You've probably heard about cryptocurrency in the news, and everyone claims it will change the world. But how precisely do you do it? Let's speak about how it will affect your day-to-day life and what it means in the big picture.
- An improved shopping experience:
Have you ever wondered if the merchandise you bought was genuine? Some products now include a verification code that must be entered. However, even such systems can be hacked, rendering the verification codes meaningless. Due to its tamper-proof nature, such a compromise is even more unlikely with blockchain. You'll be more certain that what you buy is what it says it is and not a knockoff. So go ahead and shop with confidence.
- You have control over the money, and you can spend it as you want:
Yes, you have savings in the bank, but you will be unable to withdraw any funds if the bank closes tomorrow. The majority of our money is now held by a bank, which acts as an intermediary. Banks play a far larger role than that; they use our money to support investments that earn a strong return, with just a small portion of that returned to you as interest. However, with blockchain and decentralised finance, you will be able to retain your money in a safer, more convenient manner, similar to carrying gold with you.
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You will also have the option of funding your own investment and reaping the full benefits. You will, however, be exposed to greater risk because you will be responsible for your own due diligence and risk management.
Banks also play a role in fund transfers between banks or across borders. If you need to transfer money today, you will most likely have to wait for the banks to open on a working day, pay a fee of around 1%, then wait for the funds to be transferred, which might take another day or two.
However, with blockchain, you may transmit to anybody, anywhere, quickly with the press of a button, and the transfer charge is much reduced.
- The creative business is undergoing yet another change:
By breaking up albums and allowing people to purchase music piece by piece, iTunes transformed the music creative sector. This not only transformed the business paradigm of music producers, but it also streamlined the distribution process by bringing music to customers' screens via digital delivery. However, the widespread usage of computerized music has created a new problem: abuse and unauthorized use.
Each piece of work can self-declare a price and be sold on the open market thanks to blockchain and smart contracts. Anyone can use it, but they will be charged an automated fee. The creator receives the money right away, without having to pay a commission to the intermediary (in this example, Apple iTunes).
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This applies not only to music but also to painting and design. In the marketplace, creators will have more liberty and will be able to concentrate their efforts on designing and creating. The list is far from complete, but it provides a good indication of how blockchain can have a significant impact on many facets of our life.
We'll have more peace of mind when buying, faster and cheaper money transfers and remittances, and a more lively creative community to create masterpieces that will beauty, delight, and entertain us.
Surprisingly, blockchain was created to address a trustless environment, but as a result, the world will be more secure. Blockchain will enable each individual to live a simpler, more cost-effective, and independent life.