All sides of the globe are discovering the capabilities of blockchain and cryptocurrency technologies. The applications for these sectors call for peer-to-peer mechanisms which create disruptive opportunities within the evolution of commerce, philanthropic movements, digital creator economies, and all sorts of financial innovations.
The rise of cryptocurrencies has also raised concern of removing the intermediary and today banks are intermediaries for most transactions around the world. This calls for regulation within these disruptive industries; however, while laws make slow progress to cap the progress of the technologies, innovators are working harder than ever to create new solutions. Entrepreneurs are not acting slowly on real-world change, rather they are expediting how business is being connected across all industry sectors around the globe. These contributing factors are proving real-world use cases in the world of business, here are five examples.
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The Benefits Of Cryptocurrency Technologies
Residents of India have participated in investments within the crypto market and have surged to $6.6 billion, data from blockchain analytics firm Chainalysis reveals. The rise in cryptocurrency interest proves a shift in collaboration and development among the country’s young entrepreneurs. These investors and disrupters are looking for new creations, shying away from the precious metals that older generations in the country typically favor.
With this enormous growth of capital and value being created, India’s financial regulators are looking to classify bitcoin as an asset class under a bill that could be presented as soon as summer of 2021. Central banks globally are testing Central Bank Digital Currency or CBDC, a new form of digital currency which provides the ability to leverage blockchain technology. The volume of cryptocurrency transactions happening today leaves the opportunity for taxes on crypto trading to open up a new revenue channel for governments around the world.
It’s clear that technologies surrounding blockchain and cryptocurrency have a huge market presence all over the world; however, it will take groups of innovators to create solutions for mass adoption markets. Cryptocurrency has not attained an established image as a new age currency system among the majority of the countries in the world and people are still questioning its true value. This is now changing with El Salvador adopting Bitcoin as a legal tender.
Entrepreneurs and speculators around the world are watching as the governments in countries such as India implement different stages of blockchain and cryptocurrency regulation. This will shed light of the positivity of these industries and will ultimately provide trust within disrupters who have not yet interacted with cryptocurrency and blockchain technologies.
Just as the internet took many years to reach main adoption phases, it only takes a small amount of time for technological innovations to catch on. With the growing use of internet usage, blockchain technologies, and cryptocurrency investments, these factors play a large role in the future of virtual banks in India.
With the advancement of internet technology usage and the capability of spreading knowledge of utilizing cryptocurrencies, the market has proved that there's an uptrend of opportunities for entrepreneurs within cryptocurrency, blockchain, and decentralized technology. And with this in mind, cryptocurrencies have become a key contributor to the appreciation of productivity and value being created. Smart investors have an outlook similar to the early days of the internet seeing as this only the beginning of exploration of cryptocurrency and blockchain pilot use-cases.
Working Towards A Sustainable Future In The Cryptocurrency Economy
Building a future with cryptocurrency as a main contributor in technological advancements is far from over. While the road to mass adoption may be bumpy, the complexity of these advancements may be the driving factors towards disruption and innovation within these sectors. Companies and organizations may want to think about piloting the use of cryptocurrency and blockchain within their platforms prior to fully diving into the crypto world, just as they would with any other technology. An emphasis on using these new innovations calls for disruption of business models And the value to be created is continued through early adopters identifying and testing real-world use cases for solutions which can be adopted in mass adoption scales.
About The Author
Nicholas Resendez is an American security researcher, Internet programmer, and Internet entrepreneur. He has provided security research services to Apple Inc, Microsoft, AT&T, U.S Department of Defense, and more. Nicholas is the Founder of Grindez & uALREADY. Nicholas graduated from University of Wisconsin–Milwaukee in 2019 with a Bachelor's degree in Information Technology Management and Marketing. Nicholas currently holds a Wisconsin Real Estate License.