Much of the hype around Bitcoin & crypto has been based around making life-changing investments. However, the money-making element forms just one (albeit large and very attractive) part of the crypto movement.

Currently, we have little choice but to submit to banks and insurance companies. With almost no say in the matter, we pay the exorbitant fees that cover the costs of an outdated and corrupt financial system from skyscrapers to tons of unnecessary paperwork to the ridiculous salaries of executives.

Shareholders of these financial behemoths demand big returns, and with regulatory costs and the salary of high-up employees at an all-time-high, it’s no surprise that we, the general public, are left to pick up the bill.

Cryptocurrency offers an alternative to the current system, and we are now seeing these digital currencies being accepted, adopted and invested in by governments and some of the biggest companies in the world (IBM, Tesla, JP Morgan, Facebook, Mastercard, to name a few).

By now you’re probably wondering, but how does it all work? How does cryptocurrency achieve all these advantages over regular currency? The answer lies in the incredible Blockchain technology its built on.

What are some other examples of how Blockchain & crypto will make the world a better place?

Encourage Crowdfunding

Cryptocurrency and crowdfunding go hand-in-hand. Crowdfunding allows a large number of investors to make small investments in different ventures, mitigating investors’ risks while providing more entrepreneurs with the capital needed to make their idea a reality.

Traditionally, access to capital and loans have not been available for a huge portion of the world, especially those without bank accounts or successful past businesses. Now, cryptocurrency makes raising money for a project or business a whole lot easier and more common than ever before. 

Real estate & property ownership

Blockchain technology removes the need for intermediaries in real estate, offering a more efficient and direct way for buyers and sellers to connect with one another. Along with brokerage fees and transaction costs being greatly lowered, Blockchain also allows for fractional ownership of real estate, making the barrier to entry far more accessible.

Land titles and property ownership is another area that Blockchain could improve. While Blockchain isn’t going to replace the government anytime soon in terms of how land is registered and monitored, it will make the actual ownership and governance of land much more secure and freer from corruption.

For many in the developing world, proving property ownership and land titles can be extremely difficult. By having a permanent, secure and easily accessible database to store land titles, the Blockchain makes this process more efficient, empowering countless individual across the globe in a very real way.

The music & entertainment industry

Protection of rights and the distribution of earnings within the music industry is an area Blockchain and crypto could revolutionise. By storing music (and any content for that matter) on the Blockchain and allowing people to pay artists directly for their content with crypto, we would see a substantial decrease in piracy, with artists receiving a far bigger cut of the money as there would be no (or at least one less) third party involved. Compared to the current cut they get from services like Spotify, this would be a big step in the right direction.

Musicians such as Bjork and Imogen Heap have begun to adopt this technology, and there has even been a growing market for limited edition merchandise and digital content from musicians that can be only bought with cryptocurrency. Theta Network and Audius are two crypto projects leading the way here.

Food supply chain, safety and provenance

Inefficiency in the food system is a pervasive global problem. This was made painfully apparent by the COVID-19 crisis, which put incredible stress on the global supply chain. On top of that, sustainability matters more than ever to the consumer of today and many only want to engage with companies that source their products in an ethical and environmentally responsible way.

Tech giant, IBM, has embraced Blockchain technology and has created a supply  where harmful, ‘business as usual’ practices of dubious sourcing, manufacturing, distribution and recycling processes are being replaced by complete transparency, responsibility and accountability.

Solutions built on the IBM Blockchain offer consumers the ability to follow the life of a product from beginning to end in a way that has never been done before. In terms of corporate social responsibility, the Blockchain is a big step towards a more trustworthy system that keeps corporations accountable for their actions.

Source - https://digitalsurge.com.au/education/why-the-world-needs-cryptocurency/