Tag: Cryptocurrency applications

Categories
Cryptocurrencies

What Are The Real-Life Applications Of Cryptos?

The word Bitcoin first came to light a decade ago when Satoshi Nakamoto mailed cryptography nerds a technical white paper of what he called the new electronic cash system.” A decade later, it has become a household name, a pioneer in what seems like the next technology-inspired global revolution. The cryptocurrency itself and its anchor blockchain technology are now household names. But questions still abound about what Bitcoin really is and its real-life applications.

The word Bitcoin first came to light a decade ago when Satoshi Nakamoto mailed cryptography nerds a technical white paper of what he called the new electronic cash system.” A decade later, it has become a household name, a pioneer in what seems like the next technology-inspired global revolution. The cryptocurrency itself and its anchor blockchain technology are now household names. But questions still abound about what Bitcoin really is and its real-life applications.

The word Bitcoin first came to light a decade ago when Satoshi Nakamoto mailed cryptography nerds a technical white paper of what he called the new electronic cash system.” A decade later, it has become a household name, a pioneer in what seems like the next technology-inspired global revolution. The cryptocurrency itself and its anchor blockchain technology are now household names. But questions still abound about what Bitcoin really is and its real-life applications.

Chances are you are either familiar with the term Bitcoin or have interacted with this crypto technology at one point. You probably heard the interesting but cautionary tale about a cryptography nerd that paid for two Pizzas with 10,000 BTC just about the time the digital currency was gaining momentum.

Today, one Bitcoin is valued over $7,500, and at one time, it hit the highs of $20,000. The once worthless digital coin has now become a major topic in the global finance arena. Central bank heads and governments are rushing to tame the coin that they consider a threat to the government-controlled currencies. Some like China have banned Bitcoin use within its borders.

Note that while these political and policy challenges have contributed significantly to Bitcoin price volatilities, they have done little to negate its penetration into the global economy. And in this guide, we will be looking at some of the real-life applications of the Bitcoin digital currency. Here are a few:

Purchasing food and property:

You, too, can use bitcoin to pay for Pizza. Unlike in 2010, however, you don’t need 10,000 BTC to pay for it. The massive Bitcoin popularity has seen several fast food companies innovate their payment systems to include Bitcoin. The move has also seen the birth and adoption of the Pizzaforcoin technology that processes Bitcoin and 50 other cryptocurrency payments in the fast foods industry.

The bitcoin revolution has spread way beyond the fast-food industry and into the global eCommerce industry. Here, the ever-increasing number of online shops like Overstock and Microsoft will ship different products and process your Bitcoin payment option. Propy.com – an international real estate company – has started accepting Bitcoin payments whileMyCOINreality.com is also advertising homes that you can purchase using Bitcoins.

Inventive middlemen like Gyft are also making it possible for you to buy from popular eCommerce stores like Amazon and Target that don’t accept Bitcoin payments via the digital currency – albeit indirectly. To achieve this, Gyft helps you convert your bitcoins to gift cards that you can use to shop.

Paying for social and professional services

People around the world are also using bitcoin to pay for social/ entertainment and professional services. One of the online industries most impacted by bitcoin payments is the sports betting and casino industry that has grown tenfold since the launch of bitcoin. The primary driver of the explosive growth witnessed here is the fact that most of these bitcoin processing companies support anonymous betting, deposits, and withdrawals.

Traditional online casinos were highly regulated, taxed, and limited to the nationality of members that they can accept in their casino. Bitcoin casinos don’t report your winnings to the tax authorities, aren’t bound to a specific jurisdiction, and will process registration for individuals from virtually any part of the world.

Interestingly, you can also use Bitcoins to settle payments for different professional services. Lucerne University – a vocational art and science institute – in Sweden was among the first to process bitcoin payments for tuition. Ever since King’s College in New York, Cumbria University in the UK, and the European School of Management and Technology in Berlin have since started accepting Bitcoins. Law firms, hospitals, and accountancy firms have also joined the bandwagon.

