Recent Blockchain Innovations: Q4 2020

recent blockchain innovations

Date Published

11/19/2020

Blockchain adoption is expanding all the time, with new innovations and applications surfacing every quarter across seemingly every industry. This quarter, we have already seen news of blockchain- and cryptocurrency-related offerings from household names like PayPal and Mastercard, and there appear to be no signs of slowing down when it comes to new innovations.

Here are four of the more noteworthy developments in blockchain technology taking place at the current time, ranging from eCommerce and fantasy sports to apparel and passport processing.

CoinsBee brings crypto to holiday gift-giving

With the holidays on the horizon and the COVID-19 pandemic worsening, friends and family everywhere are working to find safe ways to celebrate and to share in some year-end joy.

Gift-giving is of course a key part of that, and online platform CoinsBee is making it possible to use cryptocurrency to buy and send gift cards from more than 500 major brands and retailers – all with minimal effort.

Even if you do not intend on buying cards to send as gifts, CoinsBee still offers cards for services like PlayStation and Amazon that can help you turn your crypto holdings into readily usable funds on some of the most popular platforms in the world. Even payment cards like Visa and Mastercard are available for purchase through CoinsBee, all through the spending of different forms of crypto.

This can provide a great way for holiday shoppers to make quick use of their crypto and to check some items off their shopping list in the process.

Cryptocurrency and fantasy sports

We’re all well aware of how massive the sports entertainment market is, and fantasy sports are continuing to play and integral role in growing the space even more. With COVID-19 hampering both sports viewership and in-person attendance, the need to digitize fandom has taken on a new importance.

Blockchain and cryptocurrency may be able to serve that need, with blockchain-based applications potentially serving as platforms for quick, easy, and secure sports wagering and payout. There are already a handful of blockchain-based fantasy sports platforms (MLB Champions and NBA Top Shot to name a couple), but digital research firm Messari shows that the industry could be primed for even further adoption.

Bitcoin Movement launches blockchain-backed streetwear

On Friday, November 13, online retailer Bitcoin Movement launched a new line of streetwear featuring a blockchain-backed system of proof of authenticity. You’re probably thinking, “How can clothing be backed by blockchain?”

Each piece of the 300-item collection contains a near-field communications chip linked to the VeChain blockchain. Through a mobile app, wearers of the collection are able to scan a label attached to each item to receive product information from VeChain in real time. The app will alert users as to the items’ authenticity and will also display the specific version number of the garment, in addition to the unique transaction ID linking it to the blockchain.

The primary goal of tying blockchain to a limited clothing release is to eliminate the would-be validity of knockoffs and to cultivate a brand of exclusivity around the streetwear line.

U.S. passports can now be purchased using bitcoin

Peninsula Visa – a California-based visa and passport processing company – has announced it will begin allowing customers to pay for select passport services using bitcoin.

When businesses and offices across the globe were affected by shutdowns earlier this year, passport agencies were certainly not immune. Millions of passports had to be backlogged as delays became a major issue.

Allowing users to pay for processing using bitcoin provides an efficient and secure method for remote transacting in a time when in-person applications and processing are in many cases not possible.

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Date Published

11/19/2020

Author

First Scribe

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