Analysts believe that a ‘wave of decentralization’ is approaching, thanks to exponential growth in blockchain adoption across the globe. Multiple sectors, particularly the financial ones, are converging to adapt the underlying technology behind cryptocurrency, aka ‘blockchain.’ Interestingly, the federal authorities are certain about blockchain adoption, but they are wary of crypto as an investment class.
Although digital assets are a worldwide phenomenon, global regulators have been harshly critical of them. The United States of America, China, and several other countries have taken a strong stance against crypto. Although they don’t consider crypto a financial instrument, or an investment opportunity, they do view it as illegal and fraudulent. However, Commonwealth Bank (CBA.AX), one of Australia’s leading Main Street banks, has offered a very different outlook on the ongoing situation.
CBA Research found that there is a new craze in digital assets. A majority of customers are interested in cryptocurrency as an investment and have already started trading on various crypto exchanges. The bank evaluated this and decided to offer cryptocurrency trading services through its platform. It believes crypto can be a great investment opportunity. The bank is also more worried about missing out on cryptocurrency than the benefits of its adoption.
In a statement with Bloomberg TV, Commonwealth bank CEO Matt Comyn noted, “We see risks in participating, but we see greater risks in not participating. It’s important to admit that we don’t have a view of the asset price itself. We see it as a very volatile and speculative asset, but we also don’t think that the sector and the technology are going away anytime soon.” To be noted, CBA is one of Australia’s four largest banks. While the bank’s move could spark a tremendous bullishness in cryptocurrency affinity among 25.7 million Australians, it will also create many income opportunities for them.
The rise of cryptocurrency despite regulatory restraints has made it a huge phenomenon
The world is undergoing a significant shift towards the next stage of Internet evolution – ‘the Web 3.0.’ Web 3.0 strives for decentralization, openness, and transparency. Therefore, blockchain-based products – decentralized finance (DeFi), decentralized applications (DApps), non-fungible tokens (NFTs), including others will grow rapidly and undergo mass adoption. It is important to mention that Defi already represents $155 billion in revenue and AxieInfinity games are the dominant force of the metaverse.
From the financial sector to Hollywood, the global bias shift is so significant that nearly every industry is getting on the path of decentralization. These are the top blockchain projects in various industries.
Due to the worldwide bias in travel, cryptocurrency is adopted
Booking travel tickets used to be a boring experience. The payment currency used was fiat, which meant that there were many middlemen involved. However, Travala.com is striving to enhance a customers’ experience by disrupting the traditional travel market. Travala.com is a top-ranked blockchain-based platform for travel that allows users to pay in more than 50 virtual currencies. This includes its native token $AVA.
As per the U.S. Travel Association, the domestic travel industry lost over $492 billion in revenue compared to 2019, “an unprecedented 42% decline.” While the industry suffered a significant loss, Travala reported an “explosive growth” during Q3 2021, with over $1 million gains every week. CEO Juan Otero attributed this growth to cryptocurrencies and noted, “With more people holding cryptocurrencies and more businesses accepting them for real-world things, travel is naturally a desirable experience to use crypto.”
Travala has 3,000,000+ products that include accommodation, flights and other travel services in 90124 countries in the world. While $AVA – the platform’s native token is a good long-term investment, it offers an unmatched loyalty program with real value token rewards that can be saved or spent for all types of travel.
Crypto.com rewards visa debit cards holders
Crypto.com has more than 10 million registered users and over 3,000 employees. It is also a leading crypto-related player. Following a deal with Anschutz Entertainment Group, a $700 million 20-year contract to acquire the Staples Center’s naming rights in Los Angeles, the Singapore-based cryptocurrency trading platform gained critical acclaim. On November 16, when the deal was announced, $CRO, the platform’s native token, rallied 24% within 24 hours. The coin is currently trading at $0.738, up 2500% from its November 2018 launch.
“We are community-building the future of the internet: Web3.” Per Crypto.com’s website. This platform aims to increase cryptocurrency adoption. According to the Web3 trend and motive, users can trade digital assets online, keep them in an account, and then access them using a Visa Rewards debitcard. NFT is another product that the platform offers.
