Blockchain is a term that is coming up more often in the modern age.
It can be hard to even understand what a blockchain is, how it works, and what kind of impact it will have on your life. Of course, this is going to affect South Africa’s overall economy, but what does that mean for casual internet users?
What is the Blockchain?
The question on everyone’s mind is “What is the blockchain?” It’s all well and good hearing that it is the future of the economy, but what does that even mean? What effect will that have on the average user?
Unfortunately, this is not that simple a question to answer. To put it simply, blockchain is a decentralized database that can store data across an entire network, making it much more secure than other ways of storing data.
What does the Blockchain mean for you?
It’s all good having a base understanding of what a Blockchain is, but what does that mean for the user? Will it actually affect how you use the internet on a day-to-day basis? Well, yes and no, it depends on your perspective and how it’s implemented.
There are several ways it can be implemented into services you already use, such as healthcare systems or financial applications, making the process much more streamlined, as well as being much more secure than legacy filing systems.
Of course, the one thing most people think of when they hear the word blockchain is different kinds of cryptocurrencies, whether that be Bitcoin or Ethereum; they have certainly had a big impact on not only the economy but the overall internet landscape.
The introduction of cryptocurrencies
Most casual internet users will have heard of cryptocurrencies; they have been floating around the internet zeitgeist for a few years now, being relevant for over a decade in more niche circles. But many people may hear the word crypto and not have an idea of what they actually are.
Basically, crypto, like the blockchain they are a part of, are decentralized currency that lacks government control and works on a peer-to-peer system. Because they are a part of the blockchain, they are incredibly secure and impossible to counterfeit.
Many industries in South Africa have embraced cryptocurrencies because of its practicality. Whether you’re looking at diamonds, wine, logistics, banking, or gambling – you’ll find crypto present in all of them.
Cryptocurrencies within the igaming industry
There has been more implementation of cryptocurrencies within the gaming industry than you might think. For several different genres and styles, there has been some kind of implementation.
In recent years, we have seen the rise of crypto casinos, and for good reason: they offer players a safe and secure platform for all their casino needs. With the security that comes with cryptocurrencies, players can rest assured knowing their money is safe. Not only this, but there are many other benefits to using a crypto-based casino, such as a significant increase in privacy, as platforms may not require users to submit as much personal information as they would on a regular online platform.
As well as online casinos, there has been cryptocurrency implementation within more standard video games. These can be presented in a variety of different themes and genres, but they all share one thing in common: a way to earn crypto in-game, which players can use to purchase things outside of the game.
What effect has this had on the economy?
This, of course, is going to have an effect on the overall economy, especially in South Africa. Because internet users can now earn cryptocurrencies through a wide range of activities, the chances of earning a substantial amount of money increase drastically. If people are willing to study and analyze different market trends, this can be done from the comfort of their own home, making it much more accessible.
There have been many cases of blockchain technology positively impacting different industries within South Africa. For example, the diamond industry has begun to implement the use of blockchain, which allows it to track diamonds throughout the entire process. This can ensure that the process stays ethical from start to finish.
Many other industries have benefited from this technology, such as the wine industry, as it allows them to authenticate bottles of wine and price them appropriately.
What does the future hold?
These are incredibly unprecedented times, especially when it comes to blockchain technology and cryptocurrencies. This, along with the inherent unpredictability of the crypto market, can make it difficult to make accurate predictions as to where this may go in the future. With that being said, there are a few things we can predict.
Quite excitingly, the G20 summit is to be held in South Africa this year, which by itself is going to be a great boost for the economy. But there will be a certain focus on economic growth, including job creation, further industrialization, and many more topics. G20 is set to take place in Johannesburg, South Africa, between the 22nd and the 23rd of November.
The rise of crypto casinos will also likely continue to grow and develop into a more widely accessible platform. With the benefits they offer, such as increased privacy and security, along with a more diverse game selection, it seems like a matter of time before they become one of the main ways people choose to gamble online.
The current crypto market is estimated to exceed $4.24 trillion, which is incredibly impressive when you take into account its exponential growth the industry within the past decade. As for future growth, it can be very difficult to predict because of the unpredictability of the value of Bitcoin; there has been a lack of information as to what will and won’t affect the price of Bitcoin, so it can be hard to say what they will be worth in the future.
We may also see the inclusion of cryptocurrencies as a more widely accepted form of payment in real-life scenarios, such as restaurants or stores. With the continued increase in popularity that crypto is facing, it would be hard not to put some of these implementations in place.
Conclusion
It is not hard to see how and why blockchain technology has reshaped South Africa’s economy; this is definitely to the consumer’s benefit, though. As they have easy access to these services and the wider internet to learn more about how to utilise cryptocurrencies, and although this is a very new technology, it is most certainly an exciting one.
