CryptoCurrency Market Visualized! 45+ Crypto Sectors Explained! Part 2

CryptoCurrency Market Visualized! 45+ Crypto Sectors Explained! Part 2



well welcome back to our series on listing the different sectors of cryptocurrency if you missed the first video in the series it's definitely worth a watch if you want to get caught up this series is going over all the major sectors and sub-sectors of cryptocurrency and is certainly worth your time whether you're a trader or an investor so you have an idea of what the map of this space looks like not only will this give you a good holistic view it will help you identify competing projects when you're doing research one thing to underscore is that this is a free portion of our upcoming portfolio management class going on sale June 20th which will teach you professional technical strategies and risk allocation methods so you know how to competently build your personal cryptocurrency portfolio so with that let's get right into it welcome to Ready Set crypto this is your brain on block change so the first sector I want to talk about is full disclosure one of my favorites in the crypto space I see it as one of the best use cases of this blossoming technology and many of the projects in this sector are examples of solid projects between the platform sector and this sector the supply chain sector I see a lot of potential for cryptocurrency as a whole if you're curious about this sector I made a documentary on it back in November 2017 so describing the deeper nature of decentralized cryptocurrency technology and the empress' identity revolution it is unlocked for Humanity is challenging because we are witnessing the birth of an entirely new era for mankind called the value internet of things the value internet of things represents an age in which a value can be materialized in the digital world and transacted between parties without the need for trust or centralized entities take a pen for example by sending the object at hand a cryptographically secure digital identity via a crypto anchor such as an rfid tag we are able to track ownership of a physical item in the real world online and digitally let's give an example as to why that's so important when a business sends a purchase order out typically what happens is the supplier will pack the order manually subtract the products ordered by the customer from the stock count in their system and then ship the products out via a third-party courier or logistic service which opens up a whole other can of worms in of itself if the supplier sends an incorrect quantity of products there's no way to prove the amount received was incorrect these are systems based on trust and human competency and obviously a system built on such a foundation is going to be fallible and this is where I see one of my favorite projects Walton Chien taking the helm what Walton chain has set out to achieve is a complete disruption of the supply chain and a call for unification of the global economy via the complete integration to the physical world into the digital by selling their proprietary state-of-the-art RFID chips to companies verify by their corresponding reader/writer RFID scanners which double as a light note on the blockchain network and combined transactions directly to the blockchain Walton team has positioned itself as a self-sustaining smart ecosystem that can fully automate the supply chain based off a foundation of smart contracts the materialization of value in the digital world and the removal of human entities of data to the blockchain ensuring the authenticity of data submitted all of this will utilize their utility token as a type of digital oil to power the smart economy of the future this oil can be mine commoditized and sold on the open market just like real oil and will facilitate the automation of the smart supply chain the decentralization of value transfer and will open up a whole new world of possibilities we hadn't even thought possible such in the way that the internet opened up the medium so powerful it changed the very dynamics of the society we live in one can only imagine what is to pass and what is possible once the realization of the material value and the digital world is so intricately innovated by the invention of blockchain technology another juggernaut in the sector is V change V chain is a leading Enterprise focused DAP in IC o—- platform for products services and data it aims to connect blockchain technology to use real-world cases by providing a robust infrastructure for data management and IOT solutions removing issues with counterfeiting data fraud data manipulation assurance practices and business barriers such as financial services and third-party trust V chain is designed from the ground up to secure data entry methods and remove the borders between businesses financial services and data security this is being achieved through partnerships and collaborations with innovative brands and industries throughout the world so as you can see both Walton chain and V chain are based in supply chain but they both have aims to build an ecosystem of child chains or adapts supported by their platform people often think their direct competitors but as time goes on and both continue to develop themselves I think they'll be less evident the simple truth is that these are both excellent projects and are some of the most ambitious and large teams in crypto and the partnerships both are fostering should make it quite clear that they're both top 10 contenders I'd also like to highlight origin trail as being an exemplary project and is working towards interoperability for supply chains which if you saw the last video in this series you know that I think interoperability is very important Devery is also pursuing this