Blockchain technology and crypto made headlines around the world in recent years due to the latest bull cycle of Bitcoin, which swept up other cryptocurrencies in the crypto market and generated new media hype.
But this time, it was different because many businesses, investors, and governments around the world finally realized the money-making potential of cryptocurrencies as well as the other benefits of integrating them within government and business processes.
In this article, we will take a closer look of a look at how cryptocurrencies and blockchain-based solutions which are being developed right now can be implemented in the public and business sectors.
What are Blockchain and Crypto
Blockchain technology was built in the midst of the financial crisis in 2008. It was designed in a way that created the first system of this kind, which is completely decentralized and peer-to-peer based, which allows the transfer of payments without external supervision or involvement by any financial institution.
In other words, the blockchain network is able to function on its own with the support of the crypto miners incorporating concepts like proof-of-work, which allows the network to function in a way that isn’t centralized or impacted by any external authority. Because blockchain technology was developed for Bitcoin, it took time for the market to expand and for other cryptocurrencies to develop their own unique blockchain systems.
The purpose of cryptocurrencies is to enable the transfer of data on the blockchain network. Also, there are different cryptocurrencies that might have other attributes which allow them to be used for other goals, such as Ethereum, which can also be used for the purpose of purchasing NFTS or for building decentralized financial applications on the Ethereum blockchain network. Right now, there are over 10,000 cryptocurrencies on the market, and the number will continue to grow in the future.
Crypto in Online Casinos
Thanks to the mainstream popularity of cryptocurrencies, many businesses online decided to accept crypto payments, including online brands. This was their way of connecting with another audience of crypto users.
Since online casinos operate on a global scale and by integrating crypto payments, they connect with casino players that want to wager with their cryptocurrencies.
Crypto Casinos offer benefits for both casino players and the casinos. Namely, cryptocurrencies are associated with fast processing times, fast crypto transactions, and enhanced security. You are able to wager on any casino game on crypto casino sites, which include slots, poker, blackjack, baccarat, and many other casino games.
Many businesses show their support for the crypto revolution, as we mentioned earlier. The are benefits for every type of business. They only need to invest in the crypto wallet in order to attract crypto audiences.
Cryptocurrencies offer different advantages, but mainly there are shorter processing times and lower transaction fees compared to fiat currencies. A lot of famous brands that operate offline and online also accept crypto payments, including Burger King, Ok Cupid, Twitch, Pay Pal, Microsoft, and others brands.
Blockchain in Supply Chain Management
Blockchain technology would be useful for the management of supply chains. Each supply chain is managed by different stakeholders and documents, products, and processes that need to move freely between the parties.
Blockchain technology offers total transparency, which will foster trust between the parties, and they will have a complete understanding of what is going on. It will also promote better control over the supply chain processes and tracking of the products in real time.
IBM tests blockchain-based solutions for different supply chains. For one, it has developed a blockchain solution for the Abu Dhabi National Oil Company. IBM has also created popular blockchain solutions for Carrefour and Walmart in order to provide complete transparency and tracking of the products from the production facilities to the shelves in the supermarkets.
Similarly, these types of blockchain solutions can also be used in fashion and the retail industry. For instance, the designer Martine Jarlgaard used blockchain technology to enhance transparency in the processes, and the customers could see the origin of the garments and understand and see how the clothes are produced and distributed.
Cryptocurrencies in NGOs
There are many non-profit organizations that accept donations today in BTC and other cryptocurrencies. The benefits that apply to businesses are equally important to non-profits which is why a lot of famous NGOs also accept donations made in crypto. Some of the NGOs that accept crypto are Save the Children, Orangutan Outreach, Wikileaks, UNICEF, Develop Africa, and many others.
Blockchain in the Public Sector
Blockchain-based solutions have multiple applications in the business sector, the main one being used to enhance transparency and minimize errors and fraud. One of the best examples is the voting application Followmyvote, developed to eliminate electoral fraud and offer tracking of your vote in the system.
Blockchain can also be used for the transfer of data between sectors and enhanced security of the database. The Estonian Government, with its partnership with Ericsson, successfully utilized blockchain technology for development of database storage center.
In conclusion, blockchain technology and cryptocurrencies offer a lot of choices for businesses and the public sector in general because they are innovative technologies that can enhance the trust between the parties and increase the accessibility of certain products and services.
Due to the potential impact on different aspects of society, many governments have decided to regulate the implementation of blockchain technology as well as cryptocurrencies within their countries.
For example, in El Salvador, Bitcoin is accepted as legal tender, and in Argentina, BTC can be used to cover transit fees. So, there’s definitely a real interest in the investors, the public, and the business sector in regard to blockchain-based solutions and digital currencies.
In the future, we expect even more blockchain-based solutions to be designed and to be easier for any crypto owner to use the crypto funds for purchases in brick-and-mortar businesses and online brands. So, it’s safe to say that there is a lot of potential for cryptocurrencies to eventually replace fiat currencies.
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