Today, cryptocurrency and blockchain are being leveraged by every other industry.
If you visit top magazine websites such as The Guardian, you’ll find top CEOs and CXOs, all talking about how bitcoin has given birth to a chain of unending altcoins and how blockchain has found solace in almost every other industry.
Well, we too might have to agree with these facts, in the past few years, with the alluring factor of a being an alternative currency, cryptocurrency has grown exponentially.
Bitcoin is the best possible cryptocurrencies that we might have ever witnessed.
And why not! Cryptocurrencies have proved to be so freaking amazing. They’re so exciting being anonymous, digital, and not to forget decentralised. They’ve got the potential to change the world as we know it.
Although, initially, most of us, including the ones in Forbes thought that the use of crypto and the technology behind it might be the only use of the finance sector. But that was not the case. They proved all of us wrong by showcasing a vast number of applications in a wide range of industries, many of which can literally surprise you.
Here are seven of them:
Finance and wealth, cryptocurrencies and blockchain have the best possible application in these fields.
That’s the reason, a big shot company such as SwissBog, created its own tokens for investment solutions. They utilised these tokens to offer their investors some great opportunities to control their wealth without any restrictions and boundaries.
As per the SwissBorg website, “whether you are an individual, a financial expert or a DAO (decentralised autonomous organisation), SwissBorg presents them a democratic ecosystem where you can manage a portfolio of crypto assets.”
Ethical Business Practices
The digital currencies have also found their usage in ethical business practices. Most of you might not be aware of such practices, but they do exist in our vast business market.
Blockchain, with its complete transparency and possibility to track down every transaction that takes place in the system, help businesses to keep a record of human rights abuses and suppress the fishing industry. Expanding and embracing the culture of ethical business practices.
Battling the Electoral Fraud
From very ancient times, fraudulent votes have been witnessed by people due to the fact that the authorities can easily influence the system to let the results of the election come in their favour.
However, this can be considered as another ethical application of cryptocurrency. Under which the technology can be used to battle electoral fraud.
For instance, Santiago Siri, the co-founder of a non-profit organisation Democracy Earth is designing an application to combine voting with blockchain technology. Siri says that with cryptocurrency, electoral fraud or any other corrupt activity that involves money can be easily eliminated.
All we know is that blockchain is undoubtedly incorruptible and no one can subvert or modify how the votes are being stored during the elections. That’s what most vital for democracy, isn’t it!
This might seem a bit out of space but trust us; it’s not.
In case you’re an environmentalist, you’ll be happy to know that cryptocurrency can be used to make the world greener.
Have you ever heard of Brooklyn Microgrid? If not, go and read about it!
It’s a system with which the people who already have solar panels will be able to sell environment credits via phone applications to residents who don’t have the direct access to it. This whole system will help to lessen the carbon-based power and more solar-based energy.
Numerous colleges and schools are adopting cryptocurrencies as their mode of payment for fees. In fact, many of them are considering blockchain to maintain students school and academics data; safe and transparent.
According to a Futurism.com, the universities of Germany, United States, Cyprus, and Switzerland have begun to accept Bitcoin as payment. It’s expected to grow in future.
These technologies are going to make your travel hassle-free.
As the retailers begin to accept bitcoins and other cryptocurrencies, you can book your tickets quickly. Moreover, you can use this medium of transactions in various form and in huge number. For instance, Cheapair.com is accepting bitcoin since 2013; it’s a travel agency that helps you to purchase flights, car rentals, cruises, and book hotels.
Lastly, one of the unique usages of blockchain and its based crypto coin can be to avoid corruption in charitable organisations or NGOs.
We know it’s quite weird to say it, but yes, numerous charitable organisations and NGOs are just a part of the corrupt systems. Still, with these technologies, the companies involved can be made accountable can to what’s being done within these charities, eliminating numerous corruption-related problems from charities.
The World Food Programme (WFP) utilises blockchain to distribute the cash assistance to the hungry securely.
So, these were the seven applications of cryptocurrencies and its underlying technology blockchain in our lives. However, there implementation and usage are beyond just the ones listed here.
Are you also employing cryptocurrency in your business, if yes, what do you think are the pros and cons of the technology?