerance for businesses that refuse to change. Currently, however, there’s no real good way to know whether or not a business has made those changes aside from their own word.
Because of the transparency afforded by blockchain technology, future businesses won’t have much of a choice about their practices. There will be greater accountability, and customers will have a much clearer idea about how businesses operate and can use their buying power to eliminate those who aren’t up to snuff.
3. High-Speed Transactions
You may already see the world of online shopping as being about as high-speed as it gets. But there’s plenty of room for improvement, and cryptocurrency is going to be closing any gaps that still exist. Transferring money from account to account, for example, can be a lengthy process that can cause real issues if there are hiccups along the way. Through technology like neural network chips, there will be fewer speed bumps on the road during money transfers with cryptocurrency.
A transfer or money wire will be almost immediate, in addition to being a free option that is guaranteed to be secure. This means that dealing with money while overseas will no longer be the safety hazard that it currently is. You won’t have to carry all that currency around in your pocket or risk having a card stolen. Instead, crypto will be applicable all over the world, making it both easier and safer to travel, as well as cheaper through the absence of transaction fees.
4. Currency Stability
Countries all over the world struggle intermittently with inflation and the general instability of their national currencies. This is such an enormous problem that has a massive impact on the citizens and can really damage the quality of life for anyone living there. Cryptocurrency offers a solution to this problem by remaining stable and being valuable from everywhere in the world. It’s unknown how this implementation would look in real life, whether financial analysts will be using predictive analytics vs machine learning, but it’s possible that unstable countries could start to use cryptocurrency as a means of giving their citizens stability during difficult times.
5. Increase Control Over Finances
Most people don’t have much of a choice when it comes to keeping their money safe. Either you keep wads of cash in a suitcase under your bed, or you keep it with a bank. Obviously, keeping your money with a bank is the safest option, which is why most people do that. But there have been many examples in the past of how unstable banks can be in emergencies, causing those who trusted these institutions to lose everything.
In the future, cryptocurrency will allow anyone who wants to hold their money to remove it from the bank if they so desire. Banks will no longer have the final say in what’s permitted, and the people will have greater control over where their money is and what’s being done with it. It’s already becoming apparent that cryptocurrency is revolutionizing the financial world, but in the near future, you may start to see it changing the way people live their lives.