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James Altucher


Current Ways Crypto is Being Used in the Real World

A lot of people say that crypto has solved no real problems yet. That it's all about hope and speculation. Well, here are some responses to that statement.

    1. Cross border payments

    Many banks, even Visa, have used crypto and blockchain to make frictionless and fee-less transfers of money to other countries.

    But the biggest example might be donations to Ukraine. Over 120,000 donations involving crypto have been made to Ukraine, totalling over $100,000,000.

    "The cryptocurrency donations being made to Ukraine go directly the government, non-government organizations (NGOs), charities, or citizens, and that saves 30% in overhead charges and an additional 15% on reconciliation fees normally charge by traditional financial networks and charties, said Avivah Litan, a distinguished analyst and vice president at research firm Gartner."

    2. Supply chain

    There are many many examples. Walmart is using a technology called hyperledger fabric to track supply chain.

    But one specific example using VeChain is LVMH. VeChain chips are built into the Givenchy bags so buyers know they are not fake. Obviously a huge problem for LVMH .

    3. Tamper proof

    Groupe Reunault is integrating VeChain into their cars so people know then they buy a car that the owner didn't tamper with it in anyway, like reducing the mileage.

    4. Storage

    UC Berkely is working with Filecoin to store the huge amounts of data created by its new neutrino detector. A regular storage facility would not be able to do the job.

    And Lockheed Martin is using Filecoin to build a decentralized storage network in space. Data that is required on space missions would not be fast enough if it were all stored on a centralized network on Earth.

    5. 3d Graphics Rendering

    The openings for "Ant Man" and "Captain Marvel" were rendered using the $RNDR token. Rending 3D graphics takes a lot of computational power. And to build parallel processing for specific projects would be too much effort. The Render network is a network of idle computers that "lend" their GPU space cycles in exchange for Render tokens.

    6. Real estate

    Propy is a real estate crypto that simplifies all the legal work involved in a real estate transaction. It's still in very early stages but a $60,000 apartment in Ukraine has been sold using Propy and over $4 billion worth of virtual properties have been sold using Propy.

    7. Insurance

    Chainlink provides real world weather data so that catastrophic weather events trigger instant payments to farmers effected by the weather. Many insurance companies in Africa currently using it.

    8. Flight Delay Insurance

    Fizzy, built on top of Ethereum, provides flight delay insurance. The blockchain is tied into global air flight databases. As soon as a flight delay is triggered, any insurance contract on the blockchain related to that flight triggers all the payments.

    9. Healthcare data transmission

    Phillips, a giant health care company, is using Gem health, a blockchain co powered by Ethereum, to transmit patient data regardless of what data the platforms were build on. They will track all the permissions, usage, privacy, etc.

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