For a long time, cryptocurrency was treated as an outsider, both in terms of being a currency, an asset class, and an overall concept. However, it has risen above the criticism to become one of the most popular asset classes in the world, as well as gaining a myriad of use cases.
As a crypto user, it is worth being aware of all of these different industries, as it means there are more avenues for you to use your tokens and benefit from them otherwise. Here are a few of the industries that have taken to cryptocurrency:
Gaming
Gaming has continued to evolve alongside human technology, and naturally, cryptocurrency has found its way into the mix. On the one hand, we have GameFi, which is blockchain technology developed to create various gaming titles. Many of these titles often include crypto assets within their gameplay as tradeable collectibles, characters, weapons, and much more.
Then you have cryptocurrency being accepted by platforms that offer casino games. Whether it is things like slots or even modern games like crash gambling, it’s possible to place your wagers for them using cryptocurrency (https://www.valuewalk.com/cryptocurrency/best-crash-gambling-sites/). This application of cryptocurrency is thanks to the myriad of benefits it offers, including greater privacy and control. And, of course, we can’t ignore the fact that mainstream cryptos like Bitcoin often see an increase in value, which can be very tempting for consumers.
Travel
Did you know that these days, it is possible to book your travel experiences using cryptocurrency? Platforms like Travala and Alternative Airlines allow you to book flights, hotels, airport transport, and much more using cryptocurrency. This is as simple as logging onto the site, selecting the flight, hotel, or any other experience you want, and then selecting cryptocurrency as your payment currency at checkout. Using crypto transfers, you can settle your bill and go about your day.
As cryptocurrency continues to see use, it’s expected that the hotel chains, airlines, and the like will begin to directly accept them from consumers.
Insurance
One of the most innovative applications of blockchain technology has been in the Decentralized Finance (DeFi) space. These essentially see traditional financial services being delivered using blockchain and cryptocurrency. Insurance happens to be one of these, as DeFi is known to offer more accessibility to those needing insurance services. This essentially works by users applying for insurance and paying their premiums via cryptocurrency. Once they have a claim, which is processed super fast using smart contracts, their payouts are made instantly. This not only offers another avenue for cryptocurrency but also helps to democratize access to things like insurance.
Real Estate
Many consumers want to invest in things like real estate, but often do not have the tens, if not hundreds, of thousands of dollars that would be needed for such an undertaking. However, this access is made easier using cryptocurrency via tokenization. Tokenization essentially means breaking down the ownership of a real estate project, artwork, or any other valuable investment vehicle into smaller pieces.
Consumers can essentially invest in these opportunities by buying cryptocurrencies attached to them. Once the project turns a profit, funds are distributed to users according to how many tokens they hold. Tokenization has become especially popular because it grants so much access to a wide user base and is expected to continue to grow.
Logistics
Cryptocurrency is also used within the global supply chain and logistics sector to track shipments of products. This is because it is based on blockchain technology, which offers permanent records of transactions. As such, any entity needing to track the movement of products can do so via the blockchain. Using blockchain technology means that these records cannot be falsified or amended and can always be accessed.
Cryptocurrency, of course, is used to access these blockchains, confirm transactions, and much more. As the examples of businesses using blockchain technology for logistics only continue to grow, various networks see even more use.
Crypto’s Versatility is Hard to Ignore
If you ever doubted that cryptocurrency could be used in different Industries, take a look at our list above. Both the tokens and their underlying blockchains have proven to be extremely valuable for a myriad of use cases, and over the years, this list will only grow.