Salary payment:

Japan has, on several occasions, and different global platforms been hailed for having the most progressive cryptocurrency laws. Here, bitcoin and a handful of other cryptocurrencies are accepted as a legal property that can be used in place of fiat currencies in monetary transactions throughout the country.

New Zealand would, however, make history as the first country to okay the payment of salaries, goods, and services and adequately regulate the bitcoin taxation process. Here, companies get to pay their employee salaries and goods and services via bitcoin while obeying the different tax laws like the Pay As You Earn (P.A.Y.E) deductions and other withholding taxes.

Alternative to inflation-stricken global currencies:

In Bitcoin, Satoshi Nakamoto saw the solution to all the inherent limitations of the fiat currencies, chief among them inflation. The inflation menace in almost every instance caused by having too much money in circulation, which effectively translates to a loss of the currency’s value. To arrest this and make Bitcoin inflation-proof, Satoshi limited the number of Bitcoins that will ever be created to 21 million coins.

All over the world, failed and failing nations like Zimbabwe and Venezuela have been witnessing cases of hyperinflation that make their currencies worthless. At the peak of inflation in Zimbabwe, for instance, saw the country’s inflation hit over 200 million percent. In Venezuela, inflation towers way above 10 million percent, and nothing seems to work – not even the devaluation of their Bolívar currency. The situation in the country is so dire that residents are using the bolivar notes to makes bags for sale in and outside the country.

In both of these countries, the tech-savvy and much of the elite class have already turned to bitcoin and other cryptocurrencies as a means of preserving their cash. While the rest of the country turns to the US Dollar and currencies of neighboring countries, this elite class has turned to bitcoin transactions. In Harare, Zimbabwe, for instance, there has been installed several cryptocurrency ATMs for Bitcoin and Litecoin aimed at providing the citizenry with highly reliable and trustworthy financial exchanges.

Sending cash home:

There is a staggering number of expatriates working all over the world. And they all have one common problem – finding a secure, efficient, and cost-effective means of sending cash home. Most avoid banks primarily because of their exorbitant fees, and also due to the heat, most of the institutions turn their way in the form of scrutiny by the host country governments. But they also don’t want to risk their cash by trusting these rather unconventional, unreliable, and equally pricey online payment methods.

Most of these individuals have, therefore, turned to bitcoins. The only time most of these will have to interact with their host country’s financial institutions is when converting their cash to bitcoins. Sending cash home in the form of bitcoins has gained track in recent years because the transfers are free. International bitcoin transfers are also safer and instantaneous, unlike bank transfers that often take as much as five days before the cash reflects on the home country’s bank accounts.

Trade and digital asset investments:

The global perception of Bitcoin and blockchain technology has tremendously improved, as evidenced by favorable bitcoin policies in most economies. However, most of these countries are yet to acknowledge the digital currency as a legal tender. Crypto operations have thus been left on the fringes of unregulated online trade. It, therefore, would be right to say that crypto trade on exchanges accounts for the largest form of crypto application in real life. In most cases, the traders on these platforms seek to exploit the highly volatile nature of digital currencies by profiting from their regular price fluctuations.

When Bitcoin first premiered in these crypto exchanges, it was valued at no more than a few cents. The forces of demand and supply would, however, see it skyrocket and hit $20,000 at its peak in early 2018. Today, one BTC is valued at over $7,500. Either of these figures and valuations represent thousands of percentage value growth in a short ten years.

Investment analysts have gone on to label it the best performing investment product, overtaking the traditionally hailed real estate and money markets. There also is a general feeling that all factors held constant; Bitcoin’s value will continue to soar. This has the in effect, created the next most popular form of real-life application of this coin – Bitcoin investments.

Unlike bitcoin trade, where traders buy the coin with the intent of selling it as soon it reports a small percentage jump in price, investment refers to a long term buy and hold strategy. Bitcoin investors will, in this case, buy and hold on the coin for the longest time with the intention of drawing maximal profits from its long term and consistent value growth.

Pay for travel and accommodation:

Apparently, you can book for your local or international air flight or accommodation and pay with Bitcoins. Travel companies like Cheapair.com make it possible for you to purchase air tickets and make accommodation bookings that you pay with Bitcoins. They will also connect you with cruises, tour guides, and even international cruises that accept bitcoin payments.