objective while other projects such as Ambrose's TE food and wahby are working towards food safety and tracking around that many of projects like modem which are focused on pharmaceuticals so in a nutshell that's a supply chain sector as I said I think it's one of the best use cases in crypto and I'm so excited to see how this expands in the future but one term I threw around a lot in that explanation was IOT or Internet of Things so what is the Internet of Things often abbreviated as IOT well the Internet of Things is the network of physical devices vehicles home appliances and other items embedded with electronics software sensors actuators and connectivity which enables these things to connect and exchange data creating opportunities for more direct integration of the physical world into computer-based systems resulting in efficiency improvements economic benefits and reduced human intervention essentially think of it as a network of devices that are able to interact in ways completely autonomously which opens up a whole world of possibilities the example I like to give is of an automated factory producing a product which is then loaded onto a self-driving truck ship to an automated port loaded onto an automated ship delivered to an automated warehouse and delivered by an automated drone to your front door yes that's an example of a supply chain which we just covered but the cool thing is that every machine device and node in this process was able to talk to each other through the invisible lattice of IOT where it gets really interesting is when you combine IOT and blockchain so the rapid advance of blockchain technology and the Internet of Things is felt throughout our daily lives a Gartner study estimates blockchain will add three point one trillion in business value by 2030 and in another analysis the global IOT market is expected to grow from 157 billion in 2016 to 457 billion by 2020 we are about to see more change than we could ever imagine with blockchain and IOT these applications will disrupt existing processes across a variety of industries including manufacturing trading shipping the financial sector and healthcare in spite of these advancements security remains a top concern for the IOT ecosystem as it exposes multiple devices huge amounts of data supply chain partners and the community as a whole to security breaches for example in healthcare the privacy integrity and control over access to data is paramount and critically important as these connections of various IOT devices that monitor patients real-time medical data increases the entry points for hackers also increases with the proliferation of IOT devices they often lack the authentication standards necessary to keep user data safe critical infrastructure will be damaged if hackers penetrate through all the broad ranges of IOT devices to ensure widespread adoption of IOT devices trust authentication and standardization across all elements of IOT is essential so here are some ways the distributed architecture of blockchain can help solve many of these security and trust challenges blockchain can be used to track the sensor data measurements and prevent duplication deployments of IOT devices can be complex and a distributed ledger is well-suited to provide IOT device identification authentication and seamless secure data transfer to that end instead of going through a third party for establishing trust IOT sensors can exchange data through a blockchain furthermore a distributed ledger eliminates a single source of failure within the ecosystem protecting an IOT devices data from tampering moreso blockchain enables autonomy through smart contracts individual identity integrity of data and it supports peer to peer communication Byron technical bottlenecks and inefficiencies importantly the development and operation costs of IOT can be reduced through blockchain since there's no intermediary additionally IOT devices are directly addressable with blockchain providing a history of connected devices for troubleshooting purposes lastly blockchain based IOT solutions are well-suited for simplifying business processes improving customer experience and achieving significant cost efficiencies to that end let's talk about some of the crypto projects that are working in IOT easily the biggest is iota which is a scalable transaction settlement and data transfer layer for the Internet of Things it's based on new distributed ledger technology called the tangle which overcomes the inefficiencies of current blockchain designs and introduces a new way of reaching consensus in a decentralized peer-to-peer system meanwhile you have coins like CP chain streamer data coin IOT chain and Internet node token all fulfilling some aspect of the IOT sector between supply chain and IOT I think there's a lot of compelling progress being made to build systems more efficient and data-driven than the old ones which is a nice segue into our next sector data so arguably the most significant development in information technology over the past few years blockchain has the potential to change the way the world approaches Big Data with enhanced security and data quality just two of the benefits afforded to businesses using Satoshi nakamoto's landmark technology the data within the blockchain is predicted to be worth trillions of dollars as it continues to make its way into banking micro payments remittances and other financial services in fact the blockchain ledger could be worth up to 20% of the total big data market by 2030 producing up to a hundred billion in annual revenue to put this in perspective this potential revenue surpasses that of Visa MasterCard and PayPal all combined big data analytics will also be crucial in tracking these activities and helping organisations