1. Encrypted currency is helpful for low-cost transfer.
For many customers, the cost of inter-bank fund transfer is usually controlled by many factors, including high transaction costs, uncompetitive exchange rates and geographical restrictions. According to a recent study by the World Bank, the average cost of a single bank transaction by a private customer may be as high as 5.5% of the transfer amount. International remittance may also take 5 working days. Although the nature of transfer has not changed, companies such as Ripple are using digital tokens to speed up transfer and reduce costs. Ripple sells a cryptocurrency called XRP. Ripple, headquartered in California, has created a $300 million fund to pay fees to companies that use XRP for cross-border transfers.
2. Blockchain technology to combat election fraud
Cryptographic currencies such as Bitcoin and Litecoin may have changed our view of money, but their influence has had a far-reaching impact in other less obvious areas, such as non-profit organizations that try to protect and increase the participation of voters in democratic countries.
3. Blockchain helps green energy transactions
A major advantage of distributed database technology has been proved in Brooklyn, new york. There, in a promising project, dozens of owners cooperated to install solar panels as part of an independent network. Brooklyn microgrid is operated by technology startup LO3 Energy Company. It enables residents and enterprises to be self-sufficient in energy, and at the same time allows them to enter a trading platform to sell surplus electricity to other buyers in the group. Brooklyn Microgrid Company has about 50 participants, but the initial scale is very small. This is part of a larger idea, that is, using blockchain technology to create a national peer-to-peer energy trading system.