Top 4 Cryptocurrency & Blockchain Use Cases
March 24, 2021 (Investorideas.com Newswire) - There is a lot of innovation in the cryptocurrency and blockchain industry. This article will take a look at the use cases that are being disrupted by the introduction of these novel technologies.
1. Fiat Currency
Cryptocurrencies such as Bitcoin are challenging traditional fiat currencies by serving as decentralized digital currencies that people can trust. In addition, transacting using crypto is often a faster and cheaper process compared to using fiat currencies.
2. Decentralized Finance (DeFi)
DeFi is another area that is bringing significant disruption. DeFi applications aim to challenge the traditional financial industry by serving as a suite of decentralized financial applications upon which individuals can conduct their day-to-day financial activities e.g. borrowing and lending.
3. Law
Law is another field that is likely to be disrupted. This disruption will likely come in the form of self-executing smart contracts that can enforce agreements without the need of a middleman. We are also likely to see a change in the way that the law is practiced and taught (i.e. including LSAT course providers in the US and course providers for the SQE (Solicitors Qualifying Examination) in the UK.
4. Disintermediation
Cryptocurrency and blockchain will also change the way sharing economies such as Uber and Airbnb work. These technologies will remove the need for these middlemen and allow for completely decentralized ecosystems.
Conclusion
This is just a brief introduction to the disruptive potential of cryptocurrencies and blockchains, and it is likely that the number of potential use cases will only continue to grow.
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