Second Life and World of Warcraft didn’t withstand the test of time. But remember when chatbots were meant to be the next big thing in tech? Those days are gone now. But there is a new wave of bots coming with open source code, powerful cloud infrastructures and the ability to learn from interactions. The chatbot market has evolved and become more than just a “tech trend,” and companies like Facebook Messenger with its 11,000+ bots proves that point.
Conversational AI is rapidly evolving around us today powered by advancements in natural language processing (NLP). This technology lets users interact naturally, just as they would with another person via text or voice-based exchanges. Powered by blockchain technology, these chatbots can even perform tasks like payments and deliveries.
Cryptocurrency is the future of business transactions. Not only because it’s decentralized but because all transactions are done in a secure way. Considering this future need, here are some incredible applications for cryptocurrencies that could disrupt industries by bringing them into the digital era or speeding up current processes:
1- Currency Exchange/Transfer:
For instance if you want to buy an item online using fiat currency (USD, EURO etc.), then you would have to use payment services like PayPal or credit card to send your money securely across any border worldwide within minutes. This process takes time while crypto currencies can do the same within seconds without any additional cost. Imagine how much time you can save!
2- Supply Chain Market:
When it comes to supply chains, blockchain technology enables secure, transparent and fully digital tracking from the very beginning of a product’s life cycle. In plain English, it means that no matter how many links in the chain there are between raw materials and shops, they can be tracked to check whether they’re legitimate or not. This will make production processes faster while reducing costs and human error too. So instead of going through stacks of paper work to find out where a shipment went wrong when it leaves port for example, a simple search on a distributed ledger would solve this problem immediately. It also helps you to know what products you should buy from which factories avoiding counterfeits that usually remain undetected until it’s too late.
3- Retail Market:
A lot of money is spent on advertising to generate leads which companies can use to drive sales. But what if a lead knows exactly what they want and simply search for it online? It would mean that marketing strategy would need a complete makeover. The good news is that chatbots are capable of narrowing down potential customers by learning their tastes over time. If you were searching for a pair of shoes, the bot could suggest some styles without pushing promotions at every step.
4- Insurance Market:
In the insurance industry, customer loyalty has been declining over the last few years as there are many new players in the market with competitive rates. Blockchain technology could fix this problem by allowing peer-to-peer insurance contracts. This would allow policyholders to cut out the middleman and deal directly with each other securely on a blockchain platform which can be used for both new and old insurance products including car insurance, travel insurance etc.
5- Healthcare Market:
Medical records are monolithic in nature today, making them hard to share even within an organization let alone between organizations or individuals. If you move to another city or country for work then how awkward it feels when your doctor wants to access your medical records? There is no solution in place at the moment that allows information sharing without compromising security. Blockchain technology can fix this problem by allowing patients to store their encrypted health data on a secure blockchain which they can control via smart contracts (self-executing contracts with the terms of the agreement between buyer and seller directly written into lines of code). Smart contracts can’t be tampered with as they’re decentralized on the blockchain. Not only will this allow access to past medical information, but also increase security by allowing multiple doctors to access a patient’s data if needed without compromising confidentiality.
6- Legal Market:
Since it is possible to store almost everything in a blockchain. Not just cryptocurrency transactions, lawyers and their clients could use these records for an immutable ledger of intellectual property rights. Further, by providing all documents online and encrypted, you would save time sending things back and forth via email or overnight delivery which usually cost money anyway. Lawyers are expected to spend at least 50% of their time simply combing through and organizing data. If you remove this, it allows more time to be spent on serving clients better.
7- Music Market:
In a world where anyone is able to make a song. They may struggle to get noticed which means they don’t receive royalties for their work. So far the music industry has been using conventional technology such as CD’s or digital downloads which can easily be duplicated and pirated online. Blockchain technology enables copyright protection through mass file licensing and royalty tracking thanks to smart contracts on the blockchain which can’t be tampered with thanks to cryptography.
This means that every time a song is purchased. The revenue will automatically be spread across each stakeholder in the supply chain including record labels, distributors and publishers. This will solve a fundamental problem that streaming services have been facing – the need to identify what goes where. For example, Spotify has been sued for using unlicensed music and it would have been easier if they were able to see who was responsible for making the music in the first place.
8- Monetary Market:
As an alternative currency which can be used among many different countries around the world. You may think there is no benefit from using cryptocurrency over traditional fiat money. But actually, digital currencies have advantages such as being faster and cheaper when processing transactions. Compared with credit card companies or banks that charge fees every time you swipe. It also solves problems faced by people in developing countries without suitable banking infrastructure who are unable to send international transfers which usually take days and cost a lot of money.
You can send cryptocurrency through a computer or a mobile phone without incurring any fees whereas traditional methods. Such as Western Union charge 10% of the amount being transferred. Which is quite expensive for most people in developing countries. Blockchain technology also offers unbanked individuals from getting loans from banks. Since these transactions are recorded on an immutable ledger that cannot be tampered with thanks to cryptography making it 100% secure. And even if they were able to obtain a loan, no bank would accept someone without using credit. Scoring where each person has to have debt before they are allowed to take out money. With blockchain technology, every person is assigned an address which acts like their digital identity allowing them to transactions worldwide without having debt or needing a bank account.
9- Supply Chain Market:
Blockchain technology can be used to monitor the supply chain of goods. Which is useful for tracing back products if any sort of contamination or recalls happen. For example, an outbreak of E. coli in Germany at the end of last year was traced back. To contaminated sprouts From a farm in Lower Saxony, and this demonstrates how blockchain technology would have been able use to reduce the number of casualties. And economic cost incurred by businesses affected by the recall. This technology also improve efficiency in logistics and shipping industries. Since it enables accurate tracking and monitoring which ensures that deliveries will arrive on time and won’t get stuck at customs. When reaching their destination country due to incorrect documents or bureaucratic red tape causing delays in delivery times.
10- Internet of Things Market:
Internet of things is a concept where everyday objects are connected to the internet. Allowing them to send and receive data without requiring human supervision. There are many practical applications using IoT in lots of different industries. Including consumer goods, healthcare, transportation, manufacturing and agriculture which could provide useful benefits. For example, smart appliances that can automatically order supplies once. It detects you’re running low or smart sensors in aircraft engines that send alerts. If there is any unusual activity in the turbine. Blockchain technology will have a role in facilitating communication between devices on the IoT network. Which will help facilitate peer-to-peer transactions without human intervention thanks to smart contracts on the blockchain. Data collected from these devices can also be sent securely through cryptography. So that users can have complete control over who accesses their information.
Conclusion:
All of these applications will help facilitate mainstream adoption of blockchain technology. Into many different industries and companies are already building new systems that use this novel solution to improve their business. As more people become aware of its benefits. It is likely that usage will increase dramatically which will probably attract the attention of big businesses. Who want to stay relevant in this age of digitization where most processes can be done online. Hopefully, this article has helped you understand why cryptocurrency isn’t just about making quick profits by buying tokens. Hoping for them to skyrocket like. Bitcoin did last year but there are lots of practical uses for blockchain technology outside cryptocurrencies too. Thank you very much for reading and I hope you found the information useful.
