So extensive is the use of crypto and blockchain technology in different sectors over and above financial services that it is also being used in supply chains and in the public sector as well.
In fact, governments of few countries are now formulating new legislations to promote the use of cryptocurrencies and blockchain technology.
Cryptocurrencies serve a variety of purposes such as:
- It helps in making faster transaction
- It makes transfers safer and more efficient
- It is a highly transparent mode of value transfer
- It saves a lot of time and money
- It helps in keeping immutable records of every transaction and more.
Though all of its real-world applications may not be able to keep up to the mark and the promises made, most of the others have the potential to become a hit.
This is due to the revolution cryptocurrency and blockchain technology is predicted to bring in.
Best Real World Crypto Applications and Use Cases
These applications have changed the ways in which people do businesses today.
Bitcoin being the pioneer, today different types of cryptocurrencies are used for transferring money to other people via several money transfer apps.
Once again, blockchain technology is the key player in making safer and faster money transfers using crypto assets saving a considerable amount of time and money for the financial institutions of all sizes.
Everything is done in real time without any third party involvement or bureaucratic red tape.
Some of the companies that are involved in money transfer using crypto assets are:
- Wax – Focusing mainly on Fintech, gaming and cryptocurrency industry, gamers can use Bitcoin to buy accessories, skins and emotes. This online marketplace receives Bitcoin in the virtual wallet. They either hold it or exchange the cryptocurrencies for cash.
- Circle – It also focuses on Fintech and cryptocurrency industry mainly and oversees crypto investments worth more than $2 billion in a month. It also facilitates making payments through crypto coins such as Bitcoin, Zcash, and Monero between friends.
- Chainalysis – With an additional focus on cyber security in addition to Fintech and cryptocurrency, this helps governments as well as the financial institutions to build tools to monitor cryptocurrency exchanges. It, in turn, helps in detecting compliance violations, fraudulent trading, and money laundering.
- Chain – With a focus on Fintech and Cloud, this helps all financial services to build useful cloud blockchain infrastructures. This helps in handling the cryptocurrency transfers more efficiently and safely.
And, of course, this removes the intermediaries and at the same time enhances the level of accountability for everyone involved. This is not possible through conventional agreements.
It also ensures compliance by all and saves a lot of time and money for the business.
Smart contracts are growing in popularity and used in different sectors like government, real estate, and healthcare industry due to its innumerable benefits offered.
A few examples of using smart contracts by different companies are:
- BurstIQ – Used mostly in the healthcare industry, it helps doctors and patients to transfer medical info more securely.
- Mediachain – Used in the music industry mainly, this allows musicians to get the money they deserve by making more transparent and decentralized contracts.
- Propy – It focuses mainly on the real estate industry that uses a decentralized title registry mechanism to make instant insurance and purchase a property with cryptocurrencies.
It involves several digital items such as art, music, videos, GIFs and more and ensures that these are sold on blockchain which will allow the users to have sole ownership on the digital assets. Some notable uses are made by:
- Dapper Labs – Dealing with NFTs and sports it has partnered with NBA and created an NFT marketplace, ‘NBA Top Shot.’ Here buyers can be the owners of digital media and even own collectible moments of NBA players and teams.
- Pixura – This helps the non-technical users to generate, exchange and track digital NFTs with the help of blockchain technology. This can be done in minutes and therefore is very useful for musicians, game studios, and individual artists. They can even buy and sell digital art as well.
Internet of Things:
The Internet of Things or IoT is one of the most significant arenas where you will see a lot of use of blockchain technology which ensures optimal safety and security.
Since there is an extensive use of the IoT products today, the chances of hacking and stealing your data have also increased significantly.
Blockchain technology ensures transparency and incorruptibility to keep things smarter and safer. Here are a few significant apps and use cases.
- Filament – With emphasis on hardware and software this app uses blockchain technology to create microchip hardware to connect devices operating on a particular chain. The ledger data is encrypted and information distributed in real time. This helps in the monetization process using those devices on the basis of timestamps.
- HYPR – Used mainly for cyber security and Internet of Things, it creates decentralized documentation solutions. It uses password free biometric solutions and takes passwords off a central server which makes the IoT products almost impossible to hack thereby keeping your data safe while making a transaction of crypto assets.
- Xage Security – Another good application for cyber security and Internet of Things, it has the ability to manage billions of IoT devices simultaneously and at the same time it can diagnose any potential breaches and heal them by itself. It is also used by the manufacturing, transportation and energy industries.
Personal Identity Security:
Identity theft is a common and serious issue that concerns most people while making a transaction, especially in cryptocurrencies.
Blockchain technology once again ensures that there are no potential identity theft and fraud when you send your crypto assets to others in the network.
All your documents and personal files, transaction details and even your birth dates and other sensitive details are stored in a blockchain ledger. This ensures a dramatic drop in identity theft and fraud claims.
Here are some of the leading enterprises and apps that will ensure complete identity security.
