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Some are of the notion that crypto is just overhyped, that it is of no or fewer uses. Some believed that crypto being a virtual currency has very limited uses. However, the truth is that there are many uses of crypto in the real world. And as technology advances, there are many innovative possibilities for the usage of crypto in day–to–day activities. These are very few of the uses of crypto in day–to–day business activities.
International Means of Payment
Cryptocurrencies facilitate cross-border payment. Banks, International companies, Local companies, Individuals, and even visas do businesses using cryptocurrencies. In a case of war, when the means of economic activities have been broken down, crypto can come in handy. A very good example of this is the case of Ukraine. People from all over the world have made 120,000 donations to Ukraine; the worth of which is $100,000,000. All these donations were made easily and with less or no transaction charges. It is also faster than the traditional means. Avivah Litan, an analyst from Gartner firm said that if the donation were to be done through the traditional means, it would have cost a lot. There are 30% of overhead charges and 15% of reconciliation fees.
Some Few International Companies Using Blockchain to Solve Problems Related to Their Product
Walmart, Louis Vuitton Moet Hennessy (LVMH), and Renault Motor company use blockchain technology to solve problems in their products. Walmart uses hyperledger to track the supply chain. LVMH build a blockchain–powered chip to protect its customers from fake products. And the Reunault motor company uses blockchain to device tamper proofs.
Massive Means for Storing Data
Blockchain has provided a better means for storing data. And, stored data can be retrieved from earth, even in the case of a space mission, faster than the centralized one.
Blockchain Technology, the Next Level of 3D Graphics Rendering
The aspect of rendering 3d graphics is one that we could wish if it can be done faster. Blockchain can employ the GPUs of computers on the network to share the rendering processes. These services can be easily paid for using cryptocurrencies. Some movies such as ‘Ant Man’, and ‘Captain Marvel’ were rendered using this method.
Cryptocurrencies and blockchain have many more uses, some of which include the use of crypto in insurance and real estate. Flight Delay Insurance Fizzy, is a program built on the Ethereum network. It triggers an instant payment to customers in case of flight delay.
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