The exciting new innovations driving digital currency
Time waits for no man, and the same can be said for digital currency! The digital world is constantly evolving and growing at a breakneck pace. The revolutionary technologies behind digital currency continue to inspire innovations that affect all aspects of our lives, from medical records, to voting.
They are part of what makes the market so exciting and why investors see the future potential of blockchain currency. Below, we shine a spotlight on three of the innovations currently reshaping the digital landscape.
Stablecoins are a new digital currency classification intended to stabilise the volatility that burdens other blockchain currencies. This is usually achieved by backing the currency with a reserve asset, such as fiat currency or commodity. The reason digital currencies tend to experience more volatility in their valuations is easy enough to explain. They simply do not have the guide rails of reserves and controlling authorities to offset major fluctuations.
This volatility has been one of the main hurdles preventing digital currency from competing with fiat currencies as mainstream trading currencies. With stablecoins, that could be about to change. By addressing one of the biggest barriers to digital currency expansion, they may just lead to more real-world applications, and therefore more people who feel comfortable trading with them.
Blockchain medical records
One of the more fascinating elements of the digital world is that blockchain —the revolutionary technology underpinning digital currencies—is also driving breakthroughs in other industries. Today, the most meaningful of these innovations are occurring in the medical field.
The COVID-19 pandemic has created an urgency in the medical research and development field, unseen in modern times. Health care providers and medical researchers have been racing against the clock to develop ways to combat the novel coronavirus, and some have turned to blockchain technology for an edge.
Medical professionals are recognising blockchain as a fast and efficient way to connect health care providers with personal protective equipment and other medical resources, and researches with relevant patient and treatment data. The speed and security of the blockchain could be the key to getting a step ahead of the pandemic and saving lives.
A common refrain among digital currency sceptics has long been the lack of real-world trading applications. In other words, there’s simply nowhere to spend your digital currency! Many digital currencies justify themselves by creating narrow, niche infrastructures within which they can be traded, but these usually exist within or between enterprise and financial institutions. Small businesses didn’t have a way in.
That’s changing with Qoin. A digital currency backed by the goods and services of a participating merchant network, Qoin allows small businesses to buy and sell with a digital currency. This creates access to a network of participating merchants with an incentive to trade. The result is a sustained boost to the goods and services backing the currency, an innovation that could prove to be what pushes digital currency trading out of the tech world and into the real world!
Supporting small business success
The team behind Qoin are no strangers to global commerce, having already supported small business success for three decades. Get started with Qoin today to be a part of the next generation of digital currency!