Some people say that cryptocurrency is the future, while others claim it is the present. Whichever way you look at things, there are times when crypto, its underlying blockchain technology, and the whole world of web3 can work with more traditional services. Doing this can actually show the potential of blockchain-based finance. Here are some of the ways it does that. Making Services Efficient Blockchain technology and cryptocurrency can make sites and services more efficient. One great example comes in the ever-expanding crypto casino sector. Although many online casinos are still using credit card transactions in fiat, there is an alternative with cryptocurrency. Thanks to the blockchain, too, people who play at crypto casinos can get their winnings close to instantly, rather than having to wait for traditional payments. Since the charges for handling cryptos range from the low to the non-existent, this means that casinos can pass these savings, compared to card companies that charge as much as six per cent, on to their customers in the form of higher jackpots. Mainstream Links One of the many holy grails for crypto enthusiasts is blockchain finance achieving proper mainstream adoption. After all, there isn’t much point in having a new kind of money if there isn’t anywhere to spend it. Luckily for the world of crypto, there are mainstream institutions that are either accepting cryptocurrency or are, at the very least, getting involved in it in some way. One example is that there are now debit cards, operated by payment providers Visa and Mastercard, which let people spend crypto without having to worry about logging into their wallets. Another example is how banking giant JPMorgan has been using the blockchain to allow real-time settlements between corporate clients using the Kinexys platform and the JPM cryptocurrency. Real World Assets If a company uses crypto for traditional features, that can mean it has new ways to make more money. If you look at the crypto category of Real World Assets (RWAs), there are some platforms, such as RealT, that allow people to have fractional ownership of their homes via the blockchain. Meanwhile, platforms such as Chintai and RealNOI let people who rent out their properties get paid via tokens. This is important because traditionally, the housing market has been rather illiquid, but tokenization adds some extra liquidity. Meanwhile, musicians can sell non-fungible tokens (NFTs) and, in turn, give their holders the opportunity to take a cut of their royalties. This means that NFTs’ owners are making an income stream, no matter how small, through their investment. Theory And Practice While cryptocurrency and blockchain technology have a lot of theory behind it, it can be easy to forget that this theory can have practical implications. For instance, American retail giant Walmart teamed up with computing powerhouse IBM so that it could trace its supply chain on an immutable platform . Meanwhile, diamond company De Beers uses its own blockchain system, Tracr, to check that the jewels it sells are genuine and ethically sourced, which is very useful for customers. Another practical application of blockchain tech comes in the form of cross-border payments. Although Ripple’s XRP isn’t going to replace the SWIFT system any time soon, the growth of stablecoins gives people the opportunity to send money internationally without having to worry about how long it will take. Web3 may not be as exciting for some people as AI, but that doesn’t make it any kind of back number. As you can see, there are plenty of things the whole world of crypto can do when it links up with more traditional ideas and services. Disclaimer : This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. The post How Crypto And The Blockchain Work With Traditional Platforms appeared first on Times Tabloid .
