Many cryptocurrency enthusiasts have acquainted themselves with the likes of the Bitcoin blockchain, Ethereum network, and other popular cryptocurrencies that fuel a blockchain. To many people, the blockchain and crypto are like identical twins.
For a while, the blockchain has been a pillar that connected crypto traders and, to some extent, smart contracts. However, beyond crypto, the blockchain has considerable potential. For a start, the technology has given birth to digital currencies that enable PrimeXBT, which has all the characteristics to be the best crypto trading platform in the wider crypto market.
Blockchain technology also supports NFTs that have become popular alternatives to cryptocurrency in the digital asset domain.
What is the Role of Blockchain in the Fintech space?
Old banking technology faces some issues that need fixing. First on the list is the massive risk of money disappearing when it moves from a bank to the customer. Thieves with sophisticated tech skills have previously directed money meant to reach other people to their accounts.
Scalability is another matter that forces banks to use a lot of money and untrustworthy third parties to maintain customer details and transactions that span many years.
The blockchain solves these issues because it secures and even reduces the number of people concerned about a transaction. That means that banks can use less money to maintain massive customer data networks while cutting back on the number of people required to ensure a blockchain network works smoothly.
The blockchain has previously supported over $1 trillion worth of crypto assets, which are tradable in PrimeXBT and many other trading platforms. Besides that, centralized app creators add to that figure, with newer assets such as NFTs worth billions of dollars having a home in the blockchain.
In 2026, the existing haul of NFTs might go beyond the $100 billion mark. The figure points out that the primary financial sector, which is largely fiat currency dominated, can easily have a spot in the burgeoning blockchain network.
What Other Areas Can The Blockchain Support Beyond Financial Assets?
1. Voting
Elections have brought many divisions in the world, especially when losing sides start advancing unverifiable claims of massive vote-rigging. Traditional voting systems do not have sophisticated technologies like banks to safeguard the authenticity of votes, putting them at the mercy of electoral commissions to guarantee integrity.
Voting systems can borrow from the likes of Bitcoin that put their faith in the Blockchain, which has so far maintained a self-regulatory financial ecosystem running cryptocurrencies for over a decade. Blockchain networks can help build trust in the electoral process in the way smart contracts execute within the same networks.
2. Healthcare
Away from voting, the Blockchain can come in handy in healthcare systems to help store and easily retrieve patient data. Traditional filing systems and amateur databases that rely on a simple computer storage disk can fail anytime. However, the blockchain can guarantee that a file remains unchanged for a long time and does not disappear when a disc crashes or a traditional filing system catches fire.
3. Digital Certificates
Paper certificates in land registries and real estate, in general, have created controversies in the past. Corrupt officials running the registry can easily change the details of a paper or a digitized land certificate. The blockchain can stop such instances by having a copy of the digital certificate stored in a decentralized network.
The blockchain time-stamps the certificates in real-time to maintain integrity. Decentralization will avail the certificate on-demand, removing the need for long lines in land registry offices, or the opportunity to manipulate the details of such documents.
Is Blockchain the Future of Data?
While many new technologies have received the label of technology for the future, the majority have failed to live up to the task. However, the blockchain has so far proved itself in the way it has handled crypto assets, and currently NFTs. Trading platforms like PrimeXBT rely on the technology to maintain an ecosystem of tradable instruments. The technology might be the missing link to reducing the overreliance on centralized networks.
