It's no secret that cryptocurrency has steadily infiltrated a growing number of global industries and sectors in recent years.
But its future is no doubt dependent to a degree on its past success stories, as its widespread adoption continues to hang in the balance.
To come to an informed conclusion about the future of cryptocurrency, continue reading to familiarise yourself with a number of successful applications so far.
In the simplest of terms, crypto-backed loans are secured loans that rely on digital assets as collateral. They differ from traditional loans in that borrowers are usually spared from having to undergo a credit check beforehand and that funds tend to be distributed almost instantaneously.
Crypto-backed loans may still be a relatively modern phenomenon when it comes to the types of financial offerings available in today’s digital landscape, but they have proven to be popular amongst borrowers with poor credit histories that would otherwise be refused a traditional loan.
It may also be possible to qualify for a crypto-backed loan with a lower rate than would be possible by opting for a traditional loan.
Alternative payment methods
The past decade has seen cryptocurrency explode in popularity to become one of the fastest-growing alternative payment methods in recent history.
It has already been adopted by a growing number of global industries and sectors with a number of brands within the iGaming industry also offering cryptocurrency as an alternative payment method.
Alternative payment methods which make use of legal, state-recognised tender have been popular in this industry for a while.
For instance, online casino provider Mr Green has been accepting non-crypto alternative payments like Neteller and Skrill for a number of years. Their customers will find depositing and withdrawing funds happen faster, and that they needn’t input their bank details.
As well as crypto-based loans and alternative payment methods, intellectual property has also emerged as a successful application of cryptocurrency. This is largely due to the fact that cryptocurrency, and blockchain, in particular, is relatively cost-effective to maintain, benefits from increased transparency, and reduces the administrative burden on employees.
In the coming years, it is expected to continue reaching brand-new heights as it has a profound impact on a number of applications when it comes to intellectual property rights such as patents, copyrights, trademarks, and industrial designs, just to name a few.
The Internet of Things
The Internet of Things, or IoT as it has become informally known over the years, is the name given to the network of devices that are connected to the internet and, therefore, connected together by something that resembles a digital web
It allows smart devices to communicate across networks and whilst originally powering the growth and development of smart fitness trackers and mobile phones, it has evolved into something much greater, which now includes mundane household appliances.
As a result of this success, a growing number of IoT companies have also cropped up in recent years that are designed to tap into the wide-reaching benefits of cryptocurrency and blockchain whilst ensuring the world is a more connected place in the process.
If these past successes are anything to go by, a world where cryptocurrency is the norm may become a reality much sooner than anybody could have hoped.