Blockchain is one of those technologies that comes along once in a generation and has the power to potentially change many aspects of life. It isn’t over the top to say that the majority of industries are thinking about how blockchain is going to drive the future.
Individuals are also starting to embrace crypto more, especially in certain hotspots. Crypto has certain advantages for people who want to stay anonymous and provides a decentralized method of paying outside of the traditional methods. No more banks or middlemen in the payment cycle.
Over the past few years, blockchain and crypto have expanded well beyond the realms of simple transactions and speculative investments. People now see them as versatile tools that can be used in a variety of ways.
Trying to Earn By Staking
Staking involves holding a certain amount of cryptocurrency in a wallet to support the operations of a blockchain network. Though not exactly the same, it may help to think of it as
putting your money in a savings account but with digital assets. It's a way to earn passive income with crypto without being involved in any form of trading.
Proof-of-Stake (PoS) consensus mechanisms used in a lot of cryptocurrencies are the root of this method and staking helps keep the blockchain secure. Participants may receive rewards, typically in the form of additional tokens. Compared to more active forms of crypto involvement like day trading or mining where people need to be constantly alert. This staking requires relatively low effort once the initial setup is complete. Just hold onto the crypto and potentially, there will be some returns.
Fintech has already embraced blockchain and there are a lot of different ways that finances are being changed by this P2P tech. Many PoS systems are now decentralized including Zone, an African-based PoS system that is totally Defi in its nature – no banks involved. This may not be a way to earn but it is another example of how this technology could impact us all.
Digital Identity and Verification
Blockchain technology is stepping up to offer a solution for verifying people's identities, too. These Blockchain-based digital identities have been discussed as a private way for individuals to verify their identity online without needing to hand over personal data to multiple platforms. Security is already one of the reasons why blockchain appeals to people and is so widely used in some industries already and digital identity could be another method of using this secure P2P network.
Imagine applying for a job or renting an apartment without having to send copies of identification documents everywhere. One single, verified (by the blockchain) digital ID could prove identity without exposing sensitive information. Some startups are working on creating such identities that could be used for everything from voting to opening bank accounts.
There’s a lot to like about greater security and privacy.
Supply Chain Transparency
The supply chain industry is another that cottoned onto the improvements that they could garner from this technology, and the fact is that consumers today are more conscious than ever about where their products come from. Decentralized blockchain technology is playing a surprising role in providing that transparency. By using blockchain, companies can create a record of a product's journey from the source to the shelf. Every different part of the journey across the supply chain can be recorded and tracked. This allows other companies or customers to verify that their produce has been ethically sourced, for example. For high- ticket-value items, fraud, and imitation brands can be an issue, but not with blockchain tracking each item with an immutable record.
Transparency is the name of the game for a lot of supply chain companies. Just like the appeal for most users, blockchain adds a layer of trust in the supply chain which is increasingly valuable in today’s market. Next time a company says their chocolate is fair trade or their cosmetics are cruelty-free, there might actually be a blockchain proving it for them.
Copyright Protection and Royalties
For artists, musicians…anyone who could be impacted by the need for copyright protection, blockchain technology offers a new way to protect their intellectual property. By registering work on a blockchain creators can establish undeniable proof of ownership that cannot be altered or tampered with.
Already, some platforms are using smart contracts which are self-executing contracts with the terms directly written into code — to distribute royalties automatically to creators every time their work is sold or streamed. This takes away the middleman and also lowers the workload. Musicians and artists may well be paying close attention!
Conclusion
Cryptocurrencies are what a lot of people associate with blockchain, as this field was the first to make a mainstream and effective use of the technology. People using crypto already see some of the benefits in the form of lower transfer fees and quick payments, but there are loads of other uses for blockchain that are making an impact.