Donate to charity:

If you are passionate about charity and would like to donate to charitable courses, you don’t necessarily need to go through the troubles of converting your bitcoins to fiat currencies. The world isn’t short of not-for-profit organizations that accept bitcoin and other crypto donations. The most popular today, include The Water Project that builds clean water solutions in Sub Saharan Africa using pooled funds, Common Collections that donates pooled Bitcoins to refugees and underprivileged global communities, and even Julian Assange’s WikiLeaks that advocates for more transparency from governments and corporations by leaking what they consider classified information.

Buying and selling art

For the longest time, the art industry was dominated by the super-rich, who used art as a store of value. The landscape is, however, changing and transforming into a more welcoming niche where virtually anyone can buy and sell art. But did you know that you can now initiate art transactions using Bitcoin? Companies like Bitpremier.com have already created an online platform that connects art sellers and buyers willing to transact using Bitcoin.

Paying for VPN or domain name:

Different internet companies are also alive to the use of Bitcoin and, therefore, accept bitcoin payments for various services. NameCheap, a domain registration company, will, for instance, let you buy and renew the domain name for your blog or website via bitcoins. And if you are trying to avoid trackers and keep your online activities private, Express VPN lets you subscribe for their premium services with bitcoins.

Pay for monthly bills:

Your post payphone service provider is also keen on digitizing their payment systems. AT&T, for instance, started accepting Bitcoins as a payment method for users seeking to settle their phone bills.

Conclusion

A decade ago, Bitcoin was no more than an idea on a technical white paper that only cryptography nerds could decipher. And when the online community started appreciating its monetary value, 10,000 BTC could only buy two Pizza. Ten years later, it has become the center of attention for financial institutions, governments, and central bank heads that consider it a threat to the traditional banking and financial systems. Countries like China have banned its use within its borders, while others like the United States have resorted to suppressing its influence in the country. However, none of these strategies has stood in the way of bitcoin morphing into a globally accepted digital currency.

Categories
Cryptocurrencies

What Can You Buy With Crypto Currencies?

Cryptocurrencies have come a long way. In the not-too-distant past, most people used crypto mainly for speculation, and it is easy to see why. There were countless reports of people

Cryptocurrencies have come a long way. In the not-too-distant past, most people used crypto mainly for speculation, and it is easy to see why. There were countless reports of people

Cryptocurrencies have come a long way. In the not-too-distant past, most people used crypto mainly for speculation, and it is easy to see why. There were countless reports of people who had become overnight millionaires as a result of investing in crypto. Still, such rosy stories were quickly erased from people’s minds when the very opposite started happening. The group that invested after the first windfall was quickly impoverished by making belated and ill-advised decisions. With many and frequent bubbles, the crypto market was beginning to look like a graveyard, but things have since acquired a reasonable measure of stability.

Fast forward to 2019! While speculation was the overriding factor making people invest in crypto, the modern user of cryptocurrencies has other and even more important considerations. People want to know where and how easily they can spend their cryptocurrencies. That is why you’ll find that many online retailers have readily embraced crypto, and there are countless online stores where these currencies are readily accepted. 

One of the leading online retailers that have been accepting cryptocurrencies for a long time is Overstock, whose payments are processed using the third party site Coinbase. Other well-known sites include eGifter, a website that sells online cards, and Fancy.com.

Even when online retailers do not have an in-house system that allows them to accept cryptocurrencies, it is now possible for almost any kind of retailer to make this possible. There are plenty of platforms and apps that make it possible for retailers to accept crypto payments, and some of the leading ones include Square and Shopify. The latter, for instance, has a global clientele and has hundreds of thousands of online merchants using its software platform. This basically means that you are likely to get any product or service from an online seller as long as the business uses the Shopify software. Moreover, where most other platforms are limited to Bitcoin, Shopify makes it possible for merchants to accept payments in a host of other cryptocurrencies.

