How Blockchain is Disrupting the Future for the Consumer
Thoughts on the evolution of blockchain according to yesterday, today, and the future
Blockchain is no longer limited to bitcoin trading, and investors are aware of it. Blockchain is responsible for facilitating tasks in regular lives, investing protocols that can bring passive returns compared to the savings arenas and conventional banking. Blockchain also offers banking services.
The time has already come for the consumers to stay updated to the best merits that the mechanism of blockchain can bring to them.
Blockchain, yesterday and today
The first innovation in the blockchain space was Bitcoin. It promised to offer people a way of payment for items and transfer funds across the world to any people within the least number of minutes. However, it did not turn out to work out according to the plan. At present, Bitcoin is an expansive trading asset, and the investors are following its ups and downs.
The technology that forms the base of bitcoin is genuine innovation. When blockchain was made, it was developed as a decentralized technology that will automatically facilitate transactions verification, hence, removing the need for a middleman such as a broker or a bank.
As blockchain is decentralized, it means the entire data is secured and updated across more than thousands of computers across the world, different from the centralized activity where the data is being stored in a single server. The decentralized nature makes it harder to steal value or hack data.
When you transact in cryptocurrencies, there is no need for you to input your banking data or personal information. Just your wallet address is required to be given. This keeps anonymity and privacy intact for the users. Also, you can get in touch with a blockchain consulting company to have a better understanding of how secure you are.
Blockchain’s main proposition for the customer
The entire spectrum of decentralized finance is covered by the category right from loans to savings, up to investing to the prediction markets. Savings and mobile banking have been brought to more than eight billion people worldwide who have no access to any bank or any option to invest or save.
To be more specific, most financially vulnerable individuals are charged with hefty fees to transfer funds employing wire transfer. But they can transfer money with just a single click of a button, and sometimes for free with blockchain solutions. Credit score has become a thing of the past, and if you have funds, you can use them to generate more funds within a secure environment.
Gaming and casino
All casinos that are implementing blockchain services by utilizing smart contracts enjoy fair gaming because neither the casinos can interfere with the betting data nor they can limit the gamers’ accounts when they play well.
This has led to the creation of new models of gameplay where the users do not need to play for winning; instead, they can play to earn. This model motivates the users to play by giving them rewards for their participation and engagement.
Social media
New formats have been introduced for social media platforms. Now, both the users and the content creators are rewarded for their engagement level.
The platform is non-custodial, and the users hold rights to their own data and content. All these are possible because of the blockchain solutions and services.
Web3
The internet has evolved, and the new era is here. Most of the giant companies are collecting the personal data of the customers in exchange for the users to use their platform.
But the new kind of internet is anonymous. It respects the rights of the users, and the users can mold it themselves.
Safety and identification
The potential to verify yourself without sending any private documents and get them stored on an unsafe server was risky. There existed a threat of your documents or data getting hacked. Now, things have changed, and you can make use of your face as your identity regardless of the kind of platform or project you are making use of.
Several platforms have introduced this feature by pairing it with top-notch blockchain development services. In short, some platforms are facilitating multi-chain support, which means that the users of the cryptocurrencies can store all their keys in a kind of wallet where the users will not need any password. Also, it eliminates the need to send phrases and save or write down the cryptocurrency keys.
The future for consumers
Uncountable people are investing millions of dollars into the cryptocurrency world. Yes, the investors are looking to gain exposure to cryptocurrency coins, but several individuals understand the potential of blockchain and are investing in it.
All these are taking place because of the amazing advantages that the blockchain solution and services provider brings through their blockchain-based solutions. However, one thing is for sure: the foreseeable future for the consumer is in the right hands.
Special thanks to Tremis Skeete, Executive Editor at Product Coalition for his valuable input which contributed to the editing of this article.
