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Cryptocurrency implementation prospects in 2019

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28.05.2019
Cryptocurrency implementation prospects in 2019

There is a common misconception that the cryptocurrency market is limited by improving the financial and banking industry. Today, cryptocurrencies can be considered as electronic wallets.

Nowadays, blockchain technology which serves as the basis for tokens and cryptocurrencies is used in many areas of life that are not limited to sending and receiving the digital currency. Most of the projects are at the stage of discussion and development, but there are also the projects that are already functioning and show excellent results.

The use of such technology in logistics management, fashion, and journalism proves blockchain flexibility. The sites can be programmed to meet the customer needs. The faster investors realize this fact the faster the cryptocurrency integrates into various industries.

Capabilities

We offer you several areas where blockchain can make a breakthrough:

  • finance. It goes without saying that coins have started their way in the financial industry which will be the first to see the changes. Today it is difficult to imagine a civilized society without banking services, but the system charges high fees for them. Technology and digital currency can change this approach. You only need to have a smartphone and Internet access to store, transfer, and receive money. Reliable accounting and decentralization will allow ordinary people carrying out fast transactions without fees for the intermediaries and from anywhere in the world. A few years ago, few people believed in Bitcoin, but cryptocurrency is rapidly developing in 2019, which causes confusion in the field of finance and beyond. For example, Ethereum-based OmiseGo aims to provide each user with all financial and payment instruments to abandon the fiat money in favor of digital coins;

  • medicine is the basis for the national and global economy. Patient information is an important part of this field. Blockchain technology allows ensuring security of storage and access to such data. Also, the integration of cryptocurrency will enable the related industries to establish mutually beneficial cooperation. For example, there can be an ecosystem for health care and insurance. Thus, the patients will be able to partially transfer their medical information to pharmacists and insurers without disclosing it completely. Payment for insurance services can be made using Bitcoin or other coins;

  • publishing and music. In these industries, major market players dictate their stringent conditions. The biggest part of income is spent for paying for service from the famous brands. To minimize the costs, many online stores began switching to digital coins. This technology allows fans to interact directly with their favorite authors and musicians. Thus, such interaction is safe and efficiency. Today there are startups in the music industry — UjoMusic, Mycelia;

  • management. Decentralization is an essential step in government or company management. With blockchain, you can vote, draw up a budget in cryptocurrency, and manage your business through smart contracts.

The other promising industries for adoption of digital coins include crediting, housing rental, advertising, charity, insurance, etc.

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