The year 2021 has been exciting for the world community of crypto enthusiasts. The previous year the industry not only survived the COVID-19 pandemic but received institutional support more than ever before. And 2021 remarked with the most ambitious projects continually expanding our opinion of the blockchain possibilities. As we enter the last quarter, numerous projects are going to be completed in 2021. Here are the best crypto and blockchain applications that appeared recently.
Instant Money Borrowing
People can use blockchain to get loans collateralized with their crypto assets. This is possible through smart contracts, special protocols built on the blockchain that allow certain events to happen automatically. For instance, they can trigger service payment, a margin call, repayment of the loan, etc. Thus, crypto loans are faster and don’t require long credit checks so that lenders can offer better rates.
You can get a crypto-backed loan at the CEX.IO crypto exchange and use BTC, ETH, XLM, LTC, and MATIC as collateral. Also, you can buy 80+ digital assets here. So, if you were looking for a place where to purchase NEO cryptocurrency with a credit card, CEX.IO exchange can be a great option.
Simplified insurance
The competitive environment in the insurance business is extremely high. Both retail and corporate clients expect the best value for money and a smooth Internet experience. Blockchain can drive positive change and growth for the industry. Ethereum smart contracts can provide greater automation and fraud protection. Notably, smart contracts are cheap, so many services can become more competitive for customers.
Additionally, cyber insurance can be used as a sample for coverage with extensions and confirmations of financial losses, money and crime, professional liability, and warranties. ConsenSys Diligence, for instance, helps to assess risks and recommend best world practices to control and mitigate losses.
Automated real estate
For the real estate industry, there are several use cases for the blockchain, like transferring the purchase price for real estate transactions with cryptocurrencies as well as through an initial coin offering. The first experiments are already being observed. Sweden is working on a blockchain-based digital land register. Smart contracts are expected to be applied in the medium term. Thus, the process is automated and simplified; you don’t need a written record in paper form. In the long term, blockchain will help to increase market transparency and solve principal-agent problems.
Online voting
When personal information is stored on the blockchain, it puts us just one step away from being able to vote online in accordance with current laws and procedures. The use of blockchain can ensure that no one votes twice, only eligible voters can vote, and they cannot be tampered with. What’s more, it can expand access to voting as all you need to participate is to press a few buttons on your smartphone. At the same time, the cost of holding elections can be significantly reduced.
Benefits for government
Talking about other ways to use digital IDs kept on the blockchain, we can manage government benefits like Social Security and Medicare. And again, using blockchain can reduce fraud and operational costs. Meanwhile, beneficiaries can receive funds faster through digital payments in form of cryptocurrencies.
Artist salaries
With blockchain technology, we can track the distribution of music and movie files online and ensure that artists are paid for their efforts. Since blockchain was invented to ensure that the same file does not exist in more than one location within a network, it can reduce piracy as well. What’s more, using a distributed ledger to track replay in streaming services provides more transparency and confidence that artists receive their money. And smart contracts can help to distribute the payments on automated algorithms.
Non-fungible tokens
Non-fungible tokens (NFT) are generally described as a way of owning digital art items and rights. Since the blockchain prevents data plagiarism, placing the NFT ensures that only one copy of a digital artwork exists. It’s like investing in physical art. But you don’t need to care about storage and maintenance.
NFTs can have different use cases, and ultimately they are a way to transfer ownership of anything that can be virtually represented. From a text document, video broadcast, or an event ticket.
Efficient logistics
Decentralized blockchain applications allow multiple parties to transact directly via a peer-to-peer network, without the need for a central authority to verify operations. Each network participant has access to a distributed ledger with all transactions records.
Thus, supply chain companies can record production updates to a single shared ledger; This provides total data visibility. Transactions are time-stamped and up to date so that consumers can question the status of a product and the location at any time. We can combat counterfeit goods, compliance violations, delivery delays, and more by using blockchain.
Reliable Internet of Things networks
The Internet of Things refers to physical devices around us that are connected to the Internet, collecting and exchanging data. They make our lives easier and create a possibility for nefarious actors to access our data or take control of security systems. Blockchain technology can provide more reliable protection by storing authentication keys and other data on a decentralized network. So there’s no single centralized server that can be hacked. Additionally, blockchain offers protection against data tampering.
Closing thoughts
Blockchain has only been around for like ten years, and businesses are still exploring new ways to use this technology. The more digital data we used in our everyday lives, the more we need the security, access, transparency, and data integrity that blockchain can provide. Sooner or later, successful cryptocurrency use cases will directly depend on global regulators and industry professionals working together to promote digital assets.
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