using the blockchain make more informed decisions the first place to look at applying blockchain to Big Data is finance every Bitcoin transaction is held within bitcoins blockchain while Bitcoin offers a level of an amenity the transaction data is not private in a sense bitcoin is pseudo anonymous with sufficient data it's possible to find patterns in Bitcoin transactions and eventually link those two people but viewing blockchain as simply a database means it's applicable to any industry not just financed by storing granular transaction data any industry can understand the interactions with suppliers and its customers this provenance of transaction data offers a lot of possibilities for organizations this is particularly true when sensors are added to the products to collect data about usage throughout their lifecycle Walmart is already using blockchain to increase food safety by increasing the traceability of its products from its origin to the consumer with Walmart producing 40 petabytes of data daily managing big data is integral to the stores continued success and having immutable verifiable and traceable product data on a blockchain could offer Walmart's customers insights into the origin of their food and to be sure that the data is reliable especially when private data is involved block chains have a lot of potential for example doctor-patient interactions are transactions that generate lots of records that you want to keep private today's electronic health records make sharing data difficult and are known to contain many errors and lack protection of patient data health care data provenance copper valuable insights into the effects of medicine on patients and different treatments however you want to make sure that this data is private and secure there are several good projects in the sector such as factum encrypted in batos datum and tirion I think one of the most important things about blockchain is that it's helping people take back their data that rightfully belongs to them corporations make billions of people using their services by selling the data they collect on them Facebook recently showed the public that the simple truth is that by using a free platform they become the product and it poses an interesting question do you own the right to your data moving along we have the media sector and by far the largest sub sector of that is digital content on the blockchain so the way we consume media content has been on a continual overhaul for the past two decades every aspect of media distribution has become more streamlined from the razor-thin devices we consume media on to the manner in which we purchase and store our coveted content books music and movies have all seen their physical bodies in storage locations dissolved to be replaced with on-demand downloads and digital copies the digital content revolution has done a lot for increasing access and visibility for artists and authors but the current publishing giants have failed to adequately adjust to the times in a few crucial areas while it's true that platforms such as YouTube and medium have granted publishing access to the greater public and eliminated gatekeeping middlemen like talent agencies and PR people the current digital content sharing platforms have built their empires on the skeletons of publishing giants templates that existed before and unfortunately continue to operating in the ways that fundamentally undermine the artistic control and profits of their contributors YouTube for example recently announced that they will not allow users to earn any money until they reach 10,000 views medium was recently very candid about the moral dilemmas and growing pains they've faced while trying to balance the selling of advertising space as well as respecting their contribution and it's no secret that Amazon and iTunes take a chunk out of authors and artists earnings with iTunes currently pocketing 30% of its artists profits and Amazon taking a hefty thirty to seventy five percent so blockchain could tilt the balance of power towards individuals not publishing powerhouses as mentioned previously YouTube and medium have dramatically increased content creators access to audiences and established a more democratic popularity based promotional scheme unfortunately they're both still centralized content distribution entities that can make arbitrary and unilateral decisions YouTube and medium both have the right to remove comments content or entire channels or profiles without leaving a trace and contrast at blockchain content distribution platform preserves an unchangeable record for all actions the record produced by blockchain systems creates an environment of total transparency for both the content creators and media consumers and it also ensures that all views comments and ratings reflect the real interactions that has experienced leaving no room for subjected inflated ratings or deleted bad reviews with nothing deleted content producers can create and post with the security and peace of mind that their work and reputation will remain intact and all content fairly reflects its actual popularity the bottom line is that content creators who make good quality content that people are willing to pay for deserve a simple and transparent digital media sharing platform that fairly compensates them according to the consumer demand for their work media consumers equally deserve the ability to directly support the content creators they enjoy and blockchain technologies may be the disruptive technology the digital media content distribution needs by far the biggest coin in the sub sector is Tron whose goal is a lot of what I just described other good examples are Oster protocol gift oh and descent next in the media sector we have the messaging