06 September, 2022
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Trading places: how crypto is powering upgrades in multiple industries

06 September, 2022

Cryptocurrency is much more than just trading. Read on to discover how it’s benefiting many different industries and challenging established thinking. 

When thinking about cryptocurrency, investment might be the first thing that springs to mind. Crypto and cash go hand in hand, not to mention fast cars and multi-million pound lifestyles—with wealthy entrepreneurs regularly proclaiming about token profitability. However, crypto’s not all about just making a quick dime. In fact, cryptocurrencies with real-world applications are providing significant benefits to many different industries, some much closer to home. 

The question remains, how is crypto changing our everyday lives? Let’s take a look.

Learning curve

Colleges and universities in Switzerland, Germany, Cyprus, and the US are embracing cryptocurrencies with real-world applications and accepting Bitcoin from prospective students, as a form of tuition payment.

The Lucerne University of Applied Sciences and Arts in Switzerland announced its decision as an indication of “its ability to disseminate knowledge on cutting-edge technologies such as blockchain, as well as its desire to gain experience in the practical aspects of this novel area.” 

Bentley University, a private institution in Massachusetts, also made the move earlier this year, stating “we’re proud to embrace this technology that our students are learning about, which will soon transform the global business landscape they’re about to enter.”  

Several major academic establishments, including MIT, Arizona State and Cornall have even gone as far as listing blockchain based courses on their curriculum, with the University of Tokyo redying a specific metaverse course.

Playing to win 

Thanks to cryptocurrency, it’s now possible to earn money playing video games online, through play-to-earn, or GameFi, incentives. Popular games, such as Axie Infinity, Decentraland and The Sandbox, have over four million daily players combined. 

In a recent BBC documentary titled “Welcome to the Metaverse?,” journalists discovered that impoverished people from the Philippines and Venezuela were making significant amounts of cash on Axie Infinity by ‘renting’ in-game monsters to other players. Although impacted by the recent crypto crash, Axie Infinity still has over 700,000 daily users, while the opportunities available for gamers to make a viable living are clearly growing, 

Sun, sea and crypto

Should you be inclined to holiday in El Salvador, you can pay for your entire stay in Bitcoin— with the country becoming the world’s first to accept cryptocurrency as legal tender, as of September 2021.

However, it isn’t just El Salvador recognising the potential of cryptocurrencies with real-world applications. Luxury hotels around the globe are now accepting digital assets as payment, including the five-star Dolder Grand Hotel in Zurich and the Sandman group. Both have taken the move in an effort to offer an alternative way for customers to pay.

Airbnb also expressed interest in tokenization, cryptocurrencies, and blockchain technology back in January 2022, with more hoteliers set to follow suit. Even travel agents are getting in on the act, with CheapAir and Destinia now accepting Bitcoin as a payment method to book flights, car rentals, and hotels.

Protecting charitable aid 

Cryptocurrencies with real-world applications are also making a difference in the charity sphere as a decorruption tool. By accepting donations made with crypto, charities can reduce costs and avoid potential corruption through fund leaks. It also allows for anonymous donations since blockchain technology doesn’t require know-your-customer (KYC) processes. 

As crypto can also facilitate faster, transparent, and cost-effective payments, when compared to fiat currency, charities are starting to take notice. The underlying technology behind cryptocurrency—blockchain—enables the flow of transparent information and offers irrefutable verification. 

Charities are already getting excited about the potential of cryptocurrency, with the World Food Programme (WFP) already using blockchain technology to distribute cash support to people in need. 

Tightened security

Blockchain and security go hand in hand, due to the technology’s decentralized nature and tracking capabilities—perfect for keeping things safe and secure. In fact, it’s already being used for anti-money laundering purposes and to maintain encrypted messaging platforms. 

Did you know that cryptocurrencies with real-world applications are now being applied to device security? LOX Network have developed the world’s first decentralized security network using their own blockchain technology, and are utilising NFTs to create a dual proof-of-ownership model. Users can report their own phones lost or stolen, track them using the LOX app, and even set crypto bounties for the safe return of their devices. 

How LOX can enhance your smartphone security 

LOX Network’s native token, $LOX, is central to the network. It’s the front-end system that powers the LOX Network mobile application. Find out more about where to purchase $LOX and how to join LOX Network by visiting our website

Annabel
Content Manager

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