The Markets That Blockchain Technology Will Change

Blockchain technology, as used most commonly in cryptocurrency, has the power to change how we operate in lots of different sectors. Whilst it helps to ensure that our crypto transactions are kept secure, it also has much wider applications, some of which are already in use now.

Whether you're an investor in cryptocurrencies and are interested in how the tech could potentially make you money, or you're just curious to find out about the latest innovations across various sectors, we've got all the information you could possibly hope for on which markets blockchain technology will be the most likely to radically alter.

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S7 Airlines are already using an Ethereum-based blockchain to speed up settlement times

The Aviation Sector

Whenever enormous amounts of data are involved, throughout it's ten year history, blockchain can almost always be relied upon to simplify matters. Take a moment to consider all of the information that is required to get a passenger safely from a to b, on a plane. First they'll need to provide all of their personal and banking details in order to book, they'll need to provide information on where they're traveling to, as well as sometimes providing even more information on whether they need a hotel, a shuttle service or car rental. All of this is valuable data both for the airline and for any unscrupulous types.

Using blockchain technology to keep this data secure will not only make things safer for the traveler, it could also make the booking process faster and more convenient. The paper tickets, which are easily damaged or lost, are already being turned into digital tickets that are far harder to tamper with. Further to this, these tickets help airlines avoid overselling, ensuring better customer experience. A Russian company, S7 Airlines already uses an Ethereum-based blockchain to sell tickets and it's working better than anyone could have hoped. This platform alone has reduced airline settlement times from 14 days to just 23 seconds; that's got to be proof of concept.

The Gaming Sector

The gaming sector was one of the first markets to readily adopt cryptocurrencies. They make sense for online gaming companies as there's no need to communicate with a central bank in order to take payments. Mobile games that use microtransactions can easily allow players to pay with cryptocurrency, removing admin for both players and providers. As well as this, there are already hundreds of online bitcoin casinos each offering its players a safe and secure method of payment. Vegas Slots Online has compiled a list of the major players, with information on their security features, as well as bonuses that are available to new customers. It is clear that cryptocurrency is working exactly as intended for these companies, allowing them to level the playing field for customers by allowing cryptocurrency to be exchanged for digital tokens and vice versa, without the need for third-party interference.

There have been several attempts at creating 'in-house' gaming rewards for customers over the past decade, with Huntercoin being launched in 2014 and sadly delisted in 2019. Despite its failure, the project had a great idea behind it, to allow players to earn an in-house cryptocurrency by playing games on sites enabling use of the coin. Following in its footsteps is Enjin Coin, using an Ethereum-based system to allow a similar model to Huntercoin. So far Enjin Coin has more than 1 billion digital assets stored on a blockchain that are being actively traded by users.

The Real Estate Sector

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Buying and selling property could become a lot more streamlined with Bitcoin technology

In terms of major purchases that we're likely to make in our lifetimes, it doesn't get much larger than a house. Despite this, the process of buying a house has remained pretty stagnant for an awfully long time, with enormous amounts of paperwork, the terrifying possibility of fraud and of course, the occasional error in records. Blockchain really could revolutionise this stressful time in our lives and make it the exciting prospect that it really ought to be. By keeping records of ownership, title deeds, land titles and everything else pertaining to a property on a blockchain, this information would be totally safe from fraud and freely accessible for whoever was in need of it.

The big argument against this would be that realtors would be out of a job, but that simply isn't true, it would just be a fairer system for everyone. Propy is a company that is already working on this model, offering smart contracts to users through their blockchain-based technology. They sign and record everything on the blockchain, as well as on paper, just in case!