In the 21st century, we have seen a variety of important inventions and innovations hit the scene thanks to developing technologies. From Virtual Reality to 5G networks, Autonomous cars, 3D printing, and more, the world has changed in huge ways over the last couple of decades. Another important breakthrough came in 2009 when, for the very first time, an established decentralized cryptocurrency, named Bitcoin, hit the market. While there had been some previous attempts at creating online currencies, this new and improved digital asset was the first of its kind to be made available to the public. Since then, cryptocurrencies have evolved greatly and are now utilized by people all over the world in a wide range of sectors. With a new year right around the corner, we thought it would be an appropriate time to look forwards and examine the future of crypto as it applies to several major industries. Here are five industries that we predict will continue to invest more in digital currencies in the coming years.
Although there are many cryptocurrencies traded in today’s marketplace, Bitcoin is undoubtedly the most popular
The Banking Industry
It only makes sense that the financial sector will continue to turn their eyes towards crypto solutions. Nowadays, crypto banks are gaining momentum over traditional ones, as clients prioritize lower fees and speedy payment processes. The blockchain technology that drives crypto also makes it easier and more secure to borrow and lend money with low interest rates. In the same way, when it comes to trading, the technology enhances security and trust amongst different trade parties.
The Online Sports Betting Industry
Moving onto a different sector that is growing at incredible rates globally: the online sports betting industry. With a CAGR of approximately 10.1%, the market is currently booming, generating massive amounts of revenue with each new customer. Additionally, as more virtual bookmakers hit the scene, promotional opportunities like risk-free bets are making it even more attractive and convenient to place wagers in the digital environment. Of course, in such a prosperous industry, it is only a matter of time before a larger selection of betting providers start accepting forms of crypto. For example, this year, Wyoming became one of the first states to permit betting licenses to accept virtual currencies as valid deposits. The future will most likely see the increased value of allowing crypto in the realm of online betting.
The E-Commerce Industry
It’s clear that shopping online is extremely mainstream, with many consumers preferring virtual browsing over visiting a physical storefront any day. Therefore, it’s no surprise that digital currencies are shaking up the e-commerce industry, providing a smoother user experience with fast transactions and enhanced levels of security. In the future we can expect to see more high-end online retailers adopt crypto services, utilizing blockchain tech to track inventory, create targeted offers, and expand their individual markets.
More and more online consumers are utilizing cryptocurrency methods of payment
The Travel Industry
Companies in the travel sector are taking advantage of the increasing popularity of crypto to service those customers that prefer paying with virtual currencies. Because this next-generation method of payment is able to evade the high costs of currency conversion, and lower the risk of fraud, it is becoming increasingly attractive to travelers worldwide. Leading names in travel are catching onto the relevance of Bitcoin and other forms of crypto and will undoubtedly continue to tap into these platforms in the future. Therefore, if you are a frequent traveler, it may just be time to start utilizing a crypto wallet that will make all transactions seamless and straightforward.
The Healthcare Industry
The applications of crypto in the healthcare are plentiful, with ledger technology allowing patient medical records to be securely transferred and processed, and clinical trials to be tracked efficiently every step of the way. Not to mention the blockchain and crypto era is forging faster and cheaper patient care overall, with solutions that allow for the utmost level of personalization and attentiveness. In both the staff management and patient level, the future of crypto in healthcare is bright.