Crypto is about much more than just ‘cryptocurrencies’

• Cryptocurrency is the most famous application of blockchain technology.
• The cryptoverse is much larger, however, as other use cases are still under development.
• A number of industries and some of the largest companies are already using blockchain for business-critical functions.

Contrary to what the term is often used, “crypto” is so much bigger than digital money alone. Even without trying too hard, crypto has started to affect our lives – not just in an abstract sense, but in ways that can be seen and felt in real life.

Depending on the desired definition, crypto refers to anything that uses a cryptographically secured blockchain – a directory of the actions taken – which may or may not be decentralized.

Decentralization – without a single authority at its center – is one of the biggest selling points of cryptocurrencies, but it’s not a requirement. Centralized applications like central bank digital coins (CBDCs) and other examples are starting to hit the market with blockchain technology.

Here’s a quick look at the four hottest trends in cryptoversum that go beyond trading on the crypto exchanges:

government

Legendary, the left hand of government may not know what the right is doing as both are working towards opposite ends. But it helps to remember that government is people-led, and help, like blockchain technology, which streamlines people’s efforts, is welcome. If it can help to coordinate departments, the various “hands” through which government works, so much the better.

With that in mind, governments that computerized decades ago are looking for the next big leap in crypto. Opportunities being explored include digital identification, digital voting, tamper-proof educational records, title deeds for tracking property, and climate protection.

raw materials

Better tracking of bulk goods has benefited the companies that sell them – the proliferation of barcodes and RFID tags in stores was just the beginning. If you look at the wafer-thin profit margins of these companies, the incentive becomes clear.

Commodity and retail companies use crypto to track fresh farm produce, identify counterfeit retail goods, reward loyal customers, monitor supply chains, and track prescription drugs.

Financial services

Proponents have often stated that crypto or blockchain-based systems have the potential to complete transactions faster, with less effort and more economically. Companies have taken the chance to test these out in the real world by using existing currencies.

Financial institutions are using crypto as a payment network that connects to each other to process payments faster, enable private payment gateways, and handle cross-border money transfers.

New on-site applications are usually grouped into a group called Decentralized Finance or DeFi.

Business processes

Between and within companies, crypto disrupts the management of normal day-to-day business processes. The goal – to increase efficiency, reduce bureaucratic delays and save employees time.

Businesses are using crypto to streamline legal and medical records, track guns sold, enforce workers rights, track compliance and taxes, share industry data, and leverage smart contracts in mining.

In addition, there is ongoing research into how crypto can help in other areas such as food safety, copyright protection, family will, stock trading, etc.

As then shown, cryptocurrency is just the best-known application so far – and the biggest crypto-fueled disruption may yet be ahead.

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source https://www.bisayanews.com/2021/09/25/crypto-is-about-much-more-than-just-cryptocurrencies/