Cryptocurrency is the most well-known application ofblockchain technology.- However, the cryptoverse is much bigger with other use cases still in development.
- Even today, a number of industries and some of the biggest companies already use blockchain for business-critical functions.
Contrary to how the term is often used, ‘crypto’ is so much bigger than digital money alone. Even without trying too hard,
Depending on the definition you like, crypto refers to anything that uses a cryptographically secured
blockchain – a
ledger of actions taken – which, may or may not, be decentralised.
Here’s a quick look at the four hottest trends in the cryptoverse that go beyond trading on the crypto exchanges:
Government
Legendarily, the left hand of government may not know what the right hand is doing, with the two working towards opposite purposes. But it helps to remember that a government is run by people and help, like blockchain technology, that streamlines people’s efforts is welcome. If it can help coordinate departments, the different ‘hands’ through which the government works, all the better.
In that spirit, governments that computerised decades ago are looking for the next big leap using crypto. Possibilities being explored include digital
identification, digital
voting, tamper-proof
educational credentials, property
title deeds to track ownership, and
climate protection.
Commodities
Better tracking of mass-produced goods has benefited the companies that sell them – the proliferation of bar codes and RFID tags in stores was just the beginning. When you consider the razor-thin
profit margins of those companies, the incentive becomes clear.
Commodity and retail companies are using crypto to track fresh
agricultural produce, identify
counterfeit retail goods,
reward loyal customers,
monitor supply chains, and
track prescription drugs.
Financial services
Proponents have frequently stated that crypto or blockchain-based systems have the potential to complete transactions faster, with lower overhead, and more economically. Companies have grabbed the chance to test these out in the real world, using existing currency.
Financial institutions are using crypto as a
payment network connecting each other, to
process payments faster, enable private
payment gateways, and settle
cross-border remittances.
Emerging applications in the place are normally clubbed into a group called ‘decentralised finance’ or DeFi.
Business processes
Between and within companies, crypto is disrupting how normal day-to-day business processes are managed. The aim – to improve efficiency, reduce bureaucratic delays, and save employee time.
Businesses are using crypto to streamline
legal and
medical records, account for weapons sold, enforce
workers’ rights, track compliance and taxes, share
industry data, and use
smart contracts in mining.
In addition, research is ongoing to
look into how crypto can help with other areas such as food safety, copyright protection, family wills, equity trading, and so on.
As illustrated then,
cryptocurrency is just the most well-known application so far – and the biggest disruption powered by crypto may be yet to come.
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