Blockchain Technology will continue to be relevant as the underlying innovation continues to prove useful in sectors beyond finance. This year, there have been great updates concerning the use cases of blockchain technology many of which we covered on The Currency Analytics. Here are five use cases of the blockchain technology and cryptocurrency you should not miss in 2020.
Crypto being used as a payment option for merchants is not new in the world. We have seen many cryptos such as BTC, XLM, USDT, DGB, XDC, etc. used to pay for goods and services as the blockchain technology was instrumental in processing cross-border payments faster than fiat and with super low fees. Pundi-x XPoS machine added support for Paypal users to be able to spend, and buy cryptos with their accounts this year. Paypal itself has been showing signs of Crypto integration through their activities but no official statements have been made. There is a hope that in the nearest future we will begin to see huge payment merchants integrate crypto in their operations and service.
It has been established that blockchain technology is known for transparency, immutability, and security of transactions. These features have been applied by many blockchain projects to solve diverse problems. This year, the Food and Drug Administration (FDA) released a blueprint where they considered blockchain technology as a viable option. In the news, we have highlighted Gochain, Xinfin, and Vechain blockchain as a potential candidate fit for traceability of food and materials as they have tools specifically developed to solve the challenge. There is a clearer future now that blockchain will be seen in government plans for use with AI and IoT to trace food, and other materials.
The Blockchain technology has broken new frontiers in assisting real estate investors to diversify their investments beyond their countries. There have been immense developments by projects in real estate to accept crypto payments from all over the world when investors decide to invest. The Currency Analytics reviewed the uses of Non-Fungible Tokens in Real Estate based games and projects. Xinfin also presented blockchain Proof of Concept for land registry to Maharashtra Government in India in 2019 and also made the solution available to developers and technical professionals for use. The solution was presented as a blockchain solution and separate from cryptocurrency as cryptos are banned in India.
2020 has been a year that pronounced the essence of blockchain technology and cryptocurrency as a replacement for banking services. With DeFis, people can enjoy banking services such as lending, interest in savings, arbitrage, trade financing, etc. on the blockchain anywhere they are and no matter their status. Decentralized Finance has given the benefits of banking and finance back into the hands of the people especially the unbanked. On TCA, we have reported several blockchain projects like Just JUST, Bittorent BTT, Xinfin, Ren Protocol, Chainlink LINK, Hex, etc. and many more on Ethereum blockchain. that are making waves in the DeFi space.
Especially in this period where Covid19 pandemic has ravaged every industry in the world, blockchain technology has been very useful in all aspects to ensure smooth operations. Vechain, Xinfin, and IOTA are a few of blockchain projects that have released solutions to aid and facilitate records distribution and financing PPE producers in the health sector.
In the future, it will be reasonable to expect to see blockchain technology applications in all sectors. 2020 is only showing that the world is beginning to wake up to the actual potential of the same.
I am Ayobami Abiola from Nigeria. I am a Cryptocurrency enthusiast who like to write about creative and great innovations- The wonders of the blockchain technology.
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