You Can Still Use Crypto Even When Retailer Site Doesn’t Expressly Say So

Any mention of online shopping must bring the giant retailer, Amazon, to mind, and you must wonder whether it is possible to make purchases using cryptocurrencies. While Amazon does not allow for purchases using cryptocurrencies, you can make an indirect payment using Purse.io. This ability to make use of cryptocurrencies even when the retailer site does not expressly say so is not limited to Amazon.

At the end of the day, what really matters is where you have stored your cryptocurrency, and there are various ways in which you can make the storage to make your shopping hassle-free. If you are in the habit of shopping using your debit card, for example, you have the ability to link your cryptocurrency to a debit card. These cards are usually backed by the leading card companies such as MasterCard, and any location accepting MasterCard will make it possible for you to use the cryptocurrency.

Where Speed and Privacy Are Of the Essence

Players in the hospitality industry were among the first people to embrace the use of cryptocurrencies, and it is easy to see why. In a world where people constantly feel that their privacy is being intruded upon, joining the crypto world ensures, among other things, that the individual’s privacy is protected. That is why one of the leading travel booking companies, Expedia, was one of the first to embrace this kind of currency.

You can, therefore, book for your flight and accommodations on the site using cryptocurrency, thus making the entire travel experience seamless. Another renowned travel site that accepts cryptocurrency is bitcoin.travel. On the site, you can pay for your entire package from travel to accommodation and even attractions at the destination using bitcoins. Other players offering similar services and accepting cryptocurrencies are Travala, Future Travel, and CheapAir.

When it comes to speed of execution, paying using cryptocurrencies eliminates most of the hurdles that were prevalent when non-digital payment methods were used. That is why you’ll find that some of the companies that have embraced crypto include AT&T, one of the leading global carriers. And as if to say that this might be the favorite way to make payments now and in the future, the ever-innovative Virgin Group, through its subsidiary, Virgin Galactic (the company that was expressly created to offer space travel) also accepts payments via cryptocurrencies.

The speed of execution is also what makes payments via cryptocurrencies a favorite for professionals in IT. Many domain creators such as NameCheap (which sells domains) accept crypto. In addition, a leading online retailer of computer hardware, NewEgg, also accepts bitcoin payments, as does the tech giant Microsoft.

Charities and Non-Profits

In addition to the many merchants accepting cryptocurrencies, there are also many charities and non-profits to which you can make a donation using these currencies. One of the most well-known charities that accept such donations is Save the Children, which tries to provide for the basic needs of impoverished children globally. And if you have been enjoying the services provided by Wikipedia and wish to make a donation, you can easily do so using bitcoin.

Crypto Is All-Encompassing

When it comes to cryptocurrency usage in 2019, perhaps the real question should be what you cannot buy rather than what you can buy using cryptocurrencies. Whether you want to pay for your pizza or shop online for your favorite coffee, buy a limo, or even pet food, the chances are that there’s a retailer ready and willing to accept bitcoin or some other cryptocurrency. The acceptance of cryptocurrencies is also global, and that is why you’ll find that on top of online stores, many brick and mortar stores around the world accept cryptocurrencies.

Of course, there’s much that needs to happen to make cryptocurrencies the ideal way to shop. And this will only occur when more companies start accepting cryptocurrencies received directly from the buyer rather than the current trend where most merchants only accept payments made via debit cards or payment processors. When all is said and done, you can buy almost anything using one or other cryptocurrencies.

Categories
Blockchain and DLT

What Problems Do Cryptocurrencies and blockchain Solve?

Most people have heard the term cryptocurrency. But while some are confused by it, most have no inkling about what it means, or what it’s all about.

Cryptocurrency is an

Most people have heard the term cryptocurrency. But while some are confused by it, most have no inkling about what it means, or what it’s all about.

Cryptocurrency is an

Most people have heard the term cryptocurrency. But while some are confused by it, most have no inkling about what it means, or what it’s all about.

Cryptocurrency is an internet-based digital currency that utilizes cryptography to secure and facilitate transactions. Cryptocurrencies, sometimes simply called cryptos, leverage a technology known as blockchain – which lends them features like decentralization, immutability, impermeable security, and transparency.

