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- The use of blockchain in cross-border payments
Traditional means of sending money across borders can be delayed and expensive due to a variety of factors such as currency conversion rates, processing costs, time zone differences, and limited business hours, among others.
Blockchain, on the other hand, has the potential to deliver a seamless solution to these critical concerns. Its decentralized structure facilitates and reduces the cost of cross-border transactions. Because there are no intermediaries, there are no additional fees or delays, making it simple to transfer funds between nations. Furthermore, transactions occur virtually quickly, which is ideal for today’s fast-paced global economy.
2. Use in retail payments
The use of blockchain in retail payments benefits both suppliers and customers. Retailers benefit from immediate, fixed transaction records, which enhances audits and lowers fraud threats. Furthermore, they can use smart contracts to automate processes such as warranties and return policies, making operations more efficient.
Buyers, on the other side, can benefit from transparent and traceable transactions. They can also use blockchain-powered loyalty programs, which enable novel functions such as swapping tokens with other users and converting them into various prizes.
3. Application in banking and lending
Transaction, loan, mortgage, payment, and Internet of Things services are all part of core banking. Many of these services rely on older execution techniques. For example, it takes 30 to 60 days for individuals to acquire a mortgage and 60 to 90 days for small and medium-sized businesses to secure a business loan between information verification, credit scoring, loan processing, and disbursement of money. It has the potential to improve banking and lending services by reducing counterparty risk and shortening issuance and settlement times.
4. Gaming and entertainment
A use case for blockchain payments is gaming and entertainment, which are industries that create and distribute interactive and creative content. These payments can improve the gaming and entertainment experience while also creating new opportunities and value for producers and customers. Enjin, for example, is a platform that leverages blockchain to produce and exchange digital assets such as characters, goods, and collectibles in games and virtual worlds. Similarly, Audius is a platform that leverages them to stream and monetize music while also empowering artists and fans.
5. Transactions in the virtual world and reward tokens
Many people believe that blockchain will be an important component of the metaverse’s virtual environment because it will permit the digital financial transactions that are projected to take place there.
Blockchain also allows for the use of participation and reward tokens on metaverse and metaverse-like platforms, allowing businesses to award tokens to visitors to their virtual locations for participating in events or as rewards that can then be redeemed, similar to the cash-back rewards of retail loyalty programs and credit cards.