2017 was the year for the cryptocurrency.Many people realized what crypto brings to our world and they saw the huge potential that many cryptocurrencies have.The way the world is function is potentially changing thanks to the blockchain technology.
Blockchain Technology and Cryptocurrency
A cryptocurrency is a medium of exchange, such as the US dollar, but is digital and uses encryption techniques to control the creation of monetary units and to verify the transfer of funds.
Blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography.Each block typically contains a cryptographic hash pointer as a link to a previous block, a timestamp and transaction data.
Blockchain and Cryptocurrency Uses:
Popular:
- Financial Services
- Automotive
- Voting
- Health Care
Not so popular but SURPRISING:
- Fund Raising
- Education
- Charity Decorruption
- Ethical business practices
- Battling electoral fraud
- Travel
- Go Green
- Digital publishing engagement
- Wealth management
Financial Services and Automotive
Finance:
Thanks to the blockchain technology and the cryptocurrencies we could have faster and cheaper settlements which could potentially save billions of dollars from transaction costs while improving transparency.
Automotive:
Consumers could use the blockchain to manage fractional ownership in autonomous cars.
Voting and Health Care
Voting:
Using a blockchain code constituents could cast vote via smartphone, tablet or computer resulting in immediately verifiable results.
Health Care:
Patient's encrypted health information could be shared with multiple providers without the risk of privacy breaches.
Fund raising and Education
Education :
The number of schools and universities accepting Bitcoin is increasing.Universities in Switzerland, Cyprus, US and Germany started accepting BTC as payment.
Fund Raising:
Many startups are now using cryptocurrencies in order to fund their ideas, services and products. Instead of using traditional VC funding, or using fund-raising websites such as IndieGoGo or Kickstarter, startup leaders are looking to cryptocurrency as a way to raise money for what they need. Because it's easy to track and obtain money this way, it's revolutionizing the entire fund-raising process.
Charity Decorruption and Ethical Business Practices
Charity Decorruption:
Cryptocurrency has the potential to avoid corruption in charitable organizations.Blockchain can eliminate problems that are happening with charities, such as fund leaks with its ability to keep companies accountable.
Ethical Business Practices:
Cryptocurrency can be used for encouraging business practices with the help of blockchain's power to track every transaction with complete transparency.
Battling Electoral Fraud , Travel and Going Green
Battling Electoral Fraud:
Another ethical application of cryptocurrency will be its ability to help battle electoral fraud. Santiago Siri is the co-founder of Democracy Earth, a non-profit that's designing an app to combine voting with blockchain technology. Siri says that with cryptocurrency, electoral fraud -- or any other kind of corruption involving money -- will no longer be possible.
Travel:
Companies such as cheapair.com have started accepting Bitcoin as payment for purchasing flights , hotel, car rentals, cruises and more.
Going Green:
There is a possibility for people who have solar panels to sell environmental credits through a phone application to residents who don't have direct access.That means using less carbon based power and more solar energy.
Digital Publishing Engagement and Wealth Management
Digital Publishing Engagement:
A great cryptocurrency is the ability to take advantage of its trackability.There is a cryptocurrency created by SolidOpinion(Engagement Tokens) which tracks engagement and the viral spread of information which gives advertisers the information they need.
Wealth Management:
SwissBorg -- a company that's created its own tokens for investment solutions -- are giving investors some great opportunities to manage their wealth without boundaries or restrictions. According to the SwissBorg website, "Whether you are an individual, a DAO [decentralized autonomous organization] or a financial expert, SwissBorg is a democratic ecosystem where you can manage a portfolio of crypto assets."
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Sources:
PWC
Entrepreneur
