Crypto is more than just “crypto-currencies”

0
  • Cryptocurrency is the most famous application of blockchain Technology.
  • However, the cryptoverse is much larger with other use cases still in development.
  • Even today, a number of industries and some of the larger companies are already using blockchain for business critical functions.

Contrary to how the term is often used, ‘cryptographyis so much more important than digital money alone. Even without too much effort, crypto has started to impact our lives – not just in the abstract sense, but in ways that can be seen and felt in real life.

Whichever definition you like, crypto refers to anything that uses a cryptographically secure blockchain – a company share register – which may or may not be decentralized.

Decentralization – having no single authority at the heart of it – is one of the main selling points of cryptocurrencies, but it is not a requirement. Centralized applications like central bank digital coins (CBDCs) and other examples are starting to emerge using blockchain technology.

Here’s a quick look at the four hottest trends in cryptoversy that go beyond trading on crypto exchanges:

Government

Legendarily, the left hand of government may not know what the right hand is doing, with the two working for opposite ends. But it’s helpful to remember that a government is run by people, and help, like blockchain technology, that streamlines people’s efforts is welcome. If this can help coordinate the departments, the different “hands” through which government works, so much the better.

With that in mind, governments that went computerized decades ago are looking for the next big leap in using cryptography. Opportunities being explored include digital ID, digital voting, tamper-proof diplomas, title deeds to track ownership and climate protection.

Merchandise

Better tracking of mass products has benefited the companies that sell them – the proliferation of barcodes and RFID tags in stores was just the beginning. When you consider the tiny profit margins of these companies, the incentive becomes clear.

Commodity and retail companies use cryptography to track fresh farm produce, identify counterfeit retail products, reward loyal customers, monitor supply chains, and track prescription drugs.

Financial services


Supporters have frequently stated that crypto or blockchain-based systems have the potential to conduct transactions faster, with less overhead, and in a more economical manner. Companies have taken the opportunity to test them in the real world, using existing currency.

Financial institutions use crypto as a payment network that connects to each other, to process payments faster, activate private payment gateways, and settle cross-border remittances.

Emerging on-premise applications are normally grouped into a group called “decentralized finance” or DeFi.

Business process

Between and within companies, cryptography disrupts the management of normal day-to-day business processes. The goal: to improve efficiency, reduce bureaucratic delays and save employees time.

Businesses use cryptography to streamline legal and medical records, account for guns sold, enforce worker rights, track compliance and taxes, share industry data, and use smart contracts in mining.

In addition, research is underway to determine how cryptography can help in other areas such as food security, copyright protection, family wills, stock trading, and more.

As illustrated then, cryptocurrency is just the most well-known app yet – and the biggest crypto-fueled disruption may be yet to come.

SEE ALSO:
Chinese FUD Drives Bitcoin, Ether, And Other Cryptocurrencies Again

Snoop Dogg’s new project will let fans party with him at his LA mansion – and potentially be neighbors

Share.

About Author

Comments are closed.