Can crypto make the world a better place?

 

The crypto world has never shied away from making big promises, but as the industry matures and its audience widens, now’s a good time to take a step back and look at how the space is delivering on its vision.

How venture capitalists should be incentivizing the creation of more publicly beneficial blockchain infrastructure, and what still needs to be built.

Whether technology is enough to solve some of the societal problems blockchain developers and advocates are frequently passionate about.

While mainstream business may still be a ways off from adopting virtual currencies to the same degree that it has embraced traditional fiat currency, there are still some ways in which the cryptocurrency space has impacted (or may impact in the days to come) the world at large. Here are a few of those benefits, according to Nasdaq.

1. Provide New Ways to Crowdfund

One of the major benefits of cryptocurrency is that it has opened the doors to new modes of crowdfunding. Whether through ICOs or other types of token sales, startups and other projects have access to a wider pool of potential funders than ever before.

2. Minimize the Potential for Fraud

Cryptocurrencies were founded on principles of security and privacy. (See more: The Rise of 'Private' Cryptocurrencies.) While there have been several prominent instances of fraud within the space, the fact that it is constantly evolving has ensured that security measures are always working to combat the next possible attack.

And because cryptocurrencies are not associated with a bank account or cash funds, and because they're only transferred electronically through blockchain ledger systems, they are likely to reduce fraud overall in the future.

3. Revolutionize the Money Transfer Process

Some mainstream means of transferring money may take many days to clear, particularly if the money is being transferred internationally. Cryptocurrencies offer a streamlined system that doesn't require the same types of checks and balances. In turn, they could allow for potentially faster transfers.

4. Promote Scientific Advances

Blockchain technology allows data and information to be stored and shared in new and secure ways. With access to a wider pool of information and with fewer barriers to sharing knowledge, it's likely that many industries could see innovation pick up as blockchain becomes more popular. Scientific advancements could become easier to facilitate in the process.

5. Act as a Stable Alternative to Unstable Currencies

The currencies of some countries are unstable, suffering from inflation and other issues. Cryptocurrencies, which are decentralized and accessible across most of the world, could serve as a safer alternative in those cases.

6. Open Up Financial Control to the Individual

Many people are reluctant to keep their money in a bank or other financial institution, but the alternative of keeping all of your money in cash and at home is not the safest option. Cryptocurrencies could provide an alternative access point to the broader financial world in these cases, allowing individuals more control over their own finances in the process