Blockchain tech is making some big waves. The distributed ledger technology has captured the attention of the world, especially with its drastic ups and downs in 2017. It’s the opportunity to get rich through buying and selling cryptocurrencies that is grabbing the attention of the mass public. But the technology behind these cryptocurrencies, blockchain, is where the real change is. And it’s safe to say that the change is taking place before our very eyes, especially in the financial industry.
Blockchain is a distributed electronic ledger that keeps a verifiable and unalterable record of transactions. Each blockchain is powered by a token, which acts as a form of payment. The tokens aren’t controlled by a centralized agency, but instead are decentralized. By making a financial transaction for goods or commodities with a crypto token, that transaction, and the record of what was purchased, is permanently and visibly stored on the blockchain, providing honesty, integrity and validity.
The Most Popular Aspect of Blockchain: Cryptocurrency
A significant change blockchain is making in the financial industry concerns how we think about currency. Alt coins like Bitcoin (BTC) and Litecoin (LTC) have become popular means of currency. Many even prefer it against traditional fiat currencies due to its free market ideologies. It has become increasingly easier to use Bitcoin as a form of payment for everyday items like coffee and burgers.
However due to the volatile nature of Bitcoin, many have abandoned it as an everyday currency and chosen to use it more as an investment. Instead, other tokens like Dash (DASH) and TenX (PAY) have filled that void and are designed for purchasing everyday items.
Sports Betting 2.0 Due to Blockchain Technology
Another aspect of the financial industry that blockchain is changing is betting. Sports betting in particular is being changed through the coming blockchain BlitzPredict. There are some common problems with the way modern day sports betting works. A fragmented market with centralized authorities and payments taking weeks to be delivered are just some of the problems. Also, time is easily wasted by consumers constantly searching different books for the best odds. And with so many so called “experts” lying about their credentials, it’s hard to know who to trust. These are problems that can be fixed by moving sports betting to blockchain predictions.
BlitzPredict has an aggregator that is constantly scanning, trying to find the best odds. This gives peace of mind that there aren’t better odds available when you place your bet. Plus, due to the auditable liquidity reserves of BlitzPredict, payments are always guaranteed to be given at the end of an event. Plus, they utilizes the power of smart contracts, a blockchain speciality. This gives betters powerful and flexible options to execute their wagers, assuming the appropriate criteria are met.
The BlitzPredict blockchain is powered by its token, BlitzPay (BPZ). Because there will be a reserve of the token, betters using a partner site to BPZ can be paid instantly in the token. This works by BlitzPredict being activated by the partner site and the winner immediately receives his winnings in BPZ at the conclusion of the event. BPZ can also be used for other betting transactions, like purchasing expert advice.
Smart contracts can also be implemented and paid for with BPZ. For example, a smart contract can be set up to automatically place wagers based on an experts predictions. Then, the process is automated for the better, with BPZ being the currency that floats the market.
Blockchain and Global Banking
The global banking system is another aspect of the financial industry that blockchain is positively affecting. This is where the popular cryptocurrency Ripple (XRP) has made its mark. Ripple provides a solution for global payments in the form of blockchain. The San Francisco company solves global payment issues that banks face like slow settlement time, expensive costs, and high failure rates. Through their digital asset, XRP, boasting as the most scalable token in the world, Ripple connects payments across networks instantly and at a low cost.
Blockchain has the power to change various corners of the financial industry. From the way we spend money with the cryptocurrencies like Bitcoin, to banks and financial institutions settling payments through Ripple, blockchain is changing the world. Even financial industries like sports betting is being given an upgrade through the blockchain BlitzPredict. The more examples we have of blockchains like BlitzPredict, the more mainstream blockchain will become.