The adoption of Bitcoin, cryptocurrencies and blockchain technology continues this week, with announcements of new companies and organizations entering the world of new technologies.
2021 started as an epic year for Bitcoin (BTC), cryptocurrencies, and technology blockchain, and not only in terms of value and growth in the markets, but also in terms of adoption, development and innovation.
So far this year, several companies have adopted Bitcoin as a means of payment, as an investment asset and as a store of value. Also, the acceptance of other cryptocurrencies such as Ethereum (ETH), Dogecoin (DOGE), among others, as a means of payment, is something that is gaining greater popularity today, as are the implementations of blockchain technology by companies, organizations and even governments that seek to improve and optimize their processes.
One of the most recent Bitcoin adoption cases is that of WeWork, an American real estate company, which is dedicated to coworking, and which announced the integration of Bitcoin as a means of payment and as a store of value for the future. Also, Nimo Gordillo, a Toyota car dealership located in Spain, revealed the arrival of several cryptocurrencies and digital assets to diversify its payment options. As for blockchain technology, Eftpos Australia and the government of the United Arab Emirates, are some of those who are using the power of this technology to enhance their processes and build the future.
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Bitcoin: a means of payment and a store of value
WeWork, the American real estate company with 11 years in the market, is betting on the largest cryptocurrency in the digital industry, as a means of payment and as a store of value. According to a release As recently published by the firm, BTC comes to WeWork as a valuable opportunity to diversify its payment options, and to accelerate its digital transformation process.
The firm stated that it has always been at the forefront of innovative technologies, and that it has found in Bitcoin a way to transform and optimize its services, while meeting the growing needs of its clients and users. For Marcelo Claure, president of WeWork and CEO of Softbank Group International, Bitcoin and cryptocurrencies are a technology of high value and potential, capable of providing new opportunities to companies like WeWork and its clients.
“I am very pleased that WeWork is taking steps to recognize the value this technology can bring to our current and future members.”
WeWork will also be accepting payments in cryptocurrencies such as Ethereum (ETH), USD Coin (USDC), Paxos (PAX), among others. In addition, it revealed that payments received in BTC and these crypto assets will remain on the company's balance sheet, and will not be immediately converted to fiat money.
Cryptocurrency payments
Another cryptocurrency that is growing in adoption as a means of payment is Dogecoin (DOGE). The meme token, which was born in 2013 as an internet joke and was abandoned by its creator shortly after its launch, has ironically been gaining importance for the crypto community in recent months.
Now Newegg, a US-based online electronics retail platform, has joined the ranks of companies accepting payments in the cryptocurrency.
In the official announcement, Andrew Choi, senior brand director at Newegg, stated that DOGE is a cryptocurrency with a high level of demand currently, due to the euphoria that is experienced in the markets, with the capitalization of DOGE above the 42.000 million. Therefore, the company is committed to providing DOGE fans with an easy way to complete their online purchases.
“We are excited to provide Dogecoin fans with an easy way to purchase technology online.”
This company has been accepting payments with bitcoins since 2014. Likewise, among the companies that have added DOGE this year are: the airline AirBaltic, the tire retailer Pay Later Tires and even Dallas Mavericks of the NBA and PornHub.
Nimo Gordillo: Pay for your car with cryptocurrencies!
Customers of the Toyota and Lexus car dealership, Nimo Gordillo, based in Seville, Huelva, Jerez and Puerta, will soon be able to reserve and pay for their cars using cryptocurrencies. The option will be open thanks to a alianza with a cryptocurrency startup, which will serve as a payment gateway.
Use cases for Blockchain
Digital transformation of authentication and notarization processes
The government of the United Arab Emirates recently announced that blockchain technology will enhance authentication and notarization services offered by the country's Ministry of Justice. This government department is modernizing its systems in order to provide fast, easy and secure digital services through blockchain technology. According to the statement, the qualities offered by this technology will help the government guarantee privacy and efficiency in judicial authentication processes.
The UAE is focused on achieving a complete digital transformation in notarial services to enable clients to complete transactions using their digital ID, within or outside the country, said Dr. Saeed Ali Bahbouh Al Naqbi, Acting Undersecretary at the Ministry of Justice.
smart cities
Eftpos Australia, one of Australia’s leading point-of-sale network companies, wants to implement Hereda’s blockchain to build smart cities; in addition to powering autonomous vehicles with blockchain technology.
Robert allen, Vice President of Blockchain Australia and entrepreneur at Eftpos, said during his participation in the Australian Blockchain Week, that blockchain has the potential for humanity to create applications and “things” never before imagined. In his view, blockchain-powered autonomous vehicles and smart cities are just a part of the much that can really be built with this powerful technology.
Hunan, a Chinese province, also has plans to use blockchain technology to build smart cities. In fact, the local government published an ambitious plan, at the end of 2020, in which it explains how blockchain will facilitate the management of information related to population, transportation, energy, construction, public works and facilities, basic public services, and more, in each city.
Smart Contracts for energy networks
Blockchain and the smart contracts It also has great potential in use cases that seek to optimize control over energy consumption. The use of these technologies to efficiently manage energy expenditure is something that the Spanish company is recently exploring. Bulb.
In a Spanish President Pedro Sánchez’s announcement In a recent report shared with the newspaper Energy, the renewable energy company, Bulb, based in Madrid, reported on its alliance with the blockchain platform e-ing3ni@ Siemens Energy, to bring greater transparency to the renewable energy purchasing process. According to the note, the objective is to provide traceability, efficiency, transparency and confidence in the energy purchase-sale process and in the market in general.
Authenticity for big brands with Blockchain
Even the luxury fashion industry is turning to the potential offered by blockchain technology, which goes beyond the financial sector.
This Tuesday, the consortium of luxury fashion houses, LVMH, announced the creation of a blockchain network, called Aura Blockchain Consortium, dedicated to protecting the authenticity of brands and preventing counterfeiting. The luxury fashion giants Louis Vuitton, Prada, Hublot, Bvlgari y CARTIER are already part of this new blockchain for fashion. The blockchain will keep a precise, detailed and immutable record to ensure that the pieces purchased by buyers of these brands are original and authentic.
Blockchain technology has found several applications in the registration and tracking of brands and products, to ensure authenticity and trust.
As we can see, institutional adoption of cryptocurrencies and blockchain technology continues to grow steadily. Cryptocurrencies are increasingly providing valuable opportunities for users, investors and companies, who see an uncertain future in the traditional financial system. Meanwhile, blockchain technology shows the way to a smarter, more transparent and more reliable future.
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