When we think about cryptocurrency, most people immediately think about investing, but there are plenty of uses for cryptocurrency and blockchain outside of the world of investment portfolios. The whole reason that cryptocurrencies came about was as a way of taking control of banking, making it easier for the world to trade fairly, and ensuring that the security of everyone’s currency was paramount. It’s what makes it such a good investment, but it’s also what is driving it’s popularity in the world today. These are the industries that are putting to good use the benefits that cryptocurrencies and blockchain can offer.
Air Travel Providers
Most of us have at one point in our lives had a disastrous experience with booking a holiday and it’s often when it comes to the flight. Sometimes the price suddenly skyrockets, sometimes we enter the wrong information, sometimes the flight is hugely delayed or cancelled. The air travel industry likes this no more than we do, so many companies are employing the use of blockchain to help to fix it. It’s worth looking into the do’s and don’ts of cryptocurrency to properly understand its applications, as there are plenty of them. Suffice it to say that many airlines have spent plenty of time looking into it and are using blockchain to manage the available runway slots, making it easier to book planes in to take off and land, ensuring that operations run smoothly and that this information can’t be tampered with. Whilst this on it’s own is great news, it’s being improved upon even further. A company called SlotMachine is creating a program using blockchain that will make this information readily available to all airlines, enabling different providers to swap, take-off and landing slots with one another. This means that if a plane takes off late, it can still land at its destination, even though it’s missed its time slot. Hopefully this will spell the end of the days of sitting in a grounded plane on the runway for hours. The EU certainly seems to think so, as it is financially backing SlotMachine to make this change happen. After all, more planes in the sky means more money for the businesses.
The Online Gaming Industry
Another industry that is really making use of cryptocurrencies is the online gaming industry. Twitch allows users to pay with Bitcoin and Ethereum to subscribe to their favourite gamers’ livestreams. They can also trade in cryptocurrency for the platform’s own Bits, an in-platform currency that users can trade with one another. Twitch aren’t the only company to be using cryptocurrency though. There are plenty of betting sites that are allowing users to deposit not just in traditional currencies, but cryptocurrencies as well. SBO.net has compiled a list of sites, rating them all on their deposit methods and currencies accepted, as well as the site’s safety and security. Of course, casinos using bitcoin as a payment method receive a little boost to their security score, thanks to the impenetrable blockchain technology. The other reason that crypto is such a popular choice for online casinos and betting sites is that some people like to keep their hobby anonymous. It’s totally possible for customers to deposit in cryptocurrencies without ever having to reveal their identity. Being able to execute transactions in this way means that more private customers can still enjoy gaming, without having to worry about their anonymity being compromised.
Real Estate Sector
Buying or selling a house is one of the most stressful things that you can do in your lifetime. A lot of it is to do with packing up boxes and getting yourself organised, but a good chunk is just how difficult it can feel to know what’s actually going on. Blockchain technology is already beginning to revolutionise how the process happens, meaning that absolutely everyone can stay informed at every stage of the process. Everything from the rightful owners of the property, to the title deeds can be stored securely online, but at the same time made available to everyone. This method of conducting house sales is still very much in its infancy, as it requires a great deal of data to be transferred. However, if this pioneering project all goes to plan, it won’t be long before selling a house is as simple as making a transaction and watching as every deed is digitally transferred into your name. The need for solicitors as middle-men will be totally removed and for those working as estate agents, look out, a good chunk of your job description may be about to be permanently altered.
