There has been much speculation surrounding cryptocurrencies and if they have helped or hindered our financial market and future. However, like most things, there are always pros and cons. Although crypto has had a huge effect on the world of finance, there are some areas it can help clear up the current grey areas we experience. 

The graph below shows the most popular cryptocurrencies and their values in 2018. It indicates the size of the market and just how much they impacted our financial world.

Source: Statista

Crypto and its revolutionizing blockchain technology, which has already been implemented in many different industries to change processes for the better, can have a positive impact on the world and even to our environment. Here is a look at some of the ways Crypto can help make the world a better and greener place.

Encourage scientific advancement

We don’t need to be reminded of the huge scientific advancements that have been made in the past, let alone in the past few months to help create vaccines for coronavirus. Although we’ve come a long way, there seems to be information regarding medicine and development being withheld from the public. 

For example, for many years now, there is a belief that there is a cure for cancer, but government bodies are not releasing them, as they believe a lot of money would be lost. This type of scepticism makes it difficult for people to believe and support advancements in the field of medicine.

Blockchain technology, along with cryptocurrency, can help eradicate this and free the roadblock in continued scientific research and developments. The nature of crypto and blockchain provides transparency. For scientific research, this means having data available in real-time for those involved to also see. The much-needed access to create groundbreaking medication can save and transform lives.

An organization working on bringing data to all called Nano is working on a platform that will be open to all scientists on a global scale, allowing findings to be shared across teams in different geographical locations. This will help increase the creation of vital medication needed to combat superbugs, illnesses, diseases and conditions.

Reduce fraud and make foreign transactions secure

Fraud is the biggest concern when considering most platforms online, and can occur in a range of different ways. However, cryptocurrencies do pose a positive outlook on reducing fraud and creating secure transactions. 

At large, cryptocurrencies do not associate with government organizations such as banks. Instead, they use the secure blockchain to transfer electronically. This makes it harder for scammers and hackers to access the information or even manipulate it. Additionally, because the information on the blockchain is not changeable, committing fraud is also more difficult. Especially when transferring money internationally. Not to mention, transferring money this way eliminates conversion fees. 

Bitcoin. Photo courtesy of Unsplash/Andre F McKenzie

Make e-commerce stronger 

Almost everyone has been hooked into the swamp of online shopping via our smartphones which makes purchasing easier and faster without having to leave your house. The use of cryptocurrencies, as explored above, not only helps to eliminate fraud, but the byproduct of this means it will make trading stronger for online e-commerce stores. 

This is of great advantage for sellers and vendors as crypto transactions are permanent. Also, using crypto opens up more opportunities for e-commerce businesses to sell and buy products and services globally. 

How crypto can make the world greener

ECOCoin is a cryptocurrency that helps link both financial gain and the environment together. A group of organizations have come together to form a charity. The goal is to use crypto as a way of focusing our attentions on what has real value. 

To gain ECOCoins, you must complete sustainable actions. For example, reducing your carbon footprint by eating meat-free meals, switching to a cleaner energy provider or cycling to work. You can then spend your EcoCoins at a sustainable marketplace to purchase goods, services and ecological experiences. It’s almost like gaining rewards for your good work without needing to spend money or invest in it. 

Like other cryptocurrencies, you can store ECOCoins in digital wallets which you can access through a mobile platform. For instance, via crypto smartphones. In order to gain ECOCoins, actions are verified by inspectors who determine whether your actions are sustainable. If they are, ECOCoins tells you how much your actions are worth. They use a smart IOT integration system either via a smart device which can provide them with analytics on your use in conjunction with certified vendors. 

A crypto coin of this ideology will surely help us move forward to a greener way and provide thinking for a healthier planet that will be resourceful enough to sustain life for many more future generations to come.