Decentralization means that all participants in the network have equal power to approve transactions without the need for a central authority. Their high degree of security is enabled by the fact that transactions are broadcast across thousands of nodes, which must confirm any change to the system. This makes it impossible for malicious parties to hack the system.

More and more cryptos are entering the space, each with improvement in certain aspects of their predecessor. But is there actual value beyond cryptocurrencies being a means of exchange? Is the technology that powers cryptos applicable outside the world of finance? In this article, we explore the different challenges in our world that cryptocurrency is solving or has the potential to solve – from borderless money transfers to real estate, to centralization, to data privacy, and more.

Intermediation Fees

Cryptocurrencies solve the problem of intermediation charges. In the current money transfer business, there are so many intermediaries involved in the process – all of which contribute to excessive amounts of fees for customers. Also, the current options for sending money are not only expensive but also take days. 

Cryptocurrency has the potential to solve these problems and is already being used in several applications to this end. Take BitPesa, a service currently operating in Nigeria, Kenya, Uganda, Tanzania, Senegal, and the Democratic Republic of Congo. This service uses a blockchain-based system to send money within a day, as opposed to the traditional methods which take days and at a much cheaper rate (1% to 3% cost of transactions).

Another case is the Monetha payment system – which is based on the Ethereum cryptocurrency protocol. The system can carry out transactions five times cheaper and 10,000 faster than conventional systems. 

 Centralization

 One of the most exciting aspects of the technology underlying cryptocurrency is that it’s entirely decentralized – meaning it is not dependent on any authority for control. This essentially removes the need for a central authority while preventing one entity from having too much power over the system. 

Centralized systems have certain inherent weaknesses that make them ineffective in the long run. Firstly, as it has a single point of data control, a centralized system is more susceptible to malicious attacks. Centralized systems are also prone to price manipulation – whose results benefit only those at the top.

Centralization also raises the question of privacy. As digitization becomes the norm in the average person’s life, so is the concern for the safety of their data. The sheer volumes of people’s private data associated with centralized systems, especially with their vulnerability to bad actors, is not a favorable idea for the average person. 

This is where cryptocurrency comes to the rescue. A decentralized structure levels the field for all participants in the network such that no one entity has too much power to manipulate the system. A decentralized, peer to peer network is also secure. This is enabled by the fact that for hackers to successfully gain access to the system, they would have to hack more than half the nodes in the network, which is nearly impossible. 

Privacy

Traditional payment models like banks leave a trace of financial transactions. With cryptocurrency, it’s different. Cryptocurrencies are built with privacy and security that allow you to conceal your identity and transactions. Some like Dash, Monero, Zcash, Verge, Bytecoin, etc. have even been created to provide complete anonymity. 

There are several methods that cryptocurrencies use to conceal user information. Some use high-level encryption tools like The Invisible Internet Project and Tor, while others employ cryptography methods that provide proof of knowledge – without revealing that knowledge.

Double Spending 

Cryptocurrencies also solve the issue of double-spending. Double spending, as the term suggests, is spending the same money more than once – a potential flaw with digital currencies. With physical cash, it’s impossible to spend the same money twice. For example, you go to the ice cream stand and ask for an ice cream cone worth 1 dollar. You pay in cash and hand over the dollar to the cashier. As soon as you hand over the dollar, you can’t spend it again.  

On the other hand, a transaction with digital currency involves broadcasting to all the ‘nodes’ in the network. These nodes have to receive and confirm the transaction, and this takes time. This is where the concern of duplication arises. How can we be sure someone will not copy the transaction and rebroadcast it before it has been received and confirmed?

It’s hard to verify the real owner of a digital token – considering it can be cloned, duplicated, copied, or shared infinitely. Simply put, it’s difficult to confirm if a token has only been spent once.

Cryptocurrency solves this by ensuring users cannot double-spend coins. Blockchain – the technology underlying the currency, has a powerful mechanism that enables all nodes in the network to be aware of every transaction. And since the nodes show the history of the order in which they received a transaction, any attempts to double-spend are pointless.

