Our visions of a future with floating cities and hover boards may not have exactly come to fruition, but for crypto enthusiasts, their future of an evolving society may be just as impressive.
Cryptocurrency has become an innovative and valuable way to send payments, from paying for hotels, services or even pay your taxes in Canada. The crypto phenomena has even being seen in the tourism industry. Crypto Tourism is becoming extremely popular and travel companies are beginning to take notice. There are now dedicated packages for crypto fans to enjoy, and they are especially popular in South East Asia. Therefore, we are seeing an increasing number of people across the world armed with some crypto knowledge and a Luno Bitcoin wallet; making payment options safer, quicker and on some occasions even cheaper.
Blockchain is the technology powering crypto because of its decentralised and open-source nature. Although crypto couldn’t survive without blockchain technology, these blockchains can be prized away from the crypto world to help society in other ways. Here are some of the best.
- Stopping Car Fraud
There are many ways that crypto can be a vehicle to stop criminals, such as tax evaders. One of the types of crime that it has the power to stop is car fraud, specifically when someone tries to sell a car on. It is not uncommon for some people to tamper with the mileage on a car or lie about its repair history when trying to sell it. They do this for the simple fact of getting more money in return.
Using the blockchain to record the data of every vehicle will prevent information from being tampered with and stop people from buying cars with deceptive information.
- Protecting the Internet of Things
The Internet of Things, known as IoT for short, refers to the connectivity of devices, mostly around the home. We have already seen a rise in devices that can help you switch on Netflix or set reminders. However, soon there is a good chance that your washing machine, child’s toy, computer, garage door and your TV will all be connected. This is to make life easier and more convenient, but it brings with it security issues.
When all of these devices are in use and connected, it offers hackers more gateways to personal information – and to steal that information. As a result, the best security is needed, which can be afforded by the blockchain. Connecting devices with the help of the blockchain will help to secure them all and prevent hacks from taking place.
- Securing Healthcare Systems
Healthcare systems have been the target for hackers over the years. The infamous WannaCry hack of 2018 cost the NHS almost £100 million. The data they stole from patients was a significant breach of protection and confidentiality, all of which could have been prevented with help from blockchain technology. If data was instead stored on a blockchain, the security of the technology would have protected data from the WannaCry hack – but any other hack or attempted cyber threat.
These are just three ways that blockchain can help the wider society. Looking past crypto alone, blockchain technology has a wealthy of uses that the future can explore and benefit from.
