In the financial sector, benefit blockchain crypto and Blockchain can be utilized in various other aspects of life. Including education, politics, and charity.
Over the past few years, the currency and crypto market as a whole has grown exponentially. Bitcoin, the most famous of the new digital currency generation. It is one of the approximately 1,900 cryptos that is most talked about on the internet.
Some users have an interest in the potential for its use. Given the decentralized Bitcoin system (no banks or parties when involved), anonymity, low cost and fast, and potentially change the financial world in the future. Some other users are interested in making Bitcoin an investment opportunity.
Even more interesting, crypto benefits and usage can go beyond the financial sector. Here are 10 crypto and Blockchain uses that you may not know yet:
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- 1 1.Fund Management
- 2 2. Digital Marketing
- 3 3. Combating Election Fraud
- 4 4. Avoiding Corruption in the Charity Sector
- 5 5. Environmentally Friendly
- 6 6. Transactions at the Travel Bureau
- 7 7. Startup Funding
- 8 8. Ethical Business Practices
- 9 9. Paying Education Fees
- 10 10. Augmented Reality (AR)
- 11 Disadvantages of cryptocurrency
- 11.1 Vulnerable to illegal transactions
- 11.2 Data loss causes financial losses
- 11.3 Decentralized but still operated by the organization
- 11.4 Some coins are not available in other fiat currencies
- 11.5 Impact of mining is bad on the environment
- 11.6 Vulnerable to hacking
- 11.7 Cannot dispute or cancel the policy
- 12 Conclusion
Financial management is one of the most attractive ways to use cryptocurrencies. That is why companies like SwissBorg provide opportunities for their clients to manage funds without any restrictions.
According to the SwissBorg website:
“Whether you are an individual client, representing a DAO (decentralized autonomous organization), or a financial expert, SwissBorg is a democratic ecosystem that gives you the ability to be able to manage a portfolio of crypto assets freely and transparently.”
2. Digital Marketing
To increase the relevance of content with the appearance of advertisements, SolidOpinion companies have introduced Engagement Tokens (EGT). In addition, this technology can track the involvement and dissemination of vital information, which makes online advertisers get important information for their research and development needs.
3. Combating Election Fraud
With its transparent, cryptosystem, it can help fight election fraud. Santiago Siri is one of the founders of Democracy Earth, a non-profit organization that designs an application to combine Voting with Blockchain technology. Siri said that with crypto, electoral fraud or other types of corruption involving money is no longer possible. All notes will be transparent for everyone.
“Blockchain cannot be destroyed, no one can change or subvert how sound is stored, and it is very important for democracy,” Siri said.
4. Avoiding Corruption in the Charity Sector
Crypto can be used to avoid corruption in charitable organizations. Because of its ability to maintain corporate accountability, Blockchain can eliminate many of the problems of funding leaks in charities. That’s why the World Food Program (WFP) has used Blockchain to distribute cash assistance safely to people who really need it. There are no third party intermediaries who can play a role in the distribution of charity transactions, and all transaction details are presented transparently to be analyzed by everyone.
5. Environmentally Friendly
If you are an environmental lover, you will be happy to hear that crypto can be used to make the world greener too. For example, Brooklyn Microgrid is the first technology in the world to be able to provide alternative energy sources from Blockchain technology. This project was initiated by LO3 Energy in collaboration with Siemens Digital Grid. But unfortunately, the use of Brooklyn Microgrid is currently limited in the scope of the New York City community. If the project is successful, it is not impossible that LO3 and Siemens will expand to reach a wider area.
6. Transactions at the Travel Bureau
When more retailers accept Bitcoin, many people will have the opportunity to use it in various transactions. One example is the web cheapair [dot] com, a travel agency that provides flight ticket booking services, hotels, car rentals, and cruise ships. The site has received payments with Bitcoin since 2013. With the ease of Bitcoin as a cross-border payment system, users can more easily make payments whenever and wherever
7. Startup Funding
Many Startups now use crypto to fund their ideas, services, and products. Instead of using traditional VC (Venture Capital) funding. Or using fundraising sites such as IndieGoGo or Kickstarter, Startup leaders start using crypto as a way to fund their projects and businesses.
