Most of the talk in the media and on the news regarding cryptocurrencies is their value and their potential for investments.
Although this is the reason a good many people get into the crypto world, there are many benefits that specific coins can bring apart from only being seen from a speculation point of view and being used for something else other than being a currency.
One of the most common services companies have sought to present to users is storage. Here spare storage space can be allocated and sold to companies who wish to make use of this type of technology. There are many of these services on offer, but the two most well-known are Maidsafe and Sia.
Sia offers services which are based on the chain, and all services are decentralized. Maidsafe offer similar and provides an application layer where other developers can build apps which make use of the decentralization nature and don’t reside on any one server.
For some applications, there is a great need for supercomputing power. As this costs a small fortune, users can take the control of the blockchain and sell their spare CPU cycles when they are at a quiet time.
One coin which can do this is Golem which is a decentralized-super-computer which anyone can access should their needs arise.
This isn’t limited to simple applications, it can include CGI rendering, weather mapping, and DNA testing. All this is based on top of the Ethereum Blockchain so users know it is based on a solid background.
Most other cryptos forget one thing when it comes to their decentralization promises. All their services run on top of the current internet infrastructure. SKY along with the mesh-network it promises by using Skywire is looking at building a new internet away from the foundation set in place by the current ISP’s.
This mesh-network allows full privacy, security and is much more efficient than Bitcoin for its transactions. These are also free as users pay for the bandwidth they consume. It is by no means an easy feat, however, the team consists of the original members of both the BTC and Ethereum development teams.
Now we have the internet of things which gives any device which is capable of connecting to the internet capacity to think for itself. With IOTA all of this becomes a possibility. Refrigerators can order drinks and printers will be able to order new cartridges.
The secure-blockchain is an ideal way and method when it comes to “smart-home technology” to make sure any communications are secure.
Supply Chain Efficiency
The blockchain is a perfect technology for improving the supply chain. Any cryptocurrency that can perform financial transactions along with the correct supply chain application will save many hours during components or raw materials route from beginning to end. Customs clearance and anything where there could be a hold up can be seen in almost real time.
US Trucking Industry
This can follow on from the supply chain as it can be in many cases the final leg of the operation. Trucks can collect containers from the port, and with minimal effort, the container is loaded to the correct vehicle, as all the details have been pre-loaded and the chance of theft is negated.
Once on the route, the vehicles can take toll-roads and payments can be automatically paid with no intervention from a driver.
If a mesh-network is in a place like what Skycoin offers, the trucks can have sensors located around the vehicle, so there is a real trace of the location of the vehicle without this information being sent through a major ISP.
In many occasions, these are the basis of payment transactions to take place. With Fiat currencies, a payment can take ages especially if it is overseas. Intermediaries need to be involved, and delays can be inevitable if there is a mistake.
These smart contracts do away with all of that. The trucking example above being a prime example. As soon as delivery has been made, the smart contract kicks into action and the trucking company will receive payment.
All of these things are the tip of the iceberg and restrictions are down to a developer’s creativity. If you wish to purchase a cryptocurrency as an investment now is the best time to buy cryptocurrency as many of these technologies are still in their infancy.
As soon as they hit the media as being trending, any of the coins mentioned above could be one of the up and comers for 2018.