Real-World Use Cases for Blockchain and Crypto: Tackling Global Challenges with Decentralized Solutions
The core of blockchain technology lies in its trust, transparency, and decentralization. These factors can be applied in many industries, creating various use cases and tackling the most pressing global challenges. Let’s learn about real-world use cases for blockchain and cryptocurrencies and how they transform the way we live, work, and connect.
Power Ledger - Empowering Renewable Energy Trading
In recent years, the importance of transitioning to renewable energy sources has taken center stage in global discussions on climate change and environmental conservation. In 2022, renewable energy sources accounted for about 13.1% of total U.S. primary energy consumption. But how does blockchain technology transform renewable energy into something more sustainable, efficient, and accessible, you may ask?
Source: Power Ledger website
Power Ledger holds all the answers you need. Found in 2016, Power Ledger is the world’s first renewable energy trading platform, with the aim of creating decentralized energy markets for everyone. They connect energy producers and consumers, allowing them to buy and sell renewable energy in a transparent and secure manner. Power Ledger also supports decentralized energy generation, fosters the creation of local microgrids, and improves overall grid management.
Blockchain technology is the driving force behind Power Ledger, enabling renewable energy to be transparently generated, stored, and distributed within local communities. Decentralized energy has the potential to greatly increase energy efficiency and resilience while also catalyzing industry competition. By breaking the monopoly of traditional energy providers, Power Ledger paves the way for a more equitable and sustainable future.
Start trading Power Ledger (POWR) on Bitget today!
IBM Food Trust - Transforming the Food Supply Chain with Blockchain Technology
Have you ever wondered where your food comes from and how it is delivered from the farm to your house? The answer lies in the supply chain networks that span the globe. With so many intermediaries and hand-offs involved, it can be challenging to ensure transparency, traceability, and authenticity in the food supply chain. However, the IBM Food Trust offers a solution to this challenge.
IBM Food Trust is a blockchain-based supply chain solution to provide safer food, longer product shelf lives, reduced waste, and faster traceability. Introduced for the first time in August 2017, IBM Food Trust is one of the largest non-crypto blockchain networks that connects farmers, distributors, retailers, and regulators to create a secure, trustless, and tamper-resistant ledger for recording food supply chain data.
IBM Food Trust Business Value
Source: IBM Food Trust
IBM Food Trust utilizes cloud-based blockchain factors such as APIs, trust anchors, and smart contracts, allowing each participant to access and share information about food products in a secure manner. This includes data about the source, production methods, transportation conditions, storage temperatures, and other critical information. By creating a single version of the truth, the platform helps to reduce information asymmetry, improve efficiency, and prevent food fraud.
Hivemapper - Revolutionizing Global Mapping with Decentralized 4K Dashcams
Did you agree that we have used digital maps at least once in our lifetime? In fact, mapping services are monopolized and under the control of a few giant tech companies, such as Google or Waze. Businesses like Uber paid Google $58 million for mapping services. However, there are so many reports about outdated and inaccurate maps that led to serious consequences, such as businesses missing out on potential customers because they didn't appear on the map.
Are there any solutions for it?
Let’s enter Hivemapper, a new way of building maps that are up-to-date, equitable, censorship-free, and permissionless. They are known as the world’s first decentralized global mapping network that successfully raised an $18 million series A round led by Multicoin Capital with participation from Craft Ventures, Solana Capital, Shine Capital, and more.
Inspired by the collaborative nature of a beehive, Hivemapper aims to revolutionize mapping by harnessing the power of community-driven data collection. Participants purchase a high-quality dashcam, plug it in, and drive around to capture street images, which are then relayed back to the Hivemapper database. These images are used to create a high-quality, open-source map with constantly updated photos, accessible through the Hivemapper Explorer website. To encourage participation and maintain the map's usefulness, Hivemapper rewards community members with its native token, HONEY, and collective ownership for providing map coverage, freshness, and quality.
Hivemapper vs. Google Maps in the United Arab Emirates
Source: Hivemapper Medium
Hivemapper has earned the title of "Google Map Killer" thanks to its decentralized approach to mapping. By incentivizing and rewarding contributors, it fosters the creation of a state-of-the-art, continuously evolving map. Its decentralized data and use of public blockchains ensure a censorship-resistant, democratic platform where participants not only share in the generated value but also influence the geographic regions represented.
Space ID - Digital Identity Management in the Web3 World
In the world of cryptocurrency, dealing with complex wallet addresses can be a daunting task. Imagine trying to send a large sum of crypto to an address like 0x5FbDc5718E2444cB346Ce4B1e58632A9A2Df8A1D3b. It's not only difficult to remember but also prone to errors in copy-pasting. Domain services made identity management more intuitive by linking these numerical addresses to easy-to-remember names, like alien.bnb.
SPACE ID (ID) was introduced for the first time in April 2022 to bring this level of simplicity to the Web3 world. It serves as a universal name service network, providing a one-stop identity platform for registering, trading, discovering, and managing web3 domain names. As a gateway between your digital identity and the real world, SPACE ID aims to revolutionize the way we interact with Web3 services.
For more information about SPACE ID (ID), refer to What Is SPACE ID (ID)?
Number of domains registered on SPACE ID as of April 2023
Source: SPACE ID Twitter
Drawing inspiration from the Ethereum Name Service (ENS), SPACE ID replaces complex crypto addresses with human-readable identities, making Web3 interactions more accessible and user-friendly. By offering a unique, easy-to-remember domain name, users can effectively manage their crypto wallets and seamlessly navigate the Web3 ecosystem.
Launched initially on the BNB Chain, SPACE ID expanded its reach to the Arbitrum network in February 2023 with the introduction of the .arb Name Service. This move allowed the platform to provide multi-chain domain names, further enhancing its versatility. In addition to these domain names, SPACE ID offers customizable community domains and subdomain management, which are crucial for businesses operating multiple services.
Disclaimer: All products and projects listed in this article are not endorsements and are provided for informational purposes only.
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