Cardholders who have the Rewards Visa Card are eligible to receive cashback in CRO tokens. CRO rewards can be exchanged on Crypto.com’s platform with other crypto or fiat currency. This series of Visa debit cards includes a number of cards. Each level of card is dependent on how much you stake – the higher the stake, the more the profit. Obsidian is the most expensive card and claims to return 8% of all purchase.
Brave browser, Web3.0’s oldest child
Brave browser is another project disrupting Web 2.0 that provides additional income opportunities. Web 3.0 can be embodied by this browser, which is decentralized, interoperable with other websites, optimizes them for security, streamlines the process, and encourages innovation. It is gone now that users no longer have to see multiple advertisements on every site they visit, which made the online experience tedious.
Brave lets users choose what ads they would like to see. Users also get paid $BAT for their attention. Users who use this privacy-focused browser are rewarded for their browsing. Participating users could earn as many as 100 $BAT tokens annually, according to the browser team. Users can make up to $146 annually at the current BAT price of $1.46
Brave browser is unique and gained significant traction shortly after it was launched. The Brave browser is used by more than 40,000,000 monthly users. It also has more that a million content producers. Brave announced recently its partnership with Solana. The merger aims to bring wallet features for the Solana blockchain into Brave’s Web3 desktop and mobile browsers in the first half of 2022.
Food traceability may reach $9.75 billion by 2028
The demand for food traceability systems is increasing as food safety concerns become increasingly important in many countries. A recent Emergen report states that the global food traceability market is already worth $4.54 billion, but will reach $9.75 trillion by 2028.
In 2016, TE–FOOD was launched. It is a blockchain-based, farm-to-table traceability system that has been able to combat counterfeiting. TE-FOOD offers an entire solution and multiple parts for every step of the supply chain. It tracks the items in the inventory and keeps track of their information. However, the data is stored on the Blockchain for future processing and delivery.
TE-Food’s Blockchain (FoodChain) is a public permissioned blockchain, which facilitates both supply chain participants and consumers to maintain masternodes for decentralized traceability information. The company also serves approximately 6000 business clients and runs 400,000 daily operations. The company claims that food products tracked using TE-Food can be found worldwide by more than 150 millions consumers.
Bistroo has a leading role in the decentralized food takeaway market
According to Bistroo’s whitepaper, it aims to be a “facilitator, never a dictator” between restaurants and their customers. Bistro, in short, is one of the most decentralized and innovative solutions for online takeout ordering. Bistro is an open-source marketplace that allows users to order food at restaurants and cafes from a lower price using cryptocurrency instead of fiat.
Unlike other ‘supply food chains,’ Bistroo is a food takeaway startup that not only encourages the use of cryptocurrency but also pulls non-crypto users into the crypto market. Bistroo uses its $BIST blockchain token to make payments and gain liquidity. It also creates loan structures for companies. They offer $BIST in reward. As of the writing time, $0.157 is traded on $BIST.
Like the Brave browser reward mechanism, the BIST token will be used as a reward for many different community actions, including – customers sharing data (enabling optimization and smart advertising). Blockchain transparency means that ratings and reviews can be provided. Ambassador and affiliate perks: Bringing other customers or restaurants onto the platform.
Analysts believe that take-out services charge excessive fees and place overbearing restrictions on restaurants. Bistroo allows restaurants the ability to swiftly join the system and provide the price lists and menu items they require. It currently offers much lower transaction fees than competitors (5% vs.>13%) and promises to keep fees low for restaurants in this razor-margin industry.
The platform’s unique characteristics and the motto that encourages cryptocurrency adoption have seen remarkable growth in their native market of the Netherlands. Bistroo is also planning expansion in Belgium, France and Hungary as they see a growing need for blockchain within the food industry.
In the last few years, the cryptocurrency market has seen incredible growth. Chainalysis, a blockchain analytics company, reports that global crypto adoption has increased more than 2300% in the first quarter 2019 and by over 8811% over the past year. This is a significant driver for the market’s growth. With the help of Bistroo, the sector in which blockchain was not used for many years is seeing a revolution and attracted new users.