Crypto and blockchain continue to make major strides across global industries but much like other breakthrough tech or innovations, they are still in a relative stage of infancy and remain marked by layers of confusion, misunderstanding, or even apprehension.
Further exacerbating misperceptions or even aversion to crypto use is the fact that its versatility is sometimes overshadowed by its role in conducting illegal transactions through Bitcoin or even popular privacy coins such as Zcash and Monero. It is estimated that around $72 billion worth of illegal activity is being funded by Bitcoin and has become a preferred method of payment to access illegal markets such as the infamous Silk Road marketplace.
Crypto often receives negative press on a first glance and there are still many who view Bitcoin and blockchain as being synonymous which has led to rampant confusion among those new to the blockchain phenomenon.
An excellent analogy to simplify the distinction compares cryptocurrency such as Bitcoin to casino chips. While the chips represent a measure of value, it is only the existence of the casino (blockchain networks) that provide it with its core transactional capabilities.
Readily accessible financial services for all
The considerable synergy of crypto and blockchain has helped to facilitate quick and efficient payments without a central authority to throttle the process through various solutions for streamlining the process of sending and receiving money around the globe.
Crypto has been thoroughly embraced by countries that have been hit hard by inflation such as Venezuela, which is seeing record numbers of Bitcoin trading as the bolivar continues to plummet. Similar growth in Bitcoin’s popularity is also readily apparent in other countries like Argentina as the PESO sees similar trends in devaluation.
Crypto has continued to close the gap with traditional forms of currency as evidenced by the growing numbers of countries looking to incorporate their own digital currency and Binance presenting their solution to countries in need of more stable currency.
For those not looking to delve into crypto use, Dexa Coin is one such solution that incorporates the highly efficient and cost-effective blockchain elements to facilitate rapid worldwide money transfers. Security and transactions are established through blockchain along with a unique messaging feature to establish a continuous, private line of communication throughout the process.
Promoting corporate responsibility
Supply chains are another prime beneficiary of blockchain technology in order to promote enhanced visibility and responsibility on the part of corporations. It is no secret that many business operations are conducted with little to no disregard for ethics and humane working conditions, and this sector is in vital need of transparency.
For example, in the precious metals industry, many valuables are indirectly or even directly correlated to illegal and criminal activities. Whether through the actions of the corporation itself or another entity further down the supply chain, blockchain can track the movement of the industry in order to maintain accountability on everyone involved.
Many blockchain visionaries have begun targeting transparency and accountability to ensure ethical business practices. Karuschain’s objective is to promote corporate responsibility by establishing widescale accountability throughout the entire precious metals supply chain in order to ensure that all parties are compliant with regulations.
Through their solution, consumers can now purchase confidently as they will be able to verify the authenticity of a given product as well as knowing that it was produced in an ethical, responsible manner.
Gateway for project exposure and resources
Many crowdfunding campaigns were discovered to be fraudulent with many projects failing to deliver on their lofty promises. Exchanges stake their reputations on the line when introducing new projects to communities and have led IEO to become a more trusted source of exposure for many entrepreneurs intent on reinventing global business through blockchain.
Probit Exchange is one such platform that can help expose socially beneficial projects through IEO and project adoption to make our lives more convenient. Many social causes are promoted by crowdfunding efforts and exchanges like ProBit can serve as a blockchain-specific crowdfunding platform to introduce the future projects of social transformation and renovation to the hungry masses.
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Last modified (UTC): September 6, 2019 1:38 PM