Crypto

Crypto Software Ideas That Still Do Not Exist

June 23, 2022 • 260 Views • 15 min read

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Bohdan Vasylkiv

CEO & Co-Founder

It is hard to believe that there may still be people, who haven’t heard about cryptocurrency. At the moment, it is one of the most popular topics on the web. There is a lot of information about blockchain technology and various cryptocurrency, what is it and how it works. Therefore, today we are going to discuss possible future crypto software ideas and how can they change the game.

As a matter of fact, the cryptocurrency sphere as well as all relative software industries have already become an excellent area for investment. Thanks to no existing regulations and rapid changes on the cryptocurrency market it is considered a possible short- and long-term income method for regular users and companies.

The amount of market agents is increasing as well as the interest in this industry. Hence, it is highly important and profitable to implement new crypto software ideas and to expand the usage opportunities of already existing ones such as blockchain technology.

And now, let’s use our creativity and fantasy in order to imagine what crypto software ideas could be embodied in the nearest future.

Decryption of Cryptocurrency

One of the major advantages of cryptocurrency is its privacy. Such features as decentralization and strong cryptography, which are used by most crypto coins, enable hiding the personality of the owner. On the one hand, it is a great benefit for the owner himself because it is easier for him to hide his real financial assets and to fully control them without third parties and intermediaries. As a result, the person who owns crypto assets has more financial freedom to manage these assets.

On the flip side, this privacy approach creates several problems. First of all, decentralization creates an issue with authorization. If the owner loses the key to the digital ledger it is impossible to get the access back. There is no such institution that can help with such a problem or provide consultation and services on related problems. Moreover, there is no centralized database or institution that has the data about the crypto owners.

These privacy specifics and the impossibility to identify the owner as well as counting its assets. Consequently, it creates a variety of possibilities to use the cryptocurrency for diverse frauds and illegal actions. There already are examples of such usage of cryptocurrency as a payment method on the Deep Web. Also, it can be used in order to avoid taxes by transferring assets into cryptocurrency.

Of course, such an approach is just a small percentage of all cryptocurrency usage purposes. Nevertheless, the situation can be changed by inventing and developing methods of decryption of cryptocurrency. If such techniques will be embodied, it will be easier to track the coin flow and identify the actors of various schemes and frauds.

Even so, Decryption can cause more problems than solve. For instance, such regulations can scare away the possible investors. Anonymity is one of the main features that help to attract investors. If it will be endangered, the number of investments will decrease. The opportunity to identify any owner of the assets creates the possibility to introduce regulations and additional control over the market. As a result, it will stabilize it and lower coin trading, which is an essential component of the modern cryptocurrency industry.

Cryptocurrency in Banking

Another example of crypto software ideas, that helps to regulate and standardize the cryptocurrency market is to enable the usage of cryptocurrency inside the banking system. As a matter of fact, such a concept is more suitable for integration into the crypto world, which does not affect this system so much.

The implementation of cryptocurrency into eBanking can be considered a transitional solution between totally chaotic and strictly regulated types of markets. Moreover, such regulations will obviously work on a local level, because it is impossible to regulate the whole market at once. At the moment, there are dozens of various coins, which price varies a lot and can change both ways in a few seconds. So, no matter how big the bank is, it cannot monitor all of them simultaneously.

Therefore, there are 2 ways to implement cryptocurrency into eBanking: to develop new coins with full control over them or to choose a few from the existing variety and monitor them. Actually, such crypto software ideas are already being assumed. For instance, some neobanks are already considering and starting to adjust their products for cryptocurrency operations.

Frankly, it is not a problem to make cryptocurrency trading operations via eBanking systems possible (if we are talking from the tech perspective). Of course, the main issue is the difference between the usual banking transactions and blockchain technology. Nevertheless, the main problem that occurs at the moment is the law. Actually, most modern countries still haven’t fully legalized the crypto industry, which creates issues from a legal point of view.

Blockchain and Industries

Green Energy

Honestly, the cryptocurrency industry highly impacts the ecology. Thanks to the fact that all the operations are done virtually mean that it consumes energy. As a result, it increases electricity consumption and its generation. For instance, blockchain technology is much more safer and accurate, thanks to the algorithms it is based on. On the flip side, it is much slower than usual transactions (for example those that are used in Banking). Moreover, it consumes much more electricity because the number of calculations and data exchange between blocks takes more time and effort.

