From a financial point of view, cryptocurrencies aim to increase people's freedom to make and use money. Blockchain thus opens up more opportunities to provide financial services to more people around the world, especially those who have little or no access to traditional systems.
There are thousands of uses for blockchain. Some are more popular than others. Here are five uses of blockchain that have managed to conquer the world.
Immediately after cryptocurrency found application in finance and payments, developers began creating blockchain games. With this technology, they wanted to find a solution to the gaming industry's many problems, such as
- economic manipulation by gaming companies;
- difficulties with payments;
- gameplay imbalances.
Blockchain creates a distributed and transparent open-source network for players and introduces innovative solutions such as real asset ownership, consensus-based updates, decentralized marketplaces, optimized tokens, Vulkan games casinopayment and more. The CryptoKitties game took up the Ethereum traffiс.
Blockchain improves service levels in real estate, which suffers from problems such as
- slow transactions;
- administrative lawsuits;
- mistrust between buyers, sellers and intermediaries.
The advent of blockchain systems in real estate enables the automation of routine tasks and arrangements, transparency in listing and data tracking, and cost savings.
In addition to higher quality of service, blockchain also represents innovative businessmodels for the real estate market. For example, shared ownership of assets, digital contracts to speed up transactions, crowdsourcing real estate through tokenisation and more.
The insurance industry is very vulnerable to fraud. The paperwork here is huge, so blockchain has brought many benefits to the insurance industry, including:
- strengthened anti-fraud efforts;
- simplified paperwork;
- reinsurance - insurance for the insured party.
Blockchain is also an innovation in insurance business models, allowing insurance companies to offer more sophisticated insurance and microinsurance products on demand.
Security is a broad topic, affecting both individuals and entire countries, but blockchain offers solutions for every level. At the individual level, blockchain security solutions include
Sovereign identity for complete control of personal information
Security for data transmission and personal correspondence.
And security elements for internet of things devices, including thermostats and routers.
At an organisational level, blockchain allows companies to maintain a distributed document flow, preventing DoS attacks by individual vulnerability nodes including websites. National governments, including Australia, Malta, are also using blockchain for security purposes.
NFT, or non-exchangeable tokens, is a hot topic in the art world. Works based on this technology are sold at auctions for millions of dollars.
The development of NFT has opened up crypto-art and digital collections, allowing artists, musicians and Influencers to make additional profit from their unique works. NFT can serve as proof of authenticity not only for digital art and music, but also for real assets such as paintings and jewellery.