Algorand has launched a $2 million bug bounty program on Immunefi!

Blog

Aug 13, 2021

Blockchain Use Cases in Action: 5 Examples of Businesses Building on Algorand

By: Algorand

Digital Dollars

Stablecoins play an essential role in the cryptocurrency industry as they address one of the most important problems of digital currencies: volatility. 

US dollar-backed stablecoins - often referred to as digital dollars or crypto dollars - act as a bridge between crypto finance and traditional finance as they enable anyone to use digitized US dollars as an on-ramp into the crypto markets. 

While stablecoins are predominantly used in the crypto trading and decentralized finance (DeFi) markets, digital dollars are also increasingly used in eCommerce and cross-border payments. 

The accessibility, price-stability, and programmability of dollar-backed stablecoins enable Internet-native businesses to process payouts, make and accept online payments, execute cross-border transactions, and deploy excess working capital in the crypto capital markets. 

Algorand is home to several leading stablecoins, including USD Coin (USDC) and Tether USD (USDT), which have chosen to operate on Algorand because of the chain’s instant transaction finality, low fees, and high level of security. 

Cross-Border Payments

Former PayPal executives recently launched Six Clovers, a fintech platform that enables businesses and organizations to carry out real-time payments via stablecoins.

Six Clovers uses Algorand to enable fast, transparent, and cheap payments with the end goal of overtaking SWIFT and becoming the go-to payment solution of choice for businesses and institutions. 

The SWIFT network has been around for over five decades, and it hasn’t done much to adapt to the new demands of a more digitized and globalized world. Every transfer conducted with SWIFT may take days, with funds going through multiple banks that typically each charge a fee.

Six Clovers envisions a new era of finance. It wants to upgrade the current cross-border transfers thanks to its Algorand-based RAPID network. The system allows banks, merchants, and payment providers to transact in digital currencies around the world. Six Clovers CEO, Nguyen, explained:

“Six Clovers is a next-generation payments infrastructure that solves many of today’s challenges with domestic and cross-border payments while opening up a whole new world of digital finance opportunities. We equip financial institutions, payment providers, and merchants with a full-stack, blockchain native payment infrastructure to seamlessly and securely move and transact in digital currencies globally.”

Besides Six Clovers, Algorand empowers another payment application called Bleumi Pay, a non-custodial crypto payment platform geared for eCommerce.

Healthcare

Many regions are implementing COVID vaccine passports, but the first country to introduce a blockchain-based vaccine passport is Colombia. The Latin American nation relies on a joint project between Algorand and Koibanx, a local fintech firm.

The tool provides vaccinated people with a digital certificate stored on the blockchain and can be used as proof when traveling or at events. Known as VitalPass, the digital passport is used to track COVID vaccination with the help of blockchain to ensure security, transparency, and traceability of the vaccination programs across Colombia and Latin America.

Starting from May 2021, the system is available in hospitals in Colombia’s three largest cities, Clínica las Américas in Medellín, Clínica PortoAzul in Barranquilla, and Fundación Cardioinfantil in Bogotá, which is the capital city.

The persons vaccinated in the three facilities receive a digital copy of their vaccination card, which has the validation of the IPS – an accredited healthcare provider. It can be accessed from any device with an Internet connection.

Intellectual Property 

Earlier this year, Italy’s largest copyright collecting agency – SIAE (Società Italiana degli Autori ed Editori) – used Algorand to mint millions of non-fungible tokens (NFTs) representing authors’ rights. The agency tokenized about 4.5 million rights of its 95,000+ member authors.

SIAE acts as an intermediary between authors and consumers, focusing on the distribution of funds collected from royalties of copyrighted music, books, and other forms of content, to its authors. The agency has been around for almost 140 years because it consistently adapted to the ever-changing market conditions, with the Internet being a real challenge as it enables copyright infringement like no other technology.

Thanks to Algorand’s secure and decentralized blockchain network, SIAE can manage the royalties and ensure that the copyright rules are enforced. Besides the unmatched security of tokenized copyrights, SIAE benefited from low transaction costs and almost instant finality while rolling out its NFTs.

Digital Media

Algorand is also used in the digital media industry. Xfinite is a startup that wants to transform digital media by leveraging innovative technologies like blockchain to ensure transparency and bring trust in the digital world.

Recently, Xfinite launched Mzaalo, a gamified video-on-demand platform that can be accessed through an easy-to-use DApp that operates on the Algorand blockchain. Mzaalo offers free access to premium content, user rewards, and multiple interactive features.

These are only a few examples of how blockchain can be used for various use cases across different industries. Blockchain is poised to disrupt dozens of industries, and Algorand is at the forefront of the adoption of this new technology. 
Watch our webinar on how to build applications on Algorand to learn how easy it is to create your own blockchain application on the leading blockchain network.

Further Reading:

Need the right resources to start building today?

New to Algorand?

Subscribe to our newsletter to be the first to receive the latest news, developments and updates: