Cryptocurrency and blockchain technology is still in its infancy, and there is a lot of room to grow. At this point of time, we can only assume that their adoption is only going to increase or even skyrocket from now. Who would have thought that one day radio and casette businesses would be closed. Who would have thought Internet would be such a huge thing!
So let's take a look at the companies or even industries that could go out of business when crypto becomes mainstream:
1) Uber
Let's start with the most obvious one. Uber runs taxi services where they get all the money from the passengers, while the drivers get a salary. With blockchain technology, this middle man called Uber can be easily removed. All that requires is an Uber-app like dApp. Drivers get more profit, which can even result in lesser passenger fairs.
2) Crypto Exchanges
Ironic, isn't it? Once the fees for buying crypto directly from a wallet or Dex (Decentralised exchanges) reduces significantly, then I don't see any need for centralised exchanges like Binance or Coinbase. Already there are provisions for swapping one crypto to another apart from features like staking, farming, providing liquidity etc in these Dex-es.
3) Database softwares
Be it small ones like personal ownership databases, or big ones like population census of a country, blockchain could make them handy and tamper-proof
4) Facebook
Yes, Facebook knows a lot about us than our family. No wonder why they are getting so much backlash in this era where privacy is valued more. Considering that, one can only bet decentralised social medias coming to scene sooner than later, replacing such social media apps
5) Whatsapp
Whatsapp, owned by Facebook, has not been in the good side of the spectrum regarding privacy and their recent privacy policies that they are planning to implement. Although whatsapp chats are end to end encrypted, any government or organisation can get our data if Whatsapp decided to give them (eg , by digitally fingerprinting each messages). The solution? Blockchain. The same technology used for the creation of privacy coins such as Monero, could easily be extended to a texting application.
6) Netflix, YouTube, Spotify
Blockchain technology could reduce the cost of video and audio traffic by decentralizing encoding, storage, and content distribution. This could even mean the aforementioned companies having no role. Also, it will enable many small scale artists to showcase their talents more easily.
7) Cloud storage
Most of the players on cloud storage like Google drive, Microsoft One drive offer free storage only upto a limit. Blockchain technology can improve this dramatically and even make it essentially free with high level of privacy and protection!
8) Insurance Companies
Using blockchain technology in Insurance can prevent fraud, verify claims and medical records in a foolproof manner. Unless the current players in the market step up using it, they could soon go out of business
9) Amazon, Alibaba, Flipkart, Walmart, Postal mail
No, they won't go out of business. Using blockchain technology, tracking their products and payments can happen in a flawless manner. Crypto currencies like Vechain are a prime example of its potential. If a big company exploits this first, they could soon be the Kingpin in Delivery industry thus killing others
10) Banks, Fiat currencies, Western Union
I kept it for the end for two reasons. One that, it's the most direct one in our eyes, and Two, because it could be the most controversial. Cryptocurrencies can replace fiat currencies. But we don't know to what extend it is practically possible. El Salvador accepting Bitcoin as a legal tender is definitely a move in the right direction.
Coins like XRP can work along with banks, while coins like Telcoin completely eliminates the need for a Bank.
With crypto, the entire world is One, and there's no difference between transferring crypto to your neighbour and between you and your friend in opposite pole. The huge time delays and fees we pay to Western Union could be minimised significantly by blockchain tech and Crypto.
11) BONUS POINT : GOLD: Who needs real gold, when you already have digital gold: BITCOIN
Thank you for reading so far. Hope you liked the article! Cheers 😊