Within the context of digital assets and the Fintech industry, cryptocurrencies have come a long way. Now, there are a number of interesting and unexpected applications for the use of cryptocurrencies like Bitcoin. Many industries are capitalising on crypto and the tech associated with it.
Bitcoin tech can bring gaming to life by creating digital and analogue entertainment experiences.
One such example is BitPainting, which is a decentralised marketplace for the art industry. Essentially, artists and art enthusiasts can collect, sell, and even gift rare and coveted pieces of virtual artwork.
A second example is Chimaera, a gaming platform that represents a 100% custom blockchain ecosystem. With the use of the platform, online games are developed, published and shared on a crypto-to-crypto gaming system.
Bitcoin’s reliance on cryptography for security can help prevent identity theft, which can be achieved through various means:
Users are able to send and receive payments without having to reveal their real identity. Instead of using a real-world means of identification, users transact with the help of a Bitcoin wallet address. As such, no personal information changes hands.
Full control of ownership. When transacting using Bitcoin, users retain full control of their private access security keys. This means that no third parties are needed for the securitisation of funds.
Transactions are transparent and can be traced. The blockchain system records all Bitcoin transactions in a general ledger, making transactions transparent and traceable. Full auditing power means a much lower risk of identity theft.
Bitcoin has been working for the Cannabis industry in numerous useful ways. It’s anonymous and borderless nature, especially, has proven especially effective.
Some of the examples of how Bitcoin has been effectively used in the Cannabis industry are listed below:
While rarely completely illegal in most jurisdictions, Cannabis remains frowned upon by many. This often leads to challenges when it comes to paying for Cannabis and its related products. Lucky for growers, suppliers, dispensaries, and users, Bitcoin has emerged as the perfect alternative to traditional payment systems.
Since Bitcoin is completely borderless, the Cannabis industry no longer needs to rely on traditional intermediary financial services such as banks.
Bitcoin offers an anonymous way of doing business. This crypto has also opened new doors for the industry in terms of investment and crowdfunding. To this end, it has become a useful tool for raising capital.
Electronics giant Siemens has partnered with energy-based startup LO3 Energy in creating an app called “Brooklyn Microgrid”. The app enables Brooklyn residents who own solar power panels to transfer electricity to those who don’t have the necessary hardware.
Blockchain technology makes it possible for sellers and buyers of energy to remain in control of the entire transaction.
Real-time tracking plays a crucial role in food-based supply chains, ensuring efficient and transparent monitoring of the entire process.
By using blockchain tech, suppliers and buyers are able to access the same database, thereby reaching true transparency in terms of the food movement chain.