The verdict isn’t out on bitcoin and other cryptocurrencies, but it’s not looking good. Warren Buffett is certain that cryptocurrencies will “come to a bad ending”, and many share his sentiment. People are gambling with the bitcoin bubble, when they should be investing in the value of blockchain technology.
Here’s where blockchain is heading in 2018, and how Veem is using the disruptive technology to transform the global payments space.
What is the Blockchain?
To put it simply, the blockchain allows two peers to make a verifiable transaction without any middlemen.
This eliminates the need for a government, bank or another business to act as a witness or verifier.
Businesses like Uber, which are revolutionary in their own right, can be avoided entirely by using the blockchain to verify transactions between driver and passenger.
Blockchain isn’t attached to volatile currencies like bitcoin. Instead, it’s the vehicle that these digital currencies use to travel across the world.
But since blockchain is largely “under the hood”, bitcoin and other cryptocurrencies get the attention.
Where Will Blockchain Be Used?
Name an industry that the internet hasn’t profoundly disrupted.
Blockchain technology is going to have a similar effect, spreading across the world and transforming every industry.
A simple definition of blockchain: a way to verify two “untrustworthy” peers without middlemen.
Without intermediaries, transactions are cheaper than ever before. And with the latest cryptosecurity, you won’t find a safer place for transactions.
People need to understand the immense reach that blockchain technology has. If your business deals with data or transactions, the blockchain is bound to impact your business.
These are just some of the industries that blockchain technology will disrupt in 2018.
This market is all about trust management and verifiable contracts.
Blockchain technology provides a new way of managing this trust through smart contracts, self-executing decentralized agreements between peers. It updates terms and stipulations in real time, and cannot be tampered with.
The blockchain will add a new level of security and accuracy to insurance processes in 2018.
The 2016 election wasn’t the first time that a government was accused of rigging election results, but blockchain technology will make it the last.
It legitimizes voter registration and identity verification, through a tamper-proof ledger of recorded votes. And since it’s decentralized, political bias can’t affect the election.
Democracy Earth is just one startup that is using blockchain technology to disrupt democracy, and there’s bound to be more in 2018.
When it comes to using outdated technology, the healthcare industry gives the banking system a run for its money. It’s a sector that is begging for blockchain in 2018.
Data in the healthcare industry is stored using ancient technology, which draws the attention of hackers.
Sending healthcare information through the blockchain keeps the data safe. Plus, it significantly improves the speed that data is sent, which can often mean life or death.
Healthcare’s dire need for technology has attracted many startups like Gem, who wish to use blockchain technology to disrupt the industry.
Many are blaming Amazon for retail’s fall from grace. But in reality, Amazon is fulfilling consumer demand in ways that retail can’t replicate. One way that retail can get back in the race would be with blockchain technology.
Startups like OpenBazaar are disrupting the space by providing platforms where buyers and sellers can trade without intermediaries, saving time and money. This is possible with smart contracts and heightened cryptosecurity, which limit the need for middlemen.
Banks send bank wires the same way that they did in the 1970s. When flying to your supplier and giving them a check is quicker than a bank wire, you know that there’s a capability gap.
Startups can smell this potential, and are building businesses that fix this age-old payments problem.
Veem was an early adopter of blockchain technology, using it to transform the way that people interact.
Since then, Veem has improved the business payments space by offering small business leaders an alternative to the banks.
By incorporating the blockchain into its multi-rail platform, Veem ensures that business payments are sent quickly, securely and at a low price.
Join Veem today and say hello to simple payments.