For the past decade, cryptocurrency has revolutionized the way many people pay for products and services online. In addition, cryptocurrency has become an investment opportunity for traders seeking both short-term and long-term gains.
While cryptocurrency itself gets a lot of attention, the underlying framework – blockchain technology – is less talked about and understood. Blockchain technology is increasingly finding new ways to improve day-to-day life, with many of its applications being so seamless that end users don’t even know it’s there.
As such, let’s examine five ways that blockchain technology is transforming daily life.
Identity and Verification
One of the most rapidly emerging areas in which blockchain technology is transforming daily life is in the field of identification and verification. Blockchain tech allows anybody with access to verify transactions or other events executed via the system. This can also be incorporated into a variety of identity-based services.
Everything from physical and virtual badges used to access facilities to simple identity verification services can now be distributed with blockchain technology fueling its functionality. Even trading various cryptocurrencies now may use verification services based on the blockchain that ensures you’re the account holder (if you want to trade, it’s easy to learn how to trade crypto).
Now more than ever, governments, businesses, and organizations must verify that their virtual systems, physical locations, and broader infrastructure is secure. Fortunately for these entities, blockchain technology is emerging in new applications that provide such security.
From powering security cameras and checkpoints to keeping critical hardware safe from cyber attacks, infrastructure-focused blockchain tech is increasingly providing more secure solutions for government buildings, cloud storage power plants, and schools alike.
Last but not least, blockchain technology is perfect for storing, locating, and verifying records and documents. Various businesses are embracing blockchain solutions that help with document management and record-keeping, and some governments are even beginning to embrace the usefulness of blockchain tech in document management.
While cryptocurrency has provided a more secure and verifiable form of payments for over a decade, the technology has taken time to be incorporated into more mainstream options. Yet it is easy now to find a host of prepaid debit card solutions that utilize blockchain technology.
Options like BitPay, Gyft, and Chain all offer blockchain-fueled prepaid card solutions for consumers, ranging in functionality. Some work for hundreds of select vendors, while others provide the same level of functionality as any other debit or credit card. We expect to see card issuers utilizing blockchain tech over the next few years.
Given one of cryptocurrency’s major appeals initially was the ability to verify payments and transactions via the blockchain, its use in applications that make organizations more accountable shouldn’t be surprising.
From recent tools designed to help governments improve transparency in managing public funds to smart contract software aimed at allowing departments to verify progress, blockchain tech is making big inward roads in the world of organizational accountability.
Ultimately, the ability for blockchain technology to allow secure, verifiable transactions and management make it a useful solution for a plethora of daily functions. As more businesses, organizations, and individuals embrace these technologies, expect to continue seeing an explosion of blockchain tech solutions incorporated into everyday activities.