Can crypto and blockchain solve real-world problems?

It’s long been said that blockchain technology has the potential to transform all sorts of sectors. But more recently, there have been a number of cryptocurrencies created with the purpose of solving specific real-world problems, too.

We thought we’d investigate some of the main issues both blockchain and crypto are tackling, and find out which companies are leading the charge.

Which areas can they improve?

To start off, let’s have a look at some of the areas that can be helped out by crypto and blockchain.

Firstly, there’s voting. Blockchain’s immutable nature allows for votes to be cast remotely, as well as be tracked more quickly, securely and without any fear of tampering.

Crowdfunding is next on the list. Not only can blockchain technology help eliminate fraud and hefty processing fees, but the platforms also commonly accept crypto payments. In fact, the disproportionately high fees charged for cross-border donations means that paying in crypto makes sense for everyone involved. With ICOs and IEOs considered forms of crowdfunding for crypto projects, crowdfunding and crypto are two things which most definitely go hand in hand.

Data protection is another issue that blockchain seems to be the perfect solution for. Since blockchain technology itself enables the protection of data against manipulation, it greatly increases data security by recording the information in a transparent and permanent way.

Then there’s the charity sector. Crypto appears to be revolutionising the way in which donations are made, since it can be sent directly, in an instant, without the need to be converted to the appropriate currency or be sent via an intermediary.

Which companies are getting involved?

So, there are some of the areas being improved by blockchain, but let’s have a look at who’s behind it.

Chainalysis is a good example of a company using blockchain technology to solve a real-world problem – the problem being risks to cybersecurity. The platform powers investigation, compliance and risk management tools that monitor fraudulent transactions and have been used to solve some of the world’s most high-profile cybercriminal cases. The company’s aim is to encourage the safe adoption of cryptocurrency around the world.

For the charity sector, BitGive works to provide greater transparency to donations. The company works with established charities including Save The Children, The Water Project and Medic Mobile.

Attempting to create secure, transparent voting systems is Followmyvote.com, which allows users to anonymously cast votes on the blockchain. The platform reduces opportunities for voter fraud and claims to increase turnout through improved accessibility to democracy.

Which tokens are taking part?

These days, it’s not just the underlying technology that’s proving useful – there are several cryptocurrencies out there which have been designed to address specific issues themselves.

One you might have come across in the Wirex app is Basic Attention Token (BAT). It aims to address inefficiencies in the digital advertising industry by rewarding users for viewing ads. BAT is integrated into the Brave web browser, which places emphasis on respecting users’ privacy and protecting them from intrusive ads.

Another issue being addressed by crypto is that of identity verification. The growing requirement for quick, accurate and private digital identity verification led to the development of Civic (CVC). CVC powers the Civic identity verification mechanism - a decentralised way of securely storing, verifying and sharing personal information with service providers.

Lastly, we have a token designed to address the problem of expensive computing resources: Golem (GLM). Golem is a peer-to-peer marketplace for computing power, which allows users to make theirs available to other users for a GLM fee. It’s an area with such potential that the company looks set to keep growing - its next move is to develop a way for people to earn money with their unused power.

There’s a quick look at some of the areas crypto and blockchain are impacting. Know of any interesting ones we’ve missed? Share them below!

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