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Third Level Consequences of the Coming Adoption of Crypto-Tech and Blockchain

Companies and organizations around the world are exploring the application of blockchain technology for various uses like process management, cost reduction, or to increase transparency. Because blockchains help to remove third parties and middle men, they offer several advantages when compared to existing solutions.

One of many examples is the gaming and gambling industry which sees a big boom in the use of blockchain technology. Here is a selection of just a few ways of how companies in this sector implement crypto-tech:

  • Non-fungible tokens are used for rare in-game equipment, weapons and collectibles. They ensure the authenticity of objects in games, so that players can trade them without the danger of being tricked by others.

The job market’s demand in people with crypto-related knowledge will rise

Similar to this, many other industries explore the advantages of crypto and blockchain. In general, blockchains and smart contracts can make existing systems and processes more reliable, faster and cheaper. All of this causes an increased demand in people who understand blockchain technology. This means:

  • We can expect that the demand for employees that understand various aspects of blockchains and cryptocurrencies will increase. This will not just affect developers and IT-specialists, but people with other backgrounds (marketing [2], sales, consulting, etc.) as well.

But it’s not just the job market or higher education driving these developments. The more crypto will become a part of everyday’s life, the more people will learn about it’s underlying working mechanisms. This will further increase the adoption of the technology. Though, for the general public to accept blockchain and crypto more time is needed. Concepts like public or private keys are still hard to grasp for many.

If an increasing number of people gains sufficient knowledge about blockchain, then this will have a number of first, second and third order effects [4] which need to be considered.

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Possible future implications

It’s very likely that these consequences will affect different aspects of society, power relations, politics, and the economy. Here are a few ideas about what could happen:

  • In the future, more people will use crypto rather than fiat out of a desire for more transparency or the need to have more control over their own money.

With the further adoption of crypto and blockchain-technology society will have to face several crypto-related issues. They offer chances and challenges which will require reasoned, coordinated and robust actions from multiple actors (politics, corporations, etc.). The time to act is now because change will come and it will come fast.

Resources

[1] https://coincentral.com/how-blockchain-technology-is-changing-the-gaming-industry
[2] https://crypto.jobs/c/marketing
[3] https://blog.coinbase.com/the-rise-of-crypto-in-higher-education-81b648c2466f
[4] https://personalmba.com/second-order-effects/
[5] https://positivemoney.org/2018/08/british-public-dont-trust-banks/
[6] https://www.ccn.com/iran-launches-gold-backed-cryptocurrency-as-anticipation-for-crypto-rial-grows-to-evade-us-sanctions

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I analyze crypto trends and turn them into easy to read and understand research articles for thousands of crypto investors.

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Ren & Heinrich

I analyze crypto trends and turn them into easy to read and understand research articles for thousands of crypto investors.