Blockchain along with its limitless ability to secure and store information has been and is being cared about by many industries. Over time, Blockchain also gradually asserted its potential in making all transactions transparent.
* Applications of Blockchain.
* Banks and payment systems.
This was one of the first uses of blockchain.
The most obvious example is Bitcoin. Currently, one of the functions of Bitcoin is to be used to transfer money, or shop in e-commerce. People can access and transfer BTC to each other anywhere in the world and with relatively fast speeds and low costs.
This helps people in countries that do not have access to the banking system to be able to transact and transfer money to each other.
Besides, the fact that everything is transparently stored on the blockchain will help users not need to print statements to prove the transfer. You can easily check where the cash flow is going proactively.
* Supply chain .
We know that transactions in the blockchain are recorded securely and transparently.
Based on this feature, one can track the process of creating a product, transporting it, and distributing it to the end user. Thanks to that, users can trace back the history of the product’s formation and transportation.
* Gaming .
If I had to name the most notable trend in 2021, it must be Play to Earn, also known as playing games to make money.
This trend has helped many people make money during the Covid crisis. An interesting thing is that Play to Earn was opened by the Vietnamese game Axie Infinity, but originated from the Filipino community.
With Blockchain, users can store assets, NFT characters in the game, as well as buy and sell tokens easily on a centralized exchange (CEX) or a decentralized exchange (DEX).
* Decentralized storage .
With sites like Facebook and Google constantly getting into scandals about users’ data leakage, a more decentralized storage solution is required. And that’s why projects in this area were born.
In addition, storing on blockchain also has many other benefits, that is, you will save money compared to buying services from Google Drive or Microsoft every year; Faster processing speed with modern blockchain technology like Solana,…
For example: Some current decentralized storage projects such as: Storj, Bluzelle, Siacoin, Filecoin,…
* Charity .
Some charities have problems with efficiency & transparency when transferring aid (money or belongings) to those who need it. Blockchain allows donations to be tracked to make sure they go to the right people.
A good example is the Covid pandemic in 2021, which has caused many people to suffer a severe economic downturn. Therefore, the Happy Shelter has established a MaskOn fund, in order to jointly support the Vietnamese people through the pandemic. The project will use the form of money transfer on the blockchain to contribute, so it will ensure transparency.
In addition, Angel Protocol – a charity project on Terra, is another good case. The project not only applies blockchain transparency, but also DeFi features to generate sustainable charitable cash flows. Specifically, the money earned by the project will be deposited into Anchor Protocol to get an interest rate of 20%/year.