Real life applications of Bitcoin and Blockchain
Although we can’t say that Bitcoin is widely used on a global scale, its popularity grew rapidly over time and found many uses in real-life. In fact, there are many innovative applications of both cryptocurrency and blockchain technology. In this article, we explore the main applications of blockchain and bitcoin across many different sectors.
Difference Between Blockchain and Bitcoin
Before we take a look at how blockchain and Bitcoin are used in real life, let’s briefly explain what the difference between blockchain and bitcoin is. Bitcoin is a digital cryptocurrency, stored in the blockchain, while the blockchain network was invented for BTC transactions, ensuring they are completed without a middle man. That being said, blockchain is the distributed digital ledger system of all transactions that is powered by a cluster of computers, while this is a peer-to-peer network, which means the transactions are validated and processed without a need for a central authority.
Purchase Various Items
Today you can purchase many different things with bitcoin, including real-estate, plastic surgery, cars, fast-food, and much more. It’s very likely that the number of companies that accept payments in BTC will grow in the future, but for now, the list of companies that accept payments in bitcoin includes Subway, Propy.com, Microsoft, Post Oak Motor Cars, Starbucks, and many others.
Of course, based on your location, different options might be available to you; for example, there’s a Burger King branch that accepts payments in BTC in Holland. But overall, you will find many reliable establishments where you can use your BTC online and offline.
Bitcoin is also known for its price volatility, which is another reason why it’s appealing for Bitcoin trades. Online exchange platforms offer a chance to sell and buy BTC, exchange BTC for fiat currencies, and other cryptocurrencies. So, there’s a great opportunity to increase your investment returns. There are many platforms available online, as well as apps that you can download to keep track of your investments on the go.
A great platform that is worth checking out is the Bitcoin Champion. This site utilizes first-class Machine Learning and Artificial Intelligence technology to recognize profitable trades at 99% accuracy. So, you can rest assured that you’re in good hands. Actually, you can potentially earn a daily profit of up to 600% as a member of this platform, while to register, you need to make a minimum deposit of $250.
Blockchain in the Government
Because blockchain ensures complete transparency, and it allows tracking of transactions in real-time, it can certainly be used to increase transparency when voting. Otherwise, it can mitigate a lot of problems and risks regarding the security of operations in government sectors.
Another reason why blockchain finds greater application in government sectors is that it can prevent corruption as it’s decentralized and transparent system. Some examples of the use of blockchain in governments include a datable storage center by Guradtime and Ericsson for the Estonian Government. Furthermore, Followmyvote is a mobile voting platform that is used by the United Nations to ensure greater transparency in voting.
Blockchain technology is very important for supply chains, especially since a supply chain includes a lot of different entities and processes. The blockchain technology will allow greater control over the supply chain processes and faster delivery of the items. Another great advantage is better visibility of the processes and tracking of the products in real-time throughout the supply chain.
A great example is a partnership of corporations like IBM with the Abu Dhabi National Oil Company that will use blockchain in the supply management of oil. Next, blockchain can also be used in the fashion industry, and actually, in Denmark, Provenance and the designer, Martine Jarlgaard used blockchain technology to allow the customer to track and see how the clothes are produced and distributed. This will increase the transparency in the production of clothes and help customers to choose brands that are sustainable and ethical in their work.
Make a Difference
As we mentioned earlier, a lot of businesses accept payments in BTC. But, also there are many non-profit organizations that accept donations today in Bitcoin. Thus, if you want a difference, you certainly can and use your BTC towards a good cause. Some NGOs that are worth mentioning include Save the Children, Wikipedia, Meals on Wheels, Orangutan Outreach, Develop Africa, and many others.
In conclusion, Bitcoin is one of the greatest innovations that has certainly left an impact on different sectors of our society. The same can be said for blockchain, and in the future, we can expect to see even greater use of these innovations across multiple fields like healthcare, retail, the gaming industry, and many other sectors. So, it’s safe to say that maybe one day, cryptocurrencies will replace fiat currencies.
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