- Illinois Blockchain Initiative – Ensuring identity security in government and different technological sectors, this state-funded initiative uses distributed blockchain ledger to ensure proper security measures regarding birth and death certificates, social security numbers, voter registration cards, and lots more.
- Civic – With a focus on Fintech and identity security, this blockchain-based ecosystem provides information to the users regarding the people or organizations that have and can access their information. The users are allowed to enter into a smart contract to decide who all can share their information and to what extent with immediate alerts in case of a breach.
- Evernym – This app focuses mainly on the IT and software industry and ensures that users are able to administer their identities making the best use of the Distributed Ledger technology or DLT all over the web. It stores all transaction details and private information. It verifies them in real time and acts as a medium for communication between the users and the entities to share information.
- Ocular – focusing on cyber security and Fintech, this app makes the best use of blockchain to prevent money laundering while transferring crypto assets to and from any account. Ensuring proper compliance, it enhances security and eliminates the chances of manipulation of data using biometrics. This helps to identify people foraging fake certificates, driving licenses, passports, and other IDs issued by the government.
In spite of a recent adoption, using blockchain in the healthcare industry is showing a lot of promises.
It can not only make transactions safe but can also reduce the cost of healthcare, allow easy access to information by the stakeholders, and also streamline the process.
Some of the useful apps in the healthcare industry include:
- Patientory – Helping a lot in record keeping and cyber security, this allows safe, secure, and easy access of data, medical history and records. It not only reduces time but also allows diagnosing patients safely and quickly.
- Nebula Genomics – It focuses mainly on data privacy and genomics, making the human genome more accessible and affordable at the same time with proper and detailed genome DNA sequencing tests. The data is encrypted and therefore cannot be stolen.
- Medicalchain – This is another good app to ensure data privacy. It helps in more secure and easier flow of data and information through the chain. It can identify whether or not a patient has and is covered by insurance and the doctors do not have to wait for it. It also helps in identifying the contenders for different clinical trials via the medical records of the patients.
Use of this technology has ensured that there is no gap in communication or lack of transparency in the shipping industry.
A lot of logistics companies are now using this technology which helps them to deal efficiently with transparency issues and data siloing.
It can identify and acknowledge data sources which enhance trust. It also automates the process, saving billions of dollars for the industry on the whole.
Some of the companies that have implemented this safest and most cost-effective application are:
- DHL – This shipping giant uses blockchain for its logistics by maintaining a digital ledger of the records of all shipments. This ensures more integrity in the currency transactions as well.
- Block Array – Introducing ‘Bill of Lading’ for the first time, it ensures safe monitoring and transit of goods shipped. The smart contract processing feature along with a secure document management system helps them to manage payments as well as maintain a record of the materials and even the house information of the drivers.
- Maersk – teaming up with IBM, it uses blockchain technology for conducting global trade. It helps in keeping track of the goods digitally in real time and understanding supply chain operations beyond international borders.
Securing different documents of governments as well as those issued by them can be best done by this technology.
In addition to that it also helps in improving accounting, bureaucratic efficiency, as well as reduces time and financial burdens significantly.
It can also enhance civic security and revolutionize elections allowing people to vote through mobile devices.
Some of the apps that government entities and companies use to improve functionality include:
- Voatz – Engaged in cyber security, politics and government activities, this is a mobile voting platform running on blockchain. It is secure because it uses biometric security which ensures no one can hack and corrupt data from anywhere.
- Follow My Vote – This is another online voting platform that uses a virtual ballot box based on blockchain technology. It provides total confidence and security while voting. It reduces cost significantly and these boxes can be accessed from anywhere and through any compatible device.
Finally, the media sector has been benefited immensely due to this technology where data security and privacy is vital. It has also helped in making royalty payments as well as protection of intellectual property and copyrights.
The most significant benefits enjoyed by the media sector is that digital assets can now be prevented from existing in several places.
And instead can be distributed or shared without giving away the ownership. It is all due to the transparent ledger system that maintains data security and integrity.
Ad agencies can now target the desired audience and creative artists can receive royalties safely using the following apps:
- Madhive – Providing the best data and advertising solutions, this app will enable you to generate and track reports on the activities of the customers, saving them all in a private blockchain, and this does not compromise data security.
- Steem – With its main focus on social media, this platform uses tokens to incentivize people in the community to produce unique content. The amount is determined on the number of up-votes received by the content.
- Civil – This app focuses on journalism and digital media promoting more sustainable and autonomous journalism. CVL tokens are used to incentivize the journalists for running independent newsrooms successfully without needing any interference from the editorial segment. Since everything is decentralized, individuals are encouraged to report significant news instead of a single central entity.
- Open Music Initiative – This non-profit identifies original creators of music by using an open-source protocol as well as the music rights holders. This ensures that musicians are acknowledged for their creation and get quick payments for the same as well.
As you can see, there are several applications and real world use cases of cryptocurrencies and Blockchain technology that is being used in several sectors. The list above signifies its importance though it is far from exhaustive!