Unbanked Populations 

Currently, 1.7 billion worldwide are unbanked – without access to financial services like insurance, investment, loans, money transfers, or deposit accounts. The lack of access to financial services makes it impossible for these people to escape the vortex of poverty. Meanwhile, traditional financial institutions like banks do not have the requisite structure to cater to this market segment without incurring losses. 

Blockchain-based solutions offer ways to provide financial services and still make a profit. They eliminate the need for expensive brick and mortar banking infrastructures. 

For example, blockchain technology can decrease the costs of providing microfinancing services. They also remove the need for the manual, multiple verifications that are associated with transferring money to emerging markets. This is made possible by smart contracts that radically cut costs and speed up local and international transfers. 

An example of crypto-based solutions changing lives by providing banking services happens in Venezuela. The collapse of the country’s Venezuela Bolivar currency has resulted in people using cryptocurrencies as an economic lifeline, making them more resilient in an unstable economy. 

Food Fraud

Cryptocurrency based technology also helps to prevent food fraud. One high profile case of food fraud was the horsemeat scandal in parts of Europe when meat advertised as beef in supermarkets was discovered to be horsemeat. 

Food fraud can occur in several forms – including adulteration, which is substituting an ingredient with a cheaper one, and misrepresentation – which includes fashioning a product as organic when it isn’t. These fraudulent practices not only pose health risks to consumers but also cost the food industry billions of dollars each year.  

While there are systems in place to curb food fraud, they aren’t completely tamper-proof, and it’s still very possible to play the system. Blockchain technology can be used to design systems that can track and authenticate every step of the food supply chain. This means that every party that handles food: from the farmer to the manufacturer to the store to the kitchen to your plate, becomes a block in the blockchain. The thing with blockchain is that it’s completely transparent, and its stringent verification process makes it impossible to misrepresent or forge a transaction. 

An example of cryptocurrency in action for food safety is Vietnam-based TE-FOOD, which has created a system in which every step of food production can be traced. Using the blockchain protocol, TE-FOOD provides a transparent and immutable (unchangeable) environment to track thousands of pigs, chickens, and eggs, increasing trust in the food ecosystem. 

Contract Conflicts

Traditional contracts are often the source of many business and legal conflicts arising from miscommunication, poor drafting, etc. It’s also a process that involves a coterie of lawyers, time-consuming negotiations, and a multitude of drafting phases. 

Enter smart contracts, the crypto-based technology that digitally facilitates, verifies, and enforces contract negotiations and performance. This type of contract enables trusted business agreements to happen without the need for third parties, a central authority, or lawyers.

Smart contracts work by self-execution of the negotiations between the parties. The contract is written in lines of code, after which both the code and the agreement are distributed across a blockchain network. This code controls the execution of the contract, and agreements are trackable and irreversible.

The decentralization and transparency of blockchain eliminate the need for an intermediary – saving time, money, and conflict. Besides, the technology is faster, cheaper, and secure, allowing for more reliable contracting. Where traditional contracts need long-winded verification procedures, smart contracts proceed with the utmost speed and efficiency. They set the stage for specific outcomes, removing any confusion or the potential of protracted litigation battles.

Election Fraud

In an era when the integrity of elections is increasingly under the microscope, blockchain can provide solutions for transparent and fair elections. Candidates who lose elections may launch legal battles that can delay the result and hold a country hostage. 

The blockchain digital ledger intrinsically creates an audit trail that not only simplifies the verification process but also minimizes the cost for expensive election apparatus. Furthermore, the process is wholly transparent so that anyone and everyone can verify the integrity of the results.

Crypto technology further provides an irrefutable record of the votes cast – eliminating the possibility for election rigging. Moreover, voters can cast their votes from the comfort of their mobile phones, enabling them to have a say in the process no matter their location.

Internet of Things 

The Internet of Things (IoT) is a concept of creating a network of devices with the internet and each other, including vehicles, home appliances, communication devices, wearable devices, and pretty much everything you can think of. The idea is to make the things we interact with daily to be more valuable to us. For example, your coffee maker monitoring when you wake up and then making coffee, or your shower heating 20 minutes before you reach home. 

