Cryptocurrency and Blockchain Are the Future: A Brief Guide

Many people believe that cryptocurrency and blockchain solve no real-world problem and that it’s “all about the hype” and speculation. This surprisingly common opinion is an uninformed narrative, and this article aims to dispel and educate the reader about the numerous use cases of cryptocurrency and blockchain.

Cryptocurrency and Blockchain Use Cases

Cross Border Payments

Today, several multinational banks and payment service providers, like Visa, have incorporated crypto and blockchain to enhance their cross-border payment solutions.

The ongoing donations to Ukraine in its ongoing war against Russia are a clear example of how effectively crypto works as a borderless payment solution. So far, the country has received over 120,000 crypto donations totaling over $100 million.

Analyst and Vice President at Gartner, technological research and consulting firm, noted: “The cryptocurrency donations being made to Ukraine go directly [to] the government, non-government organizations (NGOs), charities, or citizens, and that saves 30% in overhead charges, and an additional 15% on reconciliation fees normally charge by traditional financial networks and charities.”

Supply Chain Solution

Crypto and blockchain have changed the way organizations can handle supply chain problems. For example, Walmart uses a blockchain technology called “hyperledger fabric” to track and monitor supply chains.

Another example can be seen with LVMH (Louis Vuitton Moët Hennessy), which has employed the use of blockchain chips to authenticate or confirm original products. Battling counterfeit products has been a long challenge for this brand but with the latest blockchain integration counterfeiting could become a thing of the past.

Also, Groupe Renault has integrated blockchain solutions into their cars to alert buyers whether the owner tampered with the vehicle, like altering the mileage.

Data Storage

Blockchain provides a new and improved way to store data in a secure and tamper-proof setting. For example, UC Berkeley recently announced that it was partnering with Filecoin to store a massive amount of data created by its neutrino detector. A traditional storage facility wouldn’t have had the capacity to satisfy this undertaking.

Meanwhile, Lockheed Martin has also contracted Filecoin to create a decentralized storage network in space. This allows for the speedy transmission of data during space missions compared to storing data on earth.

3D Graphics Rendering

Blockchain has also been used in providing top-notch 3D graphics, miles ahead of conventional providers. 3D graphics rendering consumes a significant amount of computational power, something most graphics protect do not have. However, blockchain developers could “lend” their GPU space for the undertaking in exchange for an agreed amount of tokens.

Insurance

Blockchain oracle networks report real-world weather data so catastrophic weather to trigger an immediate settlement for affected farmers. Many insurance companies in Africa currently adopt and use this insurance solution due to its swift and accurate capabilities.

Real Estate

Blockchain solutions simplify the legal processes inclined with real estate transactions. Crypto real estate company Propy recently sold a $60,000 apartment in Ukraine, eliminating most of the long and arduous legal processes.

The list of real-world utilities of cryptocurrency is almost endless as they can be applied in virtually all processes. Crypto and blockchain are, without a doubt, the future.