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Is Bitcoin dead? I will have to say “No” because Bitcoin still has a $16 million market cap, $5 million in daily volume, and 17.4 million Bitcoins in circulation. Yes, the current Bitcoin price is $3.8 thousand but let us not forget that the cost of one Bitcoin was around $225 three years ago. We must also remember that the birth of Bitcoin has sparked the creation of disruption in industries that’s been traditionally held by central authorities. The Blockchain technology that Bitcoin, the cryptocurrency, uses to facilitate transactions and keeps a tamper-proof record of is the technology that is being used to improve the way we store medical records, record land deeds, individuals identification, money, IOT, exchanges, games, and more.
Below I am going to talk about a few industries that can be disrupted by Blockchain and the inspiration for this special sock from Kimchi Socks in partnership with two other partners have designed.
On a macro level, banks serve as the critical storehouses and transfer hubs of value. As a digitized, secure, and tamper-proof ledger, blockchain could serve the same function, injecting enhanced accuracy and information-sharing into the financial services ecosystem. Bank are starting to experiment with blockchain technology to improve their back-office functions and settlements. This could speed up the way banks transmit money overseas and could eliminate the expensive middleman cost of about $20 billion.
Voter fraud and file play is something we always here during elections. Especially in the United States, we see the media outlets covering stories of bad practices going on at the voting polls. The current voting system, well at least in the US require the following: voters’ identity, secure record keeping to track votes, and trusted tallies to determine the winner. Blockchain technology can become the behind the scenes infrastructure for casting, tracking, and counting votes.
For my final point, I am going to talk about how blockchain technology will disrupt and improve the real estate industry. The known frictions in the real estate industry are the mounting of paperwork, potential fraud, errors in public records, lack of transparency in transactions, and the slow process. This technology can help record, track, and transfer land titles, property deeds, liens, and more, and can help ensure that all documents are accurate and correct.
I only talked about a few industries that Blockchain technology backing Bitcoin has the potential to disrupt. If you are interested in reading about more sectors that can be disrupted by Blockchain technology, you can go to www.cbinsights.com where I got my information from. They have a lot more information, and you will become informed and inspired to think of how you can be part of this excellent technology development. Click here.
Now, if you are interested in buying our limited “Bitcoin’s 10 Years of Disruption Limited Edition Socks” you can join our email list via the bottom of this page and submit your info. We are looking forward to creating these limited edition socks and get a couple of pairs in your hands. Kimchi Socks has been a supporter of Bitcoin when it was valued at $250 for one BTC, we have been accepting this cryptocurrency, and we have created videos on our YouTube channel in our effort to support the community. Thank you for your time.