Did cryptocurrencies creep into our lives?

Cryptographers, blockchain technology – these slogans have been heard by even the greatest laymen. Nowadays, it is difficult not to notice the revolution that Bitcoin initiated. Browsing through industry media, and even general news services, we can easily find news about cryptocurrencies and blockchain. Increasingly, it seems that the market has adopted new technology and new assets in almost every industry. Sectors that have adopted or are working on blockchain projects often have nothing to do with each other. These include banking, tourism, sport, politics, e-commerce, automotive, art, and of course real estate and a whole new way of betting. How do such diverse sectors adapt cryptocurrencies and the blockchain technology? Are those always the right ideas?

Banking sector

Here blockchain technology is both a salvation and a threat. The banking sector is currently worth around USD 135 trillion. Banks are institutions which act as intermediaries in money transactions, grant credits, and loans, and are a trusted third party in transfers. What if banks encounter blockchain technology? Opinions are divided on this issue. A year ago the heads of the biggest banks like JP Morgan Chase and Goldman Sachs criticized the crypts and blockchain.

They compared Bitcoin to a tulip fever, to fraud, they foretold the shameful end of this market. Perhaps it was due to fear because blockchain technology can make transfers easier, improve them, and what is more, some people are rushing to say that banks will not be needed. It doesn’t have to be that extreme. On the other hand, what if the banks use blockchain? Here is the latest example. The Bank of England is testing the impact of blockchain technology on real-time settlement systems – RTGS. In the banking sector, however, the reluctance to cryptocurrencies prevails, e.g. in a Norwegian bank, Nordea was banned from having a cryptocurrency by its employees.

Tourism sector

This industry, although apparently distant thematically from cryptocurrencies and blockchain technology, sympathizes with it. Since Bitcoin and other cryptocurrencies have become more and more popular, the tourism industry has recognized the need to adapt to the current trend. Many tourists are enthusiastic enthusiasts of crypts and blockchain. Therefore, it is not surprising that in many of the world’s and even Polish resorts the owners of holiday resorts include payment e.g. in Bitcoin. What is interesting, it was also created especially for the tourism industry. Toa Coin appeared on the market in mid-2017 and is used to make bookings, pay for transport, hotels, etc. It is also used to pay for the services of the Toa Coin. Here is a short spot of Toa Coin.

The tourist industry is extremely supportive of the cryptocurrencies and the whole blockchain technology. Let’s take a look, for example, at the latest announcement of the German Tourist Board. Customers using the services of the German headquarters offices will be able to pay for them in Bitcoin and other cryptocurrencies. This is a way to open up to an international customer. The idea seems to be the right one, given that the tourism sector is a thriving industry which is used by people all over the world.

Sport and celebrities

It was not without reason that I combined the world of athletes and celebrities into one. For the latest information about the cooperation of former footballer Michael Owen with the GCOX exchange connects these two worlds. This exchange offers celebrities the opportunity to create their own token. Star cryptocurrencies are an idea of promotion for celebrities, but also for the stock exchange itself. Michael Owen will become the ambassador of his own cryptocurrency OWN. Next to him, the face of GCOX is also a Philippine boxer – Manny Pacquiao and his cryptographed PAC Coin. In addition to the GCOX exchange, there is also another cryptocurrency, TokenStars, which offers celebrities their own cryptocurrencies As it turns out, celebrities are more and more entangled in the world of kryptowalut. Although the majority of them are mostly sports stars, there are also actors such as Ashton Kutcher, who tweeted about Ethereum as early as 2014. Just like the Forex market, the cryptocurrency market is gaining its ambassadors among the greatest fame.

Policy

Blockchain technology and crypts can also be a tool on the political scene. Take the example of Venezuela. Last year the country was accused of bankruptcy and Caracas refused to degrade its ratings. So what did President Nicolas Maduro come up with? He wanted to save the collapsing economy with a petro crypto coin, which would be covered by oil. A petro unit is the equivalent of one barrel of oil. In February this year, Maduro announced its petro emissions. Another example of the use of blockchain in politics can be found in the recent presidential elections in Russia. WCIOM research institute preparing exit polls announced the use of technology to secure databases during the election.

E-commerce

When making payments in e-shops we are looking for the most convenient way to pay for the purchase. Bitcoin more and more often joins e-commerce payment methods. We will pay for various goods, even for furniture. There are even tutorials on the web, which tell you how to enter payment in your e-shop in the cryptallow. Payment methods are not the only bow to e-commerce on blockchain. Rakuten, called Japanese Amazon, will introduce its own cryptocurrency Rakuten Coin. The Japanese e-commerce giant’s cryptocoin is to revolutionize the industry and become borderless cryptocurrencies, as Hiroshi Mikitani, the CEO himself, stressed. Customers of the e-shop could trade with Rakuten Coin and earn points in the Rakuten Super Points loyalty program. Rakuten Coin would be based on this program.

Automotive

Here, the biggest automotive giants make plans and even test blockchain technology solutions. We are talking about BMW, Volkswagen or Porsche. In the case of some, these are only announcements. However, Porsche has recently issued a statement explaining in detail how it will use blockchain in its cars. The technology is tested on applications such as closing and opening a car, temporary access. Blockchain-based applications will contribute significantly to customer safety. The application that allows you to open and close the car is also to protect the owner from theft. The second advantage is that it saves time and speeds up the process. With blockchain, you will be able to connect directly offline, closing/opening your car will be six times faster than before.

Daimler announced the creation of its own cryptocurrency MobiCoin under the Mercedes-Benz brand. In this case, it would be a means of payment which would be a reward for eco-friendly and safe driving.

Art

Who would have thought that such two distant lands could connect something? In March of this year, the gallery in Los Angeles hosted an exhibition titled “The World’s Day of the Year”. “New Money’. Artist Andy Bauch presented paintings made of lego elements. Behind the colorful mosaics, there were coded keys to the artist’s cryptocurrency wallet. Andy wanted to visualize the algorithms behind blockchain technology for those who can hardly imagine how it works from the IT side. This is not all, however, just a few days after that, the Canadian stock exchange admitted to purchasing Nelson Mandela’s golden hand casts, which were purchased in Bitcoin. The Ontario Stock Exchange, which purchased Nelson Mandela’s hand castings, will take them on a promotional tour. The cryptocurrency exchange is also working on its own cryptocurrency Dignity Coin (DIG), which is covered with gold. Therefore, gold castings will play an important role in promotion.

Real estate

The industry smiled at the market cryptocurrencies and welcomed them with open arms. Properties, apartments are sold for cryptocurrencies all over the world. Ba, there is a real estate agency in Russia – Kalinka, which has become a pioneer in sales through Bitcoin. Not to mention the splendid apartments in Dubai, which you could buy from 33 Bitcoins at the time. In September this year, the owner of Knox Group and his wife announced the sale of apartment buildings in Science Park in Dubai. Offers come not only from Dubai but from all over the world. Apart from luxury houses in Miami, Panama or Acapulco, I once came across an offer for the otodom. A certain owner wanted to sell a plot near ToruĊ„, only for Bitcoins. I don’t know if the transaction came to fruition, but it shows that the real estate market has adopted the new technology every inch.

There are many more industries that have adopted blockchain, but there is no way to list them in one article. I have chosen those that have aroused my interest over the course of the year but are also one of the most popular sectors. I leave it to you to judge whether it is right to take blockchain in so many areas of life.

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