With so many people looking at the technology that powers Bitcoin and other digital currencies, we are in for some exciting innovations in the years to come. But while most of the focus is on “traditional” ideas such as peer-to-peer tipping and microtransactions, there are quite a few other categories developers seem to shy away from for some reason.
Those are the five “biggest” categories that could stand to benefit tremendously from Bitcoin and blockchain technology. Let’s start off with email: a lot of people receive unsolicited mail on a daily basis, despite having strong spam filters and not using a certain email address on sites they often frequent – such as a company email address for example.
Somehow those spam messages come in at a certain point in time, and once your email address has been found, there is no turning back. One possible way to counter this problem is to adapt blockchain technology to relay email messages, yet forcing the sender to pay bits in order to have an email delivered to a specific recipient [or a list of recipients in the case of spam].
The same could be said for video content in a way. The blockchain technology allows us to do so much more than just send transactions, even though funds exchanging hands will be the main use case. Imagine a decentralized video platform – the size of Youtube to give you an idea – where, instead of advertisements and pre-rolls, you can simply pay a few bits to access a video ad-free.
In that regard, video and news content share a similar story for the most part. [Cryptocurrency] News sites rely on advertisers in order to generate income, yet most of the visitors use ad blockers. In the end, this is not a sustainable business model, which can put news sites out of business or force them to look at “other models of generating revenue”.
No one likes a paywall, but there is a case to be made for content creators who ask the user to pay for an article they want to read. This does not necessarily have to be a humongous amount – depending on the content, of course – but could lead to a business model where advertisers are no longer needed.
And what about the hottest trend in the world of finance today – Crowdfunding? Bitcoin crowdfunding platforms exist, albeit in limited fashion and with either ridiculously high fees or a lack of projects – there is much to improve upon. Bitcoin could lead the way in the world of crowdfunding, as it allows anyone in the world to back any project, which is beneficial to all parties involved.
When we talk about Bitcoin payouts, we do mean payment solutions that allow anyone in the world to be paid by anyone else in the world. Bitcoin payment processors offer that functionality up to a certain level, yet their services are not available everywhere just yet. This is partially due to uncertain regulations, so we can hopefully see progress being made in this area once a regulatory framework has been established.
The inherent nature of Bitcoin and digital currencies allow you to send payments across borders at little to no cost. While this is an important aspect of promoting digital currency, there is a lot of “unknown territory” on the technological side that could and should be explored by developers. Even though there are several remittance solutions in regards to Bitcoin, they still lean on existing infrastructure, which could prove to be a dead weight as these services need to scale according to their customer base.
2014 has been a great year in regards to adding major retailers to the list of places where Bitcoin can be spent. However, there is still no official directory for all of these places that are presented in a user-friendly way to novice Bitcoin users. If we can’t properly promote the number of places where Bitcoin can be spent, why would anyone care whether it’s a possibility or not?
All images courtesy of Pixabay