Blockchain technology is becoming the preferred technology developed since it has all the features that every system wants, to perform efficiently.
It is no news, about the benefits it is giving to the systems which are exploiting its use in the execution of operations.
The number of industries that have come to grasp all the potentials of the Blockchain and have transitioned into its use is uncountable, which is a true indication of how profitable it can be, to the global system.
But, the Blockchain is not compatible with most systems, seeing as they lack the feature required to implement them into these systems, which is the scalability feature.
This makes it impossible for an upgrade to be allowed on a system, hence the inability to affect the Blockchain on it.
Additionally, most other supposed features of the Blockchain have been difficult to achieve, as they promise a sophisticated technology with attributes such as decentralization, scalability, security, and improved speed.
Unfortunately, coming across a Blockchain that possesses the aforementioned features, has been impossible, as they tend to give up a particular feature, say decentralization, while trying to achieve another, like scalability.
But, the Algorand Blockchain is already reshaping the Blockchain industry, by serving as a top-notch technology that has all that is needed to better the global system.
Notable Industries Utilizing The Algorand Blockchain
By being an entirely unique Blockchain that operates with Pure Proof-of-Stake consensus, this open-source permissionless Blockchain called Algorand, when compared to the regular ones, is already in use today, by different industries in the global system. Some of the notable industries known for utilizing Algorand’s blockchain are enumerated below.
About The Gaming Industry
The gaming industry is just one of the many industries exploiting the use of the Algorand Blockchain so as to revolutionize the system, and make gaming fun as well as beneficial to the participants.
The adoption of the Algorand Blockchain by the gaming industry has great significance in the gaming system as it brings closer to the users, the full impact of the Blockchain.
- That’s why it is being used in gaming systems like the chess game, to facilitate efficient gameplay, which will guarantee honesty and transparency of the gaming activity, through the use of the Algorand Blockchain. This is possible because Algorand helps the chess federation to replace the previous inefficient gaming system, with one filled with accountability and lucidity, seeing as the data from the chess game is recorded on Algorand and can be accessed by users all over the world.
- The BGA (Blockchain Game Alliance), a Blockchain-based gaming group, has also welcomed Algorand to its fold, due to the benefits it carries and how much impact it will make, on the system. This is just the beginning of the adoption of the Algorand Blockchain in the gaming industry, as other gaming systems are already showing interest in this unique Blockchain.
The Banking Industry
As it has come to the understanding of the benefits of the Algorand Blockchain to numerous industries, the banking system will
not be left out of this great opportunity filled with benefits, rather it is also utilizing the Algorand Blockchain for the betterment of the industry and to help it deliver great services to its users.
- The Central Bank Digital Currency (CBDC) as proposed by Marshal Island is one big example of this adoption in the banking system, as it will play a major role in facilitating seamless payment as well as support for a trustless transaction to the global users. This potential has not been achievable on the regular Blockchain until Algorand came along, and it has the transactional features needed to run a central bank digital currency.
- The Digital Dollar which has been launched on the Algorand Blockchain by the Circle platform also portrays the extent to which Algorand can go in improving a system. This Digital Dollar called USDC is said to be the first of its kind on the Algorand Blockchain and will be used for making unrestricted payments in a secure and transparent way.
The DeFi Industry
This industry is another of the many which are leveraging the Algorand Blockchain, to create ease of payment and allows for cashless transactions from and to anywhere in the world, without the need of passing through the banking system.
- Take a look at the creation of the Republic’s token on the Algorand Blockchain, making use of the great tools in the arsenals of the Algorand Blockchain, such as the Algorand Standard Assets (ASA), Algorand Layer-1 smart contracts and support for Atomic transfers, to ensure that the users are provided with the tools to enjoy the benefits of decentralized finance by giving them the chance to become investors, even without access to a lot of funds.
- Furthermore, a lot of cryptocurrency exchanges such as IDEX, are also adopting the Algorand Blockchain in their system, so as to improve their performance and give their users a great cryptocurrency trading experience, as the Algorand Blockchain is programmed to handle numerous transactions with ease, at a great speed and at a low price for any transaction.
The FinTech Industry
All thanks to the Algorand Blockchain, a lot of financial tools have been developed to help in making financial transactions, easier and more efficient across the different systems of the world.
It has led to the creation of different Dapps which have in one way or the other, brought improvement to its system. These tools in the Fintech industry are able to be actualized due to the features of the Algorand Blockchain, which makes it the perfect technology for the creation of life-changing financial tools.
These industries have seen the unlimited benefits of the Algorand Blockchain which is why other industries are collaborating with Algorand foundation to utilize the Algorand blockchain and to adopt its use.
To Summarize, Algorand Blockchain is really a superior technology with undisputed qualities, a great reason why it is being adopted across different industries.
As it has provided the tools needed by different systems, leading to its adoption, it will in turn guarantee the global adoption of Blockchain technology and make life easier for global users.
Article Written By, Gifton Nwokoro, Algorand Ambassador, Delta State.