sub sector the current communication platform model in vogue has not significantly involved since the advent of the radio service providers offer free services that aggregate user behavioral data and attention which they in turn sell to advertisers for profit this system creates a strong income at Dyess as newer platforms with smaller user bases struggle to survive in 2016 Facebook and Google collected 77% of American spending on digital marketing the system not only consistently impacts user privacy but also bears all the technical problems associated with centralized platforms including single point of failure security and Trust based services there's a lot of different takes on this type of model but Ken ECC and Status all stand out to me for different reasons moving along we have the knowledge base and library sub sector so currently crowd-sourced knowledge bases like Wikipedia face problems with centralization censorship and inaccuracy regarding centralization centralized systems represent single points of failure controlled by central authorities individuals relying on these systems must trust that authorities will not abuse their power to forward self-serving agendas yet resisting the temptation to abuse power is difficult and practice even the most respected authorities in 2012 Wikipedia deliberately shut down for 24 hours to protest against internet piracy laws preventing individuals worldwide from accessing any information centralized systems are also vulnerable to censorship governments ruling through oppression exert control over citizens by prohibiting access to free knowledge Syria ranks among the governments where Internet censorship is pervasive they block websites for political reasons and arrest those who access them the last problem that centralized systems have is inaccuracy on Wikipedia many articles can be edited by anyone with an internet connection therefore users can easily false by information although popular articles with inaccuracy are likely to be quickly corrected less popular articles can go uncorrected for months so this is where I see cryptic projects like lunar fulfilling a very big need it'll be interesting to see how knowledge transfer and information changes with the move towards decentralization last in the media sector we of course have the social media sub sector so all social media platforms essentially have one thing in common data and a whole lot of it this is a result of users sharing information on these platforms on a regular basis social media networks can use large chunks of this data to see how users communicate with each other this data is very valuable but the valid question would be to who is this data valuable to its creators the platform on which was created or a totally different set of people the irony is that this created data doesn't benefit its creators but instead profits the social media platforms and companies looking to use the data to determine customer or consumer behavior this had gone on long enough until cryptocurrency entered the fray with steam it and it's video platform D tube playing a major role in redefining the way people see social media platforms however another platform called me thrill has taken things in a different and important direction you also have projects like theta token which is a decentralized video delivery network powered by users and an innovative new block team and last you have library a content sharing and publishing platform that is decentralized in own bias users moving along we now have the healthcare sector so creating usable high integrity records associated with a patient despite their moving through different healthcare domains and systems is one of the greatest challenges of healthcare IT and that's where blockchain offers the possibility of creating a reliable place to track the changes across systems in a manner that gets around many of the concerns associated with data integration between proprietary systems in effect blockchain becomes the unifying glue that holds together a highly fragmented healthcare record importantly however this quickly raises one of the most significant non technical implications of blockchain if a decentralized ledger is the source of authority then who owns the rights to access your part of the blockchain and makes sense for the patient to own this access if so the rise of blockchain could see considerably more control by patients of their data as they will literally hold the key because of its independent architecture blockchain could potentially form the foundation of a high integrity tracking capability that is updated in a near instantaneous manner this would lead to many less errors both financial and of patient care and substantially reduce fraud given the scale of opportunity here this might generate enough interest they attract investment and intellectual commitment required to solve this complex technical challenge there is so much inefficiency to remove and so many improvements to patient care within our grasp that the future of blockchain and healthcare seems promising good examples of projects in the space include medical chain which uses black chain technology to securely store health records and maintain a single version of the truth meta block which has a health care information platform as a personal data ecosystem and patient Ori which has developed a blockchain based platform for securing health data for patients providers and medical institutions the next sector to discuss is analytics so the way that analytics works today is that individual data points are dumped into what's called a data lake before being picked apart and assigned relevance to a business or individual analytical campaign however regardless of the efficacy of the method of