Bitcoin is in a battle for survival – Again. According to Bitcoins99.com Bitcoin has died 329 times and counting. Volatility and adoption are still the end points of the Bitcoin spectrum. These two factors determine the coin’s failure and success. And the market is always flinging in the middle of tilting to either end. Critics of crypto currencies cheer the current 83% loss of value of Bitcoin (from all time highs) pushing the same argument that it offers no significant use case. Today the CEO of Allianz Global Investors called for regulators to ban crypto on the basis of it losing people’s savings. Nevertheless, global adoption is on the rise in apparent contradiction to the experts’ opinions that Bitcoin has no application.
Here’s a breakdown of lesser known Bitcoin current and proposed use cases per industry, globally:
Solar – The Sun Exchange Ltd is an investment company that allows investors to purchase and lease solar panels in identified markets around the world. The investors will receive payment in Bitcoin for 20 years – which is the duration of the lease.
Oil – Abu Dhabi National Oil Company (ADNOC) and IBM formed a partnership to manage energy assets. BP AND Shell also have consortium of energy producers that use the blockchain platform Vakt.
Produce – US based blockchain developer Guardtime is working in a Japanese pilot program to develop produce DLT solutions.
Shipping – Global Shared Container Platform (GSCP) is a container management system using the DAI stable coin as a medium of exchange. Using crypto currencies speed up transaction settlements between companies.
Insurance – State Farm plans to use a blockchain to streamline claim payments and record keeping.
Financial – MinexPay, Mastercard, and PrivatBank are creating a payment system that will allow for any bank card to accept and convert crypto currencies into fiat. The card will convert the value of crypto and use it as fiat. In addition, the Sweetbridge accounting protocol creates a new efficient financial network that merges identity, legal, accounting, and payment.
Entertainment – Audius, SingularDTV, and crypto-based games like Project Genesis are developing decentralized alternatives for content creation and ownership.
Golem: A project that connects all idle computers to create a global decentralized supercomputer to solve complex problems.
Grid+ : energy broker that analyzes usage and automatically negotiates low rates with electric companies for consumers.
Smart Cities – Cities around the world are engaged with developers to automate civic services using blockchain and crypto currencies.
Taipei, Taiwan – selected IOTA to develop the city’s infrastructure.
Dubai, UAE – the city signed an MOU with NEM to digitize the city services by 2021.
Calgary, Canada – created the cryptocurrency Calgary City Dollar to boost their local economy.
Seoul, Korea – Plans to use the country’s native ICON Blockchain project.
These projects represent a fraction of all the application and implementation that Bitcoin derivative technologies can offer. The fact is that adoption is only limited by human imagination and funding. Despite all the negativity in regards to prices, Bitcoin adoption will culminate in a changed world and new global economies. And investors who choose to buy crypto can potentially benefit from a boom in the crypto sector.