What is Сryptocurrency for and How it can be Used
The scope of cryptocurrencies is expanding every year and more and more people are paying attention to digital assets. According to the Cbinsights.com report, in 2021, the financing of blockchain startups increased by 713% year-on-year and has reached $25.2 billion.
And although the main application of blockchain technology is in the field of finance, the possibilities of digital assets can be used in many other industries — from insurance to games and cannabis.
The options for using a transparent, verifiable data registry are almost endless. Blockchain works through decentralized platforms that do not require centralized control, which makes them more resistant to fraud by third parties.
With the advent of metaverses, the use of blockchain has expanded even further, as NFTs have brought new perspectives to the industry, providing huge opportunities for virtual reality.
Travel & mobilityThe ability to maintain a ledger of physical assets, such as avia or auto parts in the blockchain gives great prospects for tracking the installation and use of spare parts using a secure and stable system protected from unauthorized access.
While paper records are susceptible to falsification and/or physical damage, and centralized databases can be vulnerable to hacking, human error and/or fraud, blockchains are immutable and do not have a centralized person maintaining the registry.
Blockchain can be used to track parts in the supply chain and eliminate fake parts. Ford, BMW, Honda and GM are exploring the possibilities of blockchain in the field of tracking vehicles and spare parts.
Blockchain can be also used in car leasing & sales, ride-hailing, public transportation, trucking, air travel and aerospace & defense.
Large hotel chains lose up to 30% of their total revenue due to commissions paid to third-party booking services. Small chains and independent hotels give from 18% to 22% of their income to third-party booking services.Blockchain technology greatly increases the efficiency of the booking process, allows direct interaction with customers and reduces costs, making hotel services more competitive.
Thus, Winding Tree collaborates with hotels, airlines and tourist offices to create a decentralized B2B tourism market, allowing hotels to upload their API to the marketplace to make their services available to online travel agencies (OTA). This allows businesses to interact directly with each other without the involvement of intermediaries.
Decentralized platforms are also used for rental housing. Dtravel, for example, positions itself as a competitor to Airbnb. However, the 5% booking fee at Dtravel is much lower than the service fee of up to 14.2% of the total booking amount on Airbnb, excluding platform fees.
A number of companies use blockchain technology to allow any device to securely connect, interact and make transactions regardless of the central authority. The devices will be able to interact with each other autonomously to manage software updates, bug fixes, or power management.
In 2017, the South Korean logistics company Hyundai Merchant Marine (HMM) conducted trial launches using a blockchain system together with Samsung SDS. It used Internet of Things devices for real-time monitoring.
Xage uses blockchain to ensure the network security of the Internet of Things.
These are just some cases of using blockchain technology in 2022. The technology is actively developing, giving users more and more opportunities in various industries.