Nevertheless, even blockchain technology can be used for ecological purposes. If people will replace usual electricity generation methods with ecological ones, the crypto industry will become less harmful as well. One of the most urgent issues with green energy is its storage and correct transportation. For example, solar panels can generate electricity during the day, but it is hard to effectively store this energy with the possibility to transmit it without losses. This is the time when blockchain technology appears.

Main energy losses are being done during its storing process. Therefore, the best way to avoid them is better to transmit electricity as soon as possible. In order to simplify this process and to make it more accurate, the provider can use the blockchain. It will help to measure the amount of electricity and transmit this data to the client or to find the one who is looking for the same amount and transit it to them.

Nowadays, few startups are integrating blockchain technology into the energy industry, one of the most famous is LO3 Energy. They are developing a platform for locals, that helps to better communicate and transmit the energy between users. Actually, the platform provides various functions, one of which is measuring and calculating the amount of generated or consumed electricity and is partly similar to Transportation Management Systems. As it was said before, it is partially done thanks to blockchain technology.

Add-on for Logistics

In addition, blockchain surely can be integrated into different industries, electricity supply is not the only possible sphere. For instance, blockchain technology is a great addition to logistics. In fact, blockchain is a supply chain used for secure and accurate data transfer via separate informational blocks, connected with each other. All changes made inside the chain or any separate block must be agreed upon between the elements. As a result, the chain constantly changes and checks itself.

Read also: 5 Ideas To Build A Marketable Supply Chain Software.

So, blockchain technology can be a great add-on for spheres, which require secure data exchange. In the case of logistics, it can help not only to transfer the data safely but also to simplify the tracking possibilities. Also, it helps to avoid errors, thanks to its architecture that requires the agreement of all informational blocks.

AI as a Part of Crypto Software

Another example of crypto software ideas is to embody artificial intelligence into the cryptocurrency market for easier investments. As was said before, one of the major cryptocurrency market tendencies is trading. In fact, a lot of cryptocurrency owners are traders, who are using it as a way of earning. Thanks to rapid changes in the market, every coin can change its price in a moment.

Eventually, the first one to buy or sell it, depending on the price tendency, can be considered to be the winner. In order to find out what to do in various cases, predictions are being made. There are a lot of different approaches and technics how to make the prediction more accurate.

Obviously, the most effective way to make them faster and more accurate is to develop an Artificial Intelligence for this purpose. No need to argue, that software is better for operating big data and calculating the risks. Of course, it is possible to automate the whole trading process and delegate these responsibilities to the AI. However, it is better to keep the end decision to the real person. In fact, in this sphere, one minor mistake can cost thousands of dollars. Anyway, it is hard to argue that AI would be a great additional tool for the trader to make more accurate assumptions and act corresponding to them.

Virtual Marketplaces

Despite its name, cryptocurrency is surprisingly rarely used as a payment method. Mostly, it is considered a long-term investment or a trading object like securities and stocks. One of the main reasons is that there are very few trading platforms that use cryptocurrency as an actual currency.

According to Investopedia, at the moment there are some products and platforms, that accept various coins as a payment method. Mostly, the products that can be bought for cryptocurrency are various luxury companies and car dealers. Of course, the number of services and goods available for coins will keep growing.

Even though there are some marketplaces like eBay or eCommerce platforms like Shopify that already accept crypto payments, there is no actual centralized medium for goods and services, which uses cryptocurrency as a major payment method. Therefore, creating a full-fledged marketplace that will operate cryptocurrency as the main payment method is a great startup idea, that corresponds with our 8-step guide. It can make difference and change the market, creating and promoting the concept of using cryptocurrency for payment purposes.

Actually, there are some additional examples of such platforms that enable buying goods for cryptocurrency. For example, various markets allow buying NFT stocks and assets for the most popular coins like Bitcoin or Ethereum. Even so, these NFT stocks and assets are virtual as well. Mostly, they are various media like images or sounds, created in the NFT maker. Their main feature is that each of them is considered to be unique thanks to NFT software. In other words, these objects are provided by Non-Fungible Tokens. These tokens are based on blockchain technology and save all the information about the transactions and their owners.

End Line

Frankly, most of the foregoing crypto software ideas are theoretical at the moment. It may be not as easy to embody each of them. Nevertheless, they can change the game so they are worth considering.

Cryptocurrency is still a relatively new industry that keeps growing its audience and changes step by step. There is still a lot of work to do in order to make it more user-friendly and to make it more useful for regular citizens and institutions.

The Incora team is ready to help you. If you have any questions or there are the concepts you are considering - just contact us and we will gladly share our experience.

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