Cryptocurrency has outgrown its niche status to become a force that most businesses now align with. Lots of people have come to understand that cryptocurrency will affect almost every industry in the future due to the convenience of the decentralized money system attached to cryptocurrency.
With the number of cryptocurrencies listed on the market, many businesses are opening up to the idea of crypto. According to BitFortune, many businesses have begun applying crypto technology to their services as they come up with ideas that threaten to disrupt the standards of various industries and markets.
Bitcoin and its likes have increasingly become accepted as a new form of currency with crypto technology becoming a valid platform for many technological companies because of reasons here. We’re going to examine a few real-life business applications of crypto technology below.
What Businesses are using crypto technology?
LINQ is Nasdaq’s first idea from its enterprise-wide blockchain technology idea. This idea is a huge step forward in the crypto technology experiment. LINQ serves as a trading platform for initial public offering companies.
LINQ uses a shared ledger to develop an extensive, verified record of securities to provide easy auditability. Designed by Nasdaq in-house technologist and technologist at Ideo and Chain.com, this platform is designed to augment Nasdaq’s ExactEquitiy, cloud-based table management, and stock plan system,
OpenBazaar is an open-source project developed to design a separate network for peer-to-peer commerce activities using bitcoin as a source of transaction due to its no restriction and no fees policy. This system bypasses the accepted model of eCommerce sites such as Amazon and eBay who use credit cards and PayPal for payments and connects the seller directly to the buyer.
OpenBazaar system of operation has removed the middleman through the use of a third-party verifier who liaises the exchange of goods. To protect the interests of buyers and sellers, the bitcoin payment is held in a multi-sig (multi-signature queue) until both parties agree to sign off on the exchange of goods and payments.
The agreement is written and signed digitally and payment is made into the multisig until the goods are in the hands of the buyer and everything is in accord.
Ujo is a platform that allows artists to own and control the use of their creative content. Artists get paid directly for sharing their creative skills and content with the world. Ujo noticed the different issues between artists, labels, legislators, PROs, DSPs, and fans and they decided to remodel the industry operative structure using crypto technology.
They first created Tiny Human by Imogen Heap as their first concept to push their ideas. They use Ethereum blockchain to enable the purchase of a license to stream, download, remix and sync a song. The payments received was split on the blockchain and shared between the artists and the collaborators.
There are many different other real-life applications of crypto technology apart from being used by software companies. You will get to know of certain applications when you check Bitcoin Formula. You can use crypto technology now to make payments such as in;
Subway fast food in the Czech Republic accepts Cryptocurrency as a means of payment. Bitcoin Coffee and Pizzaforcoins are other business types where you can use bitcoin and other crypto coins as means of payment to get Coffee or Pizza.
You can also find numerous companies around the world already paying their staff with crypto and many companies now recruiting a blockchain team or creating job opportunities for people who can develop and maintain such software here.
The use of crypto technology is spreading like fire as more applications of the technology are coming to life because people now understand and popularize crypto technology. Digital currency is going to take over the world in the future and completely transform how we conduct transaction and business.