When Bitcoin was created in 2009 by Satoshi Nakamoto, not many people knew what it was or what it meant for the financial world. As the technology around Bitcoin improved, however, the investments started rising, and the influence of this cryptocurrency in the real world started increasing as well.
In the span of just a decade, BTC created quite a stir around the world. Industries were transformed by this digital currency and many of them are still trying to adjust to the latest developments.
The question for us today is whether or not cryptocurrencies have the power to disrupt the financial ecosystem and cause it to change. To answer it, let’s take a look at Fotunly’s resourceful infographic below.
Crypto Disruptions in the Real World
There are no rules when it comes to cryptocurrency. The entire concept is still new and it’s evolving at a fast pace, so it’s hard to predict what turn it will take next.
As a result, many different industries have undergone disruptions caused by crypto. Some of these were positive, others, not quite so positive.
- The famous blockchain company played an important role in the improvement of global cross-border transactions. This improvement accounted for 27% of the world’s transaction revenue in 2017.
- Messaging Apps. Initial Coin Offerings (ICOs) have become an important source of income for promising startups. In 2018, Telegram canceled their public sale of tokens (capped at $1.2 billion) after they raised $1.7 billion from private sources.
- Car Leasing & Sales. As we all know, car leasing is an extremely complicated process. Blockchain could change this and turn the process into a “click, sign, and drive” experience.
- Cloud Computing. Ethereum earned the nickname “the world’s supercomputer” because of its ability to execute smart contracts and ASIC resistant mining.
- Government & Public Records. An example of this is the Delaware Blockchain Initiative which has the aim of reducing paperwork and fraud.
- Finally, more mundane areas are not immune to cryptocurrencies either. For example, one of the most famous companies in the industry, Kodak, wants to launch their own cryptocurrency called KODAKCoin. They hope to ensure that photographers are paid fairly and properly.
lija Acimovic, a researcher and a writer with a degree in global economics, statistics and business management. Data is all around us, and data is knowledge and knowledge is power. My path leads me through various different topics and subjects, ranging from global finance all the way towards IT and technology. I am currently at fortunly.com, acting as a content specialist. As a person who likes challenges and strives for excellence my end goal is to use all that I can to create a better-informed world.
Originally published at https://www.datadriveninvestor.com on October 8, 2019.
Does Crypto Have the Power to Disrupt the Financial Ecosystem? was originally published in Data Driven Investor on Medium, where people are continuing the conversation by highlighting and responding to this story.