filtration and analysis there's no guarantee that the data itself is clean for this reason and others only around 30 percent of executives trust the consumer insight it's delivered by their analytics departments an unfortunate reality is the CEOs and CTOs struggle with how it's not difficult for false information to spill into their lake without a proactive way to verify the authenticity of any single input conclusions drawn from such data can be compromised so blockchain turns this notion on its head it's distributed database behaves like an open ledger to record and organize transactions displaying the timestamp and other critical details of all exchanges of data taking place on the chain the system will not process transactions that aren't verified meaning that analysis of blockchain data is more accurate and transparent than alternatives though this notion is impressive the young ledger technology also helps to produce new monetization models for the data analysis industry this helps accelerate the sharing of data improves its overall quality and helps companies to better measure customer engagement in real time instead of deploying entire departments to piece together insights and install them into existing company assets firms simply need to use blockchain platforms already available to properly incentivize participation there's a number of great projects in the sector worth looking into red pulse gnosis syndicator aetherium first ICO augur sentiment network and Neumann air all represent great opportunities for blockchain and analysis the next sector to talk about is digital identity the ability to store and share information digitally offers so many benefits that the proliferation of data has become a consistent and growing trend however alongside the advantages of cost and convenience a new set of concerns has developed the ability to copy and share data has raised questions about the security of personal data there's been countless high-profile hacks and leaks of personal information as well as cases where unencrypted data has simply been lost or left vulnerable to theft some services have been slow adopters of digital record-keeping especially where data is particularly sensitive such as in the government or healthcare sectors the security risk in these sectors is higher and the consequence is potentially more severe both for the individuals whose data is lost and for organizations who have to deal with the legal and reputational implications so this is where blushing offers a compelling solution to the problem of combining accessibility with privacy and security records can be held securely using end-to-end encryption and yet openly authenticated referenced and documented so that data can still be trusted as reliable this approach would not even have been possible five years ago but by using modern cryptographic techniques coupled with the use of blockchain technology and smart contracts this ideal has now become a reality this solved the problem of dealing with highly sensitive or classified information in a way that still enforces all the privacy and confidentiality rights that consumers and regulators expect so in my mind the two biggest projects in the sector are civic and the key both are pushing the boundaries of blockchain digital identity and their approaches are highly compelling the last sector I want to talk about today is energy so the global electricity market is estimated to be worth nearly two trillion dollars and yet it's heavily monopolized by just a handful of corporations and organizations because the major players are all organizations consumers and end-users are reduced to simply paying inordinate subscription fees to gain access renewable energy and more sustainability can change all that however corporations are still vying for total control amidst its adoption in some states utility companies have restricted the sale of energy which would otherwise be rolled back into the grid that means that any homeowners or consumers that own their own solar and renewable energy sources miss out on a lot of opportunities blockchain is poised to change this or disrupt it entirely imagine the adoption of a decentralized energy market where you could buy and sell energy to fellow consumers without corporations and third parties it sounds kind of insane but this thing is possible with blockchain if the technology hits big in the market it can mean the emergence of several systems that will uproot current monopolies consider pure based energy trading markets variable electricity rates that are dynamically adjusted based on demand and availability all glued together with payment using modern cryptocurrencies as more micro grids crop up will need ways for communities to facilitate the trade of energy there a growing number of projects that are currently introducing blockchain based technologies into the energy sector to uproot the current state in the industry grid plus power ledger electrify Asia and we power all offer compelling visions of a decentralized power market as really cool to see where this fledgling sector is going and that's it for this video thank you so much for watching and please consider subscribing if you haven't done so already in order to continue to see high-quality cryptocurrency analysis and advice and don't forget to hit the bell right next to the subscribe button in order to be notified when we put out a new video also be sure to watch them there are other videos and visit our website where we've got more free cryptocurrency education a free intro course a free book and a free newsletter so definitely check us out thanks again for watching this has been ReadySet crypto and i'll catch you in the next one Cheers

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