Because it’s easy to track and earn money this way, crypto is able to revolutionize the overall funding process
8. Ethical Business Practices
Cryptocurrencies can also be used to encourage ethical business practices. Because Blockchain can track every data and transaction with full transparency, businesses in all sectors will be more motivated to be responsible for carrying out their practices according to the rules.
9. Paying Education Fees
Some countries have generally used cryptocurrency as a form of payment, including payment of school fees. According to Futurism [dot] com, universities in Switzerland, Germany, Cyprus, and the United States have begun to accept Bitcoin as a means of payment.
10. Augmented Reality (AR)
This last use is the most interesting. Thanks to location-based AR revolutions such as Pokemon Go and companies such as Candy Lab which has paved the way for location-based AR, a new generation of Startups has emerged. Location-based Augmented Reality will be the future of entertainment media that combines the real world with the digital world.
One example of crypto use in this field was initiate by the company Blendar. That rewards users to see location-based AR experience with crypto money. Fluffr [dot] io is another company that has implemented this concept.
They have partnered with Blendar and Candy Lab to drive a revolutionary personal experience and use Blockchain-based payment systems.
Disadvantages of cryptocurrency
Besides the ten advantages of crypto and blockchain as mentioned above. Cryptocurrency also has several disadvantages. Like a coin that has two sides, there will be good and bad things, some disadvantages of cryptocurrency are as follows:
Vulnerable to illegal transactions
The government will have difficulty tracking each user on their wallet address. This is because of the privacy and security of high cryptocurrency transactions.
Bitcoin can be vulnerable to being used in exchanging money in many illegal deals. Such as buying illegal drugs on the black market. When people get money in an illegal way they can also convert cryptocurrency to fiat currency or better known as money laundering.
Data loss causes financial losses
Developers always innovate by creating source code that is virtually traceable. This development is for defense from hacking which causes authentication protocols that are difficult to break.
Indeed it would be safer to storing cryptocurrency with strong defense from hacking. But maybe there is a user who lost his private key. This causes him to lose his money in the form of cryptocurrency.
Even if the wallet address is found but without the private key, the wallet will remain locked together with the number of coins in it which will result in a financial loss to the user.
Decentralized but still operated by the organization
Many people are familiar with Cryptocurrency with decentralized features. However, the fact is that the flow and amount of currency in the market is still more controlled by developers and some organizations.
They can manipulate coins to make big changes to their prices.
Some coins are not available in other fiat currencies
Not all cryptocurrency can be traded with all fiat currencies, there are some cryptocurrency can only be traded some fiat currencies. This condition forces the user to convert this currency into one of the major currencies.
For example, users will exchange Bitcoin with Malaysian ringgit, if no BTC/MYR pair is available then they must take several steps to convert it. This process causes transaction costs to increase which should be unnecessary in cryptocurrency exchange.
Impact of mining is bad on the environment
Although mining cryptocurrency uses electrical power to power computing power and electrical input. But mining for Bitcoin requires sophisticated computers and a lot of energy that can’t be done on a normal computer.
In some countries using coal to create electricity like China to support mining. This will leave a carbon footprint on the environment.
Vulnerable to hacking
It is true that cryptocurrency is very safe, but some exchanges are not safe. Most exchanges store user wallet data to operate user IDs on the exchange.
Existing data on this exchanger can be stolen by hackers because usually the wallet of the exchanger is connected to the internet making it less secure. If the hacker successfully enters account data access, they can transfer funds from that account.
Exchange hacking cases such as those that occur in Bitfinex or Mt Gox. Hackers managed to steal thousands of Bitcoin and millions of US dollars.
Cannot dispute or cancel the policy
If there is a dispute between the sender and the recipient, say if the sender mistakenly sends funds to the wrong wallet address, the coin cannot be taken by the sender.
Because there is no specific authority as an intermediary, there is no refund if there is a transfer error.
As you can see, there are many ways to change every aspect of our lives with crypto and Blockchain currencies. Because cryptocurrencies are gaining popularity in the business world and in everyday life, more and more adoptions may be developed from technology.
Not only is the financial world experiencing a revolution, but almost all aspects of life that require transparency will also benefit from crypto use as well as Blockchain technology.
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