Why decentralization may just be what some industries need
Many would say that 2017 has been an all-time high for the cryptocurrency industry. This year was when Bitcoin was priced at its highest. A bitcoin has peaked at 20,000 US dollars during this time and this is mainly why many industries were suddenly interested in it.
The rise of cryptocurrencies in 2017 opened the possibility of applying blockchain technology to other industries. Blockchain technology is basically decentralization on transactions made online. The application of blockchain technology in this process makes it resistant to the modification of data.
Industries like food and beverage, gaming, and even online gambling are known to be industries that may benefit from this technology. Currently, decentralization is still something that everyone is not yet comfortable with, but it is still true that this may be what many industries need.
Decentralization is just really a feature of blockchain technology. This is why the use of cryptocurrencies is mainly beneficial to many online transactions. Most of the time, transaction with cryptos are real-time and made simpler.
This is because centralization is no longer necessary and no one will have to approve anything before a transaction with cryptos pushes through. It didn’t really take long before cryptos were found useful to the online entertainment industry. Bitcoin betting or gambling is one of the industries that use cryptos and is thriving.
The gambling industry actually made 134.8 BLN in gaming revenue last year . This is why the gaming industry is seen as one of the popular industries that blockchain users get into. Surely, crypto and blockchain enthusiasts would appreciate the tie-up of technology and entertainment this way.
Now, many players already prefer the use of cryptos as their online casino transactions are made faster and more secured with this. Of course, gambling can still be something that many people want to discreetly do and the use of cryptos can also help the players remain anonymous.
The selling point of using cryptos in gambling is really the convenience of its use and how it could help avoid suspicious and fraudulent transactions from happening. Because of the blockchain technology, all transactions made are recorded and can be easily tracked.
This feature of the blockchain tech makes it hard for anybody to do something fraudulent in the cyberspace. Hence making online gambling a secure and safe hobby even if it involves money.
When it comes to the food and beverage industry, blockchain technology is seen as something that could help producers and consumers get the best quality of food. This could also help manufacturers and consumers directly connect, which can help lessen the value of food products.
However, applying blockchain tech in the food and beverage industry is mainly seen as a move for transparency. This is because data will be more accessible to consumers. Blockchain tech will enable consumers to trace where food products come from.
With this, once you purchase a burger patty, all you have to do is scan a code or input code online and check where the meat came from. Details like what the farmers fed the pig or cow could even be traced when this happens.
Still, many would still want to question the efficiency of using blockchain tech in such industries. In the food and beverage industry, in particular, many are hesitant about this as it would surely take up a lot of effort to keep the system and data accurate.
Some would also like to question the credibility of the data that people involved would input. After all, approval and checking are part of decentralization. This could mean that whoever inputs data in the system could still put whatever he or she likes.
It’s very different when it comes to using blockchain tech in digital currencies as it would simply make more sense. The value should always add up to the current worth of cryptos. Exact calculations can be easily justified.
Meanwhile, in crypto gambling, despite its growing market, many cryptos or Bitcoin online casinos still find themselves struggling to get more players on board. However, this issue remains complex. This problem may be happening due to multiple reasons.
The negativity that surrounds cryptocurrency could well be blamed for this. Many still see cryptos like Bitcoin as something unstable. After all, it has been two years since its value skyrocketed. Many people are doubtful whether they could maximize their money through buying Bitcoins and of course, this would affect industries that already accept such digital currencies.