There are numerous applications for Bitcoin today. Some investment bankers argue that it constitutes a perfect vessel for storing wealth, one that might replace gold as the go-to option for holding your money in the long term and safeguarding against inflation and currency devaluation.
Whether this is going to be the case remains to be seen. Over the past years, though, the use of Bitcoin has been omnipresent, with big automotive companies such as Tesla vowing that they would not only buy Bitcoin but also allow consumers to purchase the company’s cars using the currency.
While Tesla has cooled down its enthusiasm about Bitcoin a bit, others have not. PayPal has enabled cryptocurrency as one of the supported payment options on its platform, and so have other payment giants.
Overall, Bitcoin has been conquering numerous serious industries that are usually connected to a high degree of trust.
Sports Betting and Gambling
Bitcoin is slowly becoming a part of every big industry out there. Sports betting brands like Betsafe are no exception. The currency is now used to introduce cashless payment options that are becoming increasingly popular as more casinos and sportsbooks are turning to a frictionless payment experience.
Yet, blockchain, which powers Bitcoin, is introducing more options to make it possible for people to benefit from the tech. DraftKings has launched a blockchain-based marketplace to sell unique digital collectibles known as NFTs or non-fungible technologies.
Thanks to blockchain, these NFTs can be ascribed to a group of people or even a sole owner with a unique digital footprint that makes them one-of-a-kind in the entire industry.
Speaking of blockchain, there are many companies, including IBM, that are finding ways to leverage this unique technology in a way that allows financial industries to stay competitive, boost their Know Your Customer and Anti-Money Laundering checks and leverage a technology that allows simplicity, reliability, and quickness. An estimated 91% of banks have invested in blockchain, which means that the world is rapidly shifting towards this technology to leverage the best financial services possible.
Another industry that stands to benefit in a big way is the automotive industry. Carmakers are currently faced with a variety of issues in their industry, and blockchain promises to solve all of this and more. For one, automakers face mobility challenges on a day-to-day basis, including micropayments for tolls, congestion fees, electric charging, and more. Blockchain promises to do away with most of those and introduce innovation that will make vehicles safer and easier to use.
The technology promises to create a solution for complex supply chains that are based on worldwide production. With the ability to rapidly trace where supply parts are and where cheap and quality options exist, carmakers are looking to expedite their production, slash the cost and drive economic activity.
Health Care and Life Sciences
Bitcoin’s root technology, the blockchain, promises to make a splash in the health care and life sciences industries. The blockchain can allow quickly confirming the health status of a patient, customer, or employee and making sure that the data is stored in a safe and reliable manner that allows health specialists to make life-and-death decisions quickly and accurately.
Pharmaceutical products, for example, can be traced in real-time and stored on the blockchain in a way that proves their quality and helps scientists detect aberrations in batches. For example, some vaccines may lead to side effects that are not correlated to the formula of the said vaccine but unique manufacturing conditions that could be linked to something specific in the production of a said batch. Other viable applications exist as blockchain is only getting started.