3 surprising uses of cryptocurrency and blockchain technology
Cryptocurrencies have come a long way since their inception. Previously used as a medium of exchange by dark web users, criminals and people operating on the fringes of society, Bitcoin and other cryptocurrencies have now been accepted by the mainstream.
However, cryptocurrency is so much more than being just a simple medium of exchange. For anyone who didn’t already know, cryptocurrencies work by transmitting encrypted data from one point to another.
Information is stored on a huge data directory known as the blockchain where it is encrypted until the correct code is presented.
The potential offered by cryptocurrencies and the blockchain are endless. There are even teams among the ranks of NFL betting partnering with cryptocurrencies, as per example Miami Dolphins who are being sponsored by Litecoin. Unsurprisingly inventors and entrepreneurs have discovered how to change the world around them through the use of this new technology.
1. Delivering aid to people
The COVID-19 pandemic is quite likely one of the worst pandemics in recent history. Having left entire countries shuttered and in quarantine, economies have been brought to a standstill.
In the wake of all this, millions have been left unemployed with no viable way of fending for themselves and their families. With governments overwhelmed, many have been left in the cold with no hope on the horizon.
Fortunately, savvy investors have begun making use of cryptocurrencies to help raise funds for those affected by the coronavirus. The blockchain powered Binance Charity, successfully raised approximately $ 4.2 million to help in the fight against COVID.
Funds raised have been used to purchase all manner of medical supplies from medicine to face masks and rubber gloves.
2. Creating better ads
By its very nature, most advertising is a rather hit and miss affair. Advertisements are targeted towards people of a certain age group or demographic in order to engage with them.
At best, this leads to eerily accurate advertisements that give the impression that you’re being spied on. At its worst, you’ll have to deal with annoying money gurus and investment masters who claimed to have found the secret to success.
Engagement Token is a form of cryptocurrency that helps content creators, audience members and advertisers engage with one another. This system rewards creators and audience members with tokens for publishing original content and posting comments/feedback.
From here, advertisers will be able to purchase tokens for having their ads published in the most relevant areas. This helps advertisers market their content towards the right people whilst encouraging content creators to showcase their work.
3. Allowing people to circumvent oppressive governments
The collapse in oil prices triggered an economic meltdown in Venezuela that eventually led to the country’s downfall. Rigged elections, a destroyed economy and hyperinflation are amongst the hallmarks of President Nicolás Maduro’s presidency.
With the Bolivar becoming essentially useless, the people of Venezuela turned to cryptocurrencies as a medium of exchange. Just like how the USD became the medium of exchange in failed states like Zimbabwe, Bitcoin and other cryptocurrencies have largely replaced the Bolivar.
This in turn allowed for the importation of much-needed supplies into the country. Due to the unregulated nature of cryptocurrencies, citizens were able to pay for imports through the use of fund transfers.
As can be seen, cryptocurrencies also have the potential to allow regular citizens to stand up to oppressive governments.
Cryptocurrency and blockchain technology have opened up a new world of opportunity for people around the world. Whether it’s the seamless transfer of funds or simply engaging with your audience on a new level, cryptocurrency is quite likely to be the new way forward.