In 2021, there was a boom in crypto interest, and more of them want to get involved in this space.
But in addition to the interest in quick earnings, cryptocurrency has the potential to shake up the current processes of some industries.
This is due to the basic blockchain technology and the fact that it can be used to combine different functions into one – such as payment, trade, storage and use of applications.
Let’s take a look at five local companies whose technology is disrupting the driving, cyber security and gaming industries.
Greeting ride: THEN
TADA is the leading product of the blockchain-based company MVL. TADA running application runs on its platform, which is called MVL chain.
MVL uses a blockchain to connect passengers and drivers through smart contracts with payments potentially made using a crypto or digital token.
TADA says the MVL chain has the potential to solve problems like fake driver identities because the blockchain records vehicle and driver data, making it harder to break the law.
The MVL blockchain records the entire history of the vehicle such as maintenance, repairs, previous runs and driver ratings to improve customer service.
In May, MVL said it would list its original coin on Current crypto exchange with two trading pairs, MVL / USDC and MVL / BTC.
A group that collected $ 5 million in A series funds in 2019, it claims to have one million Southeast Asian users in Singapore, Vietnam and Cambodia.
Driving greeting: Ryde
This sharing app allows customers pay for a ride with Bitcoin. Ryde says users can convert Bitcoin to RydeCoin at no transaction cost.
According to Ryde CEO Terence Zou, crypto is considered a “natural step” as the volume of transactions increases. Ryde says it’s the world’s first crypto wallet that allows users to pay for rides using bitcoin that has its own e-wallet.
The company was working on integrating crypto features into its 2019 app and said Covid-19 made cashless transactions more desirable.
Accepting bitcoin is just one step in the technology company’s long-term plans. RydePay wants to turn its wallet into a decentralized book and open it to more cryptocurrencies.
Cybersecurity: Sentinel Protocol
Founded in 2018, the Sentinel Protocol provides cyber security services. It is a decentralized platform for reporting threats to the masses.
The Sentinel ecosystem aims to strengthen universal Internet access in a reliable and provable way.
It investigates cyber security incidents and collects and analyzes hacks and scams in real time with the aim of improving the security of crypto assets.
Developers can use the Sentinel protocol to build applications, using the Sentinel network bandwidth market for dVPN applications.
The digital token, Sentinel Protocol UPP, is an ERC20 compliant on the Ethereum network and is used to pay for security services on the platform.
Enjin’s from Singapore was created as an ecosystem that offers a range of services to developers who want to use the platform to create their own products. It is mainly used to create games.
The network can be used to create, distribute, store and trade tokenized digital assets.
Enjin users can use the platform to create digital assets supported by Enjin Coin, for example, as a digital currency for video games.
The blockchain ecosystem allows them to forge scarce items using Ethereum and backed by the Enjin coin. Users pay for games and irreplaceable tokens, and developers produce games.
As digital assets are on the blockchain, Enjin says the offer of items is provable and creates “real value in the world”.
Platform games include 9Lives Arena, Age of Rust and Containment Corps. The company recently collected $ 18.9 million in the funding circle run by Crypto.com, DFG Group and Hashed.
Games: Digital Entertainment Asset
Last year, Digital Entertainment Asset (DEA) gambling specialist setting up operations in Singapore for the introduction of regional online games running on its blockchain platform.
Users can earn crypto that can be converted into cash. The company has similar games JobTribes which is a real player card game that allows players to earn DEAPcoins.
DEAPcoins are traded on crypto exchanges such as OKEx, Bithumb Global, DigiFinex.
Users can also use crypto to purchase irreplaceable tokens designed by their team of Japanese and international artists in its online marketplace. The funds serve as collectibles and can be used to advance in games.
In April, the DEA said its blockchain platform for the PlayMining game had reached one million registered users.
The company is strengthening its presence in Southeast Asia. Earlier this year, it formed an alliance with financial lending company JA Mitsui, to develop blockchain entertainment content and expand its business in Singapore and Southeast Asia.
DEA’s vision is to become the leading next-generation “finter-tech” company, combining entertainment and fintech via blockchain.
Crypto interest continues to grow
The craze in irreplaceable tokens or NFTs has led to a rush of activity on the Ethereum blockchain this year. It is more and more people who are adopting technology for various needs.
The average number of daily users in Singapore visiting crypto storage platforms like Coinbase increased by more than 110 percent on a monthly basis from December last year to February this year, data from analyst firm Statista showed.
The value of the total cryptocurrency market now stands at more than $ 1.3 trillion, a jump from $ 260 billion last year.
Featured images: Enjin, Ryde, Sentinel Protocol, TADA, DEA