The Internet of Things promises increased productivity and enhanced asset utilization to improve our modern lifestyles. But a significant impediment to the adoption of IoT has been the closed ecosystem (a system in which one or two people control the system), which some manufacturers stipulate as a requirement. This locks out other vendors from availing products to consumers, while also being denied a choice to compare and use hardware from different manufacturers. 

Also, IoT raises a lot of security and data privacy concerns, seeing as these devices would be communicating with external networks, rendering them vulnerable to hackers. Cases of connected refrigerators or automobiles being hacked are well documented. Also, IoT devices contain enormous amounts of data, which can lead to massive security breaches.

Blockchain technology can help solve these problems by:  

  1. Decentralizing the IoT to enable devices to connect directly; without manufacturers locking consumers into any particular ecosystem. 
  2. Decentralizing the IoT to prevent attacks – as a hacker would have to target all nodes on the network to obtain data – which is highly improbable   

Lack of an Identity 

Currently, 1 billion people worldwide do not have an identity. A large fraction of this number is refugees. When refugees are forced to flee their homes, many leave behind essential documents such as ID cards, birth certificates, and passports. Being able to prove one’s identity is critical because, without it, it’s difficult to access services that help begin a new life, local integration, or self-sufficiency – like a bank account, healthcare, a SIM card, etc. 

Cryptocurrency technology can come in useful in these contexts. The technology can host and transact infinite amounts of data on its publicly available ledger. Furthermore, identities on the network cannot be falsified, tampered with, and are time stamped.

Governments and charity organizations can use blockchain-based technology to issue digital identification to refugees, which would enable them to prove their identity and that of their loved ones and access financial services, healthcare, and education.

One example of blockchain improving refugee’s life is that of Bitnation, a startup that utilizes the technology to help refugees obtain digitally-enabled ID documents. By verifying a person’s social media presence and linking it to their social security number, passport, and other documents, he/she can prove their identity to the host government.

Arbitrary Asset Freezing

Cryptocurrencies can help citizens living in autocratic jurisdictions retain financial independence in contexts where governments unfairly freeze their bank accounts and assets. When people living in these countries run afoul of powerful individuals, their assets can be frozen or their attempt at transactions in local currency barred. 

Unlike fiat currencies (government-issued currencies), cryptocurrencies are immune from tyrannical whims. Crypto funds and transactions are stored in numerous nodes around the world, rendering government control infeasible. 

Real-Estate 

The cryptocurrency protocol can be used to solve many problems in the real estate industry, among which are fraud, high fees, price barriers, etc. 

Firstly, a cryptocurrency protocol can remove the need for paper-based record trails that are susceptible to manipulation and falsification. Blockchain transactions are tamper-proof and transparent, ensuring all parties transact fairly.   

Secondly, blockchain transactions are time-stamped – allowing for a party to prove without a doubt that a particular transaction took place at a specific date and time. The decentralized and transparent nature of blockchain also means everyone involved can know – and verify ownership details. 

Furthermore, blockchain-enabled smart contracts can help cut costs by eliminating the need for middlemen like banks, lawyers, guarantors, etc.

Blockchain can also enable tokenization (turning things into digital, tradable assets) such that even low-income buyers can own part of the property – while also allowing the seller to at least get a fraction of the total payment on the spot. 

Accountability in Nonprofits

Public trust in charities has dwindled in recent years due to cases of embezzlement and mismanagement coming to light. Blockchain technology can help these organizations achieve financial transparency.

Crypto coins such as AidCoin are designed for this very purpose: to allow transparent donations to legitimate charities. This way, donors can monitor where their money is going, and charities are forced to channel donations to the right purposes. 

An exciting use of this application is by the World Food Programme (WFP) to securely provide thousands of people with cash assistance. In Jordan, refugees can enter a store and simply look at an iris scanner, which then verifies their identity and then expends a food voucher. This system is based on Ethereum, a cryptocurrency.

Conclusion

These uses are just some of the numerous applications of cryptocurrency technology in solving problems in our everyday life. Across the food industry, finance, technology, and other sectors, exciting and innovative uses of cryptocurrency are being discovered every day. Also, more cryptos with real-world applications will keep budding if the current landscape is anything to go by.