How crypto is driving innovation?

When crypto first came onto the scene, it was believed to be just a new method for financial freedom. While that aim is still on the table going forwards, it has started to become apparent that crypto, and the blockchain specifically, is actually a lot more than that. We’ve taken a close look at some of the more inventive ways that crypto has been driving innovation over the last five years.

Online casinos

People tend to be shocked when they discover how crypto has impacted the online casino industry. However, online casinos have arguably seen some of the biggest crypto innovations in recent times. There are two main areas where this has taken place. The first is through provably fair casino games. When it comes to finding a quality online casino, it has become harder over time due to the sheer number that is on the market. Provably fair games are an attempt by developers to use the blockchain to show players that they are trustworthy.

They essentially work by using the blockchain to prove that the game has behaved in a fair manner. So, if it says that there is a 50/50 chance of winning a bet, the blockchain will return the figures that prove that this is the case. This is still relatively new, but it’s something that will likely become more popular as the technology becomes easier to use.

Another big area where the blockchain is allowing online casino innovation is in terms of hosting online casinos. It’s believed that a complete online casino can be hosted on the blockchain, which will give operators the opportunity to create a complete virtual reality experience for players. It will mean that online casinos will become closer to offering what land-based casinos offer, especially as virtual reality hardware increases in quality.

Medical data storage and healthcare

It’s no secret that storing medical data can be difficult. However, the blockchain offers the ability for the data to be stored cheaply and with fast access. While this might sound like an overly complicated database, it actually opens up a lot of new possibilities. For example, users might be able to have their own specific entry code using the blockchain. It means that without this access code, the medical data cannot be looked at. Also, it cannot be overwritten, so user data is always kept extremely safe.

This is something that China is looking into as it attempts to ensure that its healthcare is known as the best in the world. The storage of data is very important when it comes to keeping patients safe. The loss of data accounts for injuries and death for patients every single year. By using a more secure storage method, patients will be kept safer.

Of course, storage is just the tip of the iceberg. Blockchain technology can also be used to model certain medical scenarios. New treatments could theoretically be tried out on virtual patients using blockchain modeling. This is something that many crypto champions haven’t currently spoken much about, as they are focusing on commercial opportunities.

By using the blockchain to model treatments, it could lead to much faster advances in medicine. Cures for cancer are the obvious aim at the moment, but it could also have further-reaching consequences. If the entire genetic code for someone can be mimicked on the blockchain, then hereditary diseases could potentially be treated more efficiently. The technology is obviously in its early stages at this moment in time, but the potential is limitless.

Video games

Gaming is an area that many people feel will be untouched by crypto. However, as online casinos have shown, gaming can be positively impacted by the blockchain. A great example of traditional video games is the current development of sandbox video games in areas of the blockchain. These games are believed to potentially be linkable. So, you could possibly be playing one game where you fly a spaceship around a galaxy, and then return to your home planet that is hosted on a different part of the blockchain and play a totally different game.

This leads to the potential for an actual life simulator being available on the blockchain. With cloud computing becoming more prevalent, players around the world could live out a completely virtual life with each other. This could make for some of the most realistic and engaging video games of all time as technology improves.

Fantasy sports

This is something that is already taking place. There are crypto-led fantasy sports on the market that use non-fungible tokens (NFTs). These allow players to purchase NFTs of different sports competitors, and from there they are able to build their own fantasy sports teams. They compete against each other just like in traditional fantasy sports, but the added aspect of crypto means that there are much larger prizes on offer to players.

Commerce

While the financial aspect of crypto cannot be ignored, it is safe to say that it could have an impact on commerce in the future. With many cryptos preparing to offer extremely fast and secure payment methods, you could see a lot of mainstream companies offering crypto as a payment method in the future.

Of course, this has already happened in a lot of areas of business, but it is expected to expand over the next few years. There could be an increase in the number of crypto coins that individual businesses offer, as well as governments offering their own cryptos. It means that the original decentralized vision of crypto will be significantly moved away from it. However, what it does also mean is that there will be a much larger take-up across wider society. This could lead to increased levels of funding, which will in turn allow for crypto to increase its level of innovation. Commerce is likely to be the biggest area where crypto will integrate moving forwards, but it also has the largest range of positives and negatives for consumers.