Investors and the crypto initiated already know that the blockchain industry is so much more than just Bitcoin trading. From amazing projects that can facilitate users in their everyday lives, to investing protocols that can bring much greater passive returns than the conventional banking and savings arenas, to offering banking services to the unbanked. Now it’s time for the consumer to catch up to the amazing merits that the blockchain can bring them.
Benefits of blockchain
Bitcoin, was of course, the first ever innovation in this space. It was built with the promise of giving people a means to pay for items and transfer funds across the globe to anyone within a matter of minutes. It didn’t turn out that way though for Bitcoin, as its main use case is now as a speculatory trading asset, with investors following its dramatic rise and falls, in the same way as one would watch a telenovela.
The underlying technology that sits under the hood is the true innovation though. The blockchain was created as a decentralized technology that would allow automatically verified transactions that would remove the need for a middle man, like a bank or a broker. The decentralized nature of the blockchain means that all data is updated and secured across thousands of computers worldwide, unlike in the case of the centralized world, where data is stored on a single server. This makes it much harder to hack data and steal value.
When transacting in cryptocurrencies, you never need to give your personal information or banking data, but rather your wallet address. This ensures absolute privacy and anonymity for its users.
The main propositions of the blockchain for the consumer
This category covers the whole of the decentralized financial spectrum from savings, to loans, investing to prediction markets. It brings mobile banking and savings to the over 8 billion people globally that do not have access to a bank account or the option to save or invest. It means that the most financially vulnerable people that are often charged hefty fees for transferring funds through wire transfer, can now move money at the click of a button, sometimes for free. A world in which credit scores are a thing of the past, and in which if you have the funds, you can use them to make more funds in a safe environment.
Casino and gaming
Casinos that sit on the blockchain through the use of smart contracts, enjoy provably fair gaming, where the casino cannot interfere with betting data, or limit gamers accounts when they do too well. It has created new gameplay models where users no longer need to pay to play, or play to win, but rather play to earn. A model that motivates users to play by rewarding them for their engagement.
New formats for social media, where both content creators and the users themselves are rewarded for their level of engagement. Where the platform is non custodial and the user retains all rights to their own content and data.
The new era of the internet, one which does not see the giant companies harvesting the user’s personal data in exchange for them using their platform. A new type of internet, which is anonymous, respectful of the user’s rights and moulded by the users alone.
Identification and safety
The ability to verify yourself, without having to send your private documents and have them stored on a strange and potentially hackable server. One in which you can use your face as your identity no matter which project or platform you are using as in the case of Avarta. Avarta’s multi-chain support means that cryptocurrency users can store all of their keys in the one wallet with no need for passwords ever again, no more seed phrases and no need to write down or save your crypto keys.
Millions of dollars are pouring into the crypto realm, and not just by investors looking to gain exposure to crypto coins, no venture funds and individuals investing in the apps of the future based on the blockchain because of the genius advantages that they bring. The future for the consumer will be a better place.