So you have heard cryptocurrency in the news and all the experts saying it will change the world. But exactly how? Here let’s talk about how it will affect you in your daily life and what it means in the bigger picture.
A more reliable shopping experience
Have you ever wondered if the goods you purchased are genuine? Today some products do have a verification code to check.
But even such systems are subject to hacking which renders the verification codes useless.
With blockchain, however, such compromise is even more remote due to its tamper-proof nature. You will be more certain that what you buy is really what it is and not a look-alike. So shop away and be assured.
You own the money, your way
Yes you have savings in the bank, but in actual fact, if the bank closes tomorrow, you cannot withdraw a single cent. Today most of our money is kept with the bank – an intermediary.
Bank’s role extends far beyond that, banks use our savings to fund investment, which generates a good return, only a small part of that is given back to you as interest. But with blockchain and decentralized finance, you will keep the money with you in a safer manner that is like keeping gold with you but much more convenient.
You will also be able to fund your own investment and capture the full returns. However, you will also bear higher risk because then you will need to do your own diligence and risk management.
Another role that the banks do is fund transfer across banks or borders. Today if you need to transfer money, likely you will need to wait for the banks to open its doors on a working day and pay a fee like 1% and wait for the funds to be crossed over, which may take another day or two.
Βut with blockchain, you can send to anyone, anywhere instantly with a click of a button, and to make things even better, the transfer fee is much lower.
Another revolution to the creative industry
iTunes revolutionized the music creative industry by breaking up albums and allowing customers to purchase music piece by piece.
This drastically changed the business model of music producers but also simplified the distribution process by digitally delivering music straight to customers’ screens. However digitized music in general creates another problem that abuse and use without permission became rampant.
With blockchain and smart contracts, each piece of work can self declare a price and put on the open market.
Anyone will be able to use it but automatically charged a fee. The creator gets the revenue straightaway without the intermediary (in this case Apple iTunes) charging a commission fee.
This is not only applicable to music but painting and design work as well. Creators will have more autonomy in the marketplace and can better focus their energy on designing and creating.
The list is far from over, but it gives a good glimpse into how blockchain can deeply affect many aspects of our lives.
We will be able to enjoy better peace of mind when shopping, faster and cheaper funds transfer and remittance, and a certainly more vibrant creative community to produce masterpieces to beautify, excite, and entertain.
Interestingly, blockchain itself is built to address a trustless environment, however, as a result, the world will have more assurance. Each individual will benefit from blockchain to have a life that is simpler, more cost-effective, and independent.