By now, almost everyone knows that cryptocurrencies are digital currencies that can serve as alternative forms of payment.
But is that all that there is to it?
As we head into 2024, hoping to escape inflation, many problems require solutions in various sectors. And as we see with emerging crypto and blockchain companies, the in-built features of crypto can be leveraged in solving these problems.
Without further ado, these are five innovative use cases of crypto in 2024.
Table of Contents
Casino Gaming
It’s all fun and games when playing at an online casino until you withdraw your winnings, and it takes forever, or you have to incur additional costs. Such is often the situation when playing casino games with fiat money.
Platforms like Mega Dice Casino have identified this problem and are already innovatively solving it using crypto. Yet cryptocurrency adoption for casino gaming remains in its early stages; those that have yet to explore cryptocurrency stand to miss out on faster transactions with reduced costs, higher security levels, global reach, as well as other advantages associated with cryptocurrency use in casino gaming.
2024 is the year to leverage the already robust crypto infrastructure in online casino gaming for a better gaming experience.
Medical Supply Chain
Supply chain management is one of the major problems faced by healthcare systems. Once medical supplies leave the lab, there’s no way to ascertain their integrity as they’re transported to the marketplace.
Or is there?
The lacking features in traditional supply chain management techniques are efficiency and transparency. Guess which emerging technology has those features?
That’s right! The blockchain and cryptocurrency. It might be a lot to handle, but companies like Chronicled and many more are already repurposing blockchain and cryptocurrency technologies for medical supply chain management. The good news is that the industry is still developing, and there are still different angles of supply chain management for innovators to work on.
Patient Record Security
Maintaining ironclad security of patient health records is another problem that cryptocurrency and the blockchain can provide innovative solutions for in 2024.
Currently, most patients have limited access to their healthcare records, stored across multiple offices and fragmented systems. Who knows who has their hands on those data? Is there patient privacy? More importantly, both patients and healthcare professionals need help getting their hands on this data in emergencies.
However, we can solve this problem by leveraging blockchain’s security features. If health records can be moved to the blockchain, the information would be gated by public and private keys, just as we store crypto coins. And finally, individuals can have full ownership of their health records.
Payments and Money Transfers
Payments and money transfers are the primary reasons for developing cryptocurrencies in the first place. However, most people focus on price fluctuations and trading, often ignoring the primary need.
In 2024, you might want to start thinking “inside the box,” as most people are now “thinking out of the box” with multiple cryptocurrency use cases. (Get it?)
The advantages range from anonymity and lower transaction fees to speed and borderless transactions. And it is a shame that most people are not considering it either because they’re focused on making profits through trading or are not yet convinced about crypto and would rather stay with fiat.
It’s going to be the year 2024! Don’t be that person!
Use cryptocurrency for payments and money transfers.
E-Commerce
This use is similar to payments and money transfers discussed earlier. The only reason it needs to be singled out is the size of the E-commerce industry. That makes the use case all the more innovative because crypto accounts for only 0.24% of global e-commerce transactions as of 2022. And that percentage is expected to reach just 0.48% in 2026. It’s almost as if both e-commerce companies and consumers are oblivious to the benefits of cryptocurrencies.
Crypto for online commerce transactions removes intermediaries such as banks, third-party financial institutions and payment processors; therefore transactions are faster, fees lower and chargeback and fraud risks are virtually nonexistent.
Sure, some risks, like unpredictable and volatile crypto prices, can affect profitability. But that can be worked on and circumvented with the proper mechanisms. In 2024, consumers and e-commerce companies should consider using crypto for e-commerce transactions.
Conclusion
Crypto is here to stay.
Although it was primarily developed as an alternative to fiat money, its in-built features like security, transparency, anonymity, and decentralized nature make it possible to repurpose it for plenty of uses.
In 2024, these features can find innovative applications in casino gaming, health care, and the good old finance sector for payment and fund transfer. And, if you keep exploring, you might find more innovative use cases for crypto.
Don’t miss out!
