Cryptocurrencies usually make headlines for price action, market movements or scams, but the technology goes much further. The blockchain has the power to revolutionize many segments of our society and lives, such as travel and trivial payments.
Two startups in particular – built on Algorand (ALGO) – are using blockchain to innovate in the areas of airline tickets and utility bill payments. These startups include TravelX and HesabPay, which are featured in the Algorand Foundation’s new campaign “Algorand Can” as proof of what blockchain technology can do in the real world, especially when using ALGO’s infrastructure.
At its core, Algorand is a blockchain platform designed for speed, scalability, and security that competes with Ethereum (ETH) and other layer-ones (L1s). It uses a pure proof-of-stake consensus model and has a supply cap of 10 billion ALGO.
These features can provide startups like TravelX and HesabPay with efficient and secure solutions for their needs. Finbold looked at publicly available statistics from these companies and showed the impact they are already having on the real world.
TravelX – Using Algorand NFTs for airline tickets
TravelX uses Algorand’s blockchain to run “NFTickets” for air travel, aiming to solve known problems in the industry. According to the case study, “Airlines face operational costs in managing complex distribution networks and numerous intermediaries.”
“NFTickets, managed by smart contracts, provide secure, flexible and efficient ticket distribution, while reducing customer service costs and increasing airline revenues. The use of blockchain ensures improved security, transparency and immutability of travel transactions.”
– TravelX case study from the Algorand Foundation
Notably, TravelX claims to onboard more than 5 million passengers by 2023, which is a proven success story. Since its launch, the startup has recorded more than 2.2 million NFTickets and 18 million transactions on the Algorand blockchain.
“This eliminates the risk of fraud and promotes trust between airlines and passengers, ensuring all parties involved have clear and verifiable data. NFTs represent a unique, secure and transferable digital ownership of airline tickets, giving passengers greater control over their travel plans.”
– TravelX case study from the Algorand Foundation
In addition to increased security, eliminating the risk of fraud and providing true digital ownership of the tickets, the benefits go further. TravelX also uses a secure environment for secondary markets and more flexibility for its customers than conventional ticketing systems.
“Unlike traditional tickets, NFTickets can be easily transferred or even resold on secondary markets, giving passengers more flexibility. Smart contracts automate ticket functionalities and interactions, such as managing ticket changes or cancellations. This automation leads to lower operational costs and improved efficiency for airlines.”
– TravelX case study from the Algorand Foundation
HesabPay – Utility bill payments in Afghanistan via ALGO
Meanwhile, HesabPay, in partnership with UNDP and Unicef, is using the Algorand network to promote the accessibility of digital payments in Afghanistan.
According to data shared on the “Can a blockchain do that” website, the app has processed more than $64 million in electricity bills and 106,000 humanitarian money transfers in the country, resulting in more than 8 million transactions confirmed by the Algorand blockchain.
In that regard, Algorand employee Alex said HesabPay has processed $40 million in monthly electricity bills. According to the CMO of Alex and Algorand Foundation, Marc Vanlerberghe, this is equivalent to 30% of all electricity bills in Afghanistan.
30% of electricity bills in Afghanistan are paid every month with #Algorand, via @HesabPay_! ⚡️
We’re talking hundreds of millions of dollars a year.
This is a perfect example of a concrete blockchain use case, not counted in TVL, used by millions of users outside #web3! pic.twitter.com/Ax62GnQbeN
— Ⱥlex | frankrijk.algo 🇫🇷 (@algerstmehn) November 28, 2024
As things evolve, startups continue to use blockchain technology across chains, proving that crypto is about solving real-world problems. For example, Finbold covered three other interesting use cases built on top of MultiversX (EGLD).
In the meantime, cryptocurrency analysts are showing growing optimism about utility altcoins like ALGO, EGLD, ETH and others.
Alex Becker believes that ‘utility altcoins’ are the ‘easiest and surest play’ in crypto. Additionally, Alex Svanevik listed promising utility stories in what he called an emerging “mother of all bull markets.” Binance founder Changpeng Zhao (CZ) urged the industry to build real-world applications as meme coins started to get “weird.”
Featured image from Shutterstock.
Credit : cryptonews.net
