10 Best Use Cases Of Blockchain
1 Coinbase – The San Francisco Based Coinbase is one of the top Bitcoin companies. It’s created a PayPal like Bitcoin exchange that is incredibly easy-to-use. You mom could figure it out. What’s more, in a partnership with Shift Payments, Coinbase created the Shift Card, which interfaces with your Coinbase account.
Bitwage – BitWage allows employers and employees to handle payroll in Bitcoin, local currency and even some commodities. BitWage released its Bitcoin payroll system in July 2014. CEO Jonathon Chester outlines to Forbes the business:
Argentine freelancers were waiting five days, giving up 40% of their income during that process, and some times their payments were simply lost in an opaque, slow moving system. Their only other alternative to losing 30% of their wage was getting on a boat to Uruguay to pick up their funds. Through us, Argentine freelancers were receiving wage payments from the U.S. or western Europe to Argentina in a day, at a cost of 1% of the amount, from the comfort of their home. After receiving their wages, the freelancers would figure out how to get their local currency on their own
In August 2015, BitWage processed more than $1 million in payroll transactions.
Purse – Purso.io markets its service to people looking to shop on Amazon. People can save as much as 25% on Amazon. Users looking for something on Amazon deposit Bitcoin onto Purse then share their Amazon wish list. Individuals looking to buy bitcoins then shop for you on Amazon. As soon as you receive the Amazon products, the bitcoins are released from escrow and the individual who purchased your goods receives his or her bitcoins.
Bitcoin ATMs – The Bitcoin ATM industry – led by players like Genesis, General Bytes and Lamassu – has quietly grown into one of the stalwarts of the digital currency space. Hundreds of locations throughout the world offer you the possibility to buy and sell bitcoins at a physical location. These machines can be found in liquor stores, high end retail locations and in the most popular centers in the US and Europe. With the vast majority of these machines in the US and Europe, they’re not quite the remittance-mediums people once hoped for, but the unbanked are being served by this market based on TDV research.
Local Bitcoins – LocalBitcoins bring buyers and sellers of bitcoin together. Looking to make some part-time money? Perhaps trading bitcoins on LocalBitcoins – within the purview of the law – could help pay the rent. The best use for LocalBitcoins is meeting up for a bitcoin/cash deal at a local coffee shop.
Ethereum – Ethereum has received a lot of press for its smart contract platform. Ethereum has become a key component of blockchain experimentation led by R3 CEV and the Linux Foundation/IBM. Many businesses, experts believe, could be built on top of the Ethereum model. The firm raised approximately $18 million in crowdsale giving it a distinct advantage over other “Bitcoin 2.0” projects.
Satoshi Dice – This popular betting game represents one of the first “blockchain-based betting” games. It’s been operating since 2012, offering off chain based bets since 2014. The service itself determines if wagers win or lose. The first operator of Satoshi Dice, Eric Vorhees, went on to found the popular ShapeShift.io.
ShapeShift – ShapeShift is one of the newest pieces of the digital currency ecosystem. It markets itself as the “Google Translate” of digital currencies. As the website boasts, “from start to finish you can change currencies in under ten seconds, no account required.” The website describes the process of transferring digital currency:
Select Bitcoin as the input and Litecoin as the output
Provide your Litecoin address in the box, then click the Start button
ShapeShift will generate a BTC deposit address for you. Please send your BTCs to this generated address. (Don’t send more than the Deposit Limit).
There are no emails nor passwords needed to use the site. That means no accounts. ShapeShift wants to become “the fastest, most private, and most convenient way to swap digital currencies, and the exchange rate will always remain competitive.”
ChangeTip – The San Francisco-based ChangeTip specializes in online micropayments which function as tips, most often for quality content. In 2015, the average micropayment was just over $1. The firm received financing after going viral. 10,000 tips in one day were executed. November 2014 saw a new community called “Millionaire Makers” whereby each ChangeTip user would donate $1 each.
Gyft – Gyft found an exciting and untouched niche in the Bitcoin space by offering popular gift cards for the digital currency. Gyft’s business turned into a Bitcoin-forward business seemingly overnight with the addition of Bitcoin payments. Over the course of the past two years, Gyft has experimented further with blockchain technology, and is close to implementing a decentralzed gift card exchange.
OpenBazaar – OpenBazaar has been a much anticipated addition to the blockchain space. The distributed e-commerce solution strives to replace websites like Amazon and eBay. What differentiates OB from eBay/Etsy and others is the concept of a moderator, which is a third party that oversees the transaction process. Moderators do not sell goods nor services. They also are not buying goods nor services. But, rather, they are providing value to the users of the network.
While eBay charges 10% for such services, OB’s moderators are option, and they choose their own rate. Many are currently offering for such services for just one percent.
1Broker – 1Broker enables its users to trade gold, silver, the DAX, Down Jones 30 Industrial (Dow 30), S&P 500 indices, Apple (AAPL), Facebook (FB), Google (GOOG), and Microsoft Corp (MSFT). Through a vehicle known as the Contract For Differences or CFD. CFDs are contracts between two parties in which the seller pays to the buyer the difference between the current value of an asset and its value at contract time.
1Broker’s CFD’s essentially function as derivatives for well-known financial markets. As the website founder once told me, “Our primary goal was to make trading as simple and transparent as possible.
The CFD instruments on 1Broker basically conncet Bitcoin with other global markets, enabling individuals to invest or speculate on 1Broker’s markets.