Bitcoin and the blockchain are the most important invention of the 21st century which will change the way that businesses run. Just like the internet, it will eat away at the present day models of organization till eventually there is nothing left. Companies will need to adapt to this new tech or there will not survive the future ahead. Jobs are going to be lost at record rates as greater automation take place thanks to ethereum smart contract networks. New solutions will need to be found to make it possible to provide a basic living wage due to the mass unemployed due to the technological revolution. Below are three of the top industries that are currently undergoing massive transformation due to the blockchain.
#1. Entertainment Industry
The entertainment industry was one of the sectors worst hit by the digital revolution thanks to the internet. The rise of streaming platforms destroyed the way that these types of companies make huge profits and they have had to adapt. One of the main problems faced by the industry is that the middleman takes too large a share of the profits leaving very little left over for the artists.
The blockchain and smart contracts are looking to solve this dilemma thanks to its ability to store and encrypt ownership records. Using smart contracts means it is now possible to cut the middleman out of the equation and payments can be made directly to the artist autonomously. There are many ICOs launching their own decentralize platforms that will solve problems such as compensation, distribution, digital rights, managing assets and more.
#2. Banking Industry
Bitcoin was created to bring down the banking sector that has been draining along with having an extremely damaging effect on the world population. It may not have taken off as a mainstream form of money but it has certainly distributed the sector by creating a new form of a secure asset class with direct ownership. All of the banking processes can be fully automated on the blockchain which cuts out the needs for bankers which can only be good news.
#3. Gambling Industry
Bitcoin and blockchain technology are perfectly suited to the gambling industry and due to that fact, it has been one of the leaders in its development. It solves the problem of providing completely transparent games that are 100% provably fair by using the blockchain. Not only this but it enables anonymous play, instant payouts and is accurate 100% of the time. Find a bitcoin casino list here of the best-rated platforms.
Blockchain technology and smart contracts are going to cut the middleman out of all businesses models. It will also automate all of the administration and regulatory processes which will greatly impact the jobs market. We are edging towards a society where no one will have to work, so hopefully, a solution is found to this or the consequences could be extremely damaging. One of the best things about cryptocurrencies is that it enables a solution to the problem it creates and it is possible to create national or international cryptocurrencies that give each citizen a basic living wage. Let’s hope that we go down that route as I personally do not fancy another world war 3 due to the banking systems collapse.