Ever since the advent of blockchain, people have been developing technologies, solutions, and services on top of the technology. Most people know about cryptocurrencies as they are typically mentioned in the press, but blockchain and crypto have many other alternative uses. In this article, we will cover some of the ones that make the best use cases of these technologies.
Many charitable organizations accept crypto donations that have become an essential revenue source that enables their missions. Some of these missions include female empowerment, providing humanitarian aid, ensuring people in third-world countries have clean water, mental health services, and more.
The three main advantages of crypto for this use case are:
- Increased adoption – Nonprofits can reach donors they may not have been able to reach before
- Diversification – Crypto is another revenue option for non-profit organizations and charities
- Tax efficiency – Donors can reduce their tax burdens, which results in them being able to donate more
It is crucial to know that donating crypto can have significant tax implications depending on where you live, so check your local laws or consult a financial expert to understand them.
Blockchain Game Ecosystems
The blockchain enables many features you do not typically find in most traditional games. For example, the blockchain can be a store of the different in-game items that players collect as they play their favorite crypto games. Because of the technology’s decentralized nature, it is much easier for players to buy, sell, and trade the in-game items they already own.
Second, there are opportunities for players to make money in this ecosystem. The most common way of doing this is playing play-to-earn games that reward players with cryptocurrencies and non-fungible tokens (NFTs) for playing the games.
Players can also earn tokens by hosting gaming nodes. These nodes enable the infrastructure that crypto games run on and are crucial to the robustness of the whole system. For example, players who purchase gala nodes to support one game ecosystem earncoins that are valuable tokens within the ecosystem.
Personal data privacy has been a hot topic for the last couple of years as more people realize how important their data is and why it is crucial to keep it safe. Blockchain provides permanent and immutable records meaning it is a secure option for storing important data and ensuring its privacy.
This feature has led to it being adopted in different industries to store different types of data, including legal records, ownership of digital creations such as art, healthcare records, financial transactions, and other types of information.
Blockchain-specified domain names also allow users to give data access to only a few people, dictate how and when they can use it, and limit how much they can access and use.
Store of Value
Even though the value of cryptocurrencies is volatile, these digital assets still provide an alternative store of value option for many people globally. Stablecoins tied to the value of specific fiat currencies like the US Dollar are an excellent option for this use case.
Blockchain and cryptocurrencies have faced a lot of turbulence in the past year or so. That said, people still have a positive outlook on them, which is why they are still used for the use cases above, and for many others.