Cryptocurrencies have been in the focus in 2017 and they are already dominating 2018.
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The technology behind them, blockchain, seems to be the year’s buzzword and a lucrative phrase that has already found its magnet for funding.
However, cutting through the hype, a lot of people wonder if blockchain technology could really revolutionize industries and markets from banking to education and medicine. According to Dr. David Galindo who is a senior lecturer at the University of Birmingham and a cryptography expert:
“Blockchain has the potential to replace mediators who are present today in multiple industries to provide transparency and accountability, such as banks for financial transactions, universities for verifying academic certificates or music companies to reward music creators,”
Industries are about to experience a transformation that is equal to the leap between analogue and digital. The future of cryptocurrencies is comparable to the rise of internet-based platforms, according to Galindo.
He continues pointing to these facts, saying “It could transform industries whose main purpose is mediating in asset transactions in a similar way that Amazon, Uber and Airbnb have changed retail, transport or accommodation.”
One of the best examples to back Galindo’s statements is OpenBazaar which is a blockchain-based and decentralized online marketplace. The market has been active in its 2.0 version since November 2017. Free to use (unlike eBay and Amazon), it demands a percentage from each transaction. What’s interesting, according to Galindo and many others, is that this model could theoretically be extended to many common markets.
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