While the roller coaster ride of cryptocurrency prices often dominates the headlines, two startups are demonstrating that the real power of blockchain technology lies in its potential to transform everyday life. TravelX and HesabPay, both built on the Algorand (ALGO) blockchain platform, are using this innovative technology to revolutionize the way we pay for airline tickets and energy bills.
Algorand is a high-speed, scalable, and secure blockchain platform that competes with other prominent platforms like Ethereum (ETH). It uses a pure proof-of-stake consensus model and has a supply cap set at 10 billion ALGO, making it an efficient and secure choice for startups like TravelX and HesabPay.
TravelX has harnessed the power of Algorand’s blockchain to create “NFTickets” for airline travel. These NFTs, governed by smart contracts, allow for secure, flexible, and efficient ticket distribution. By using blockchain technology, TravelX can offer enhanced security and transparency, reducing customer service costs and boosting airline revenue.
TravelX’s model seems to be working. The company reported that it had onboarded over 5 million passengers in 2023 and recorded over 2.2 million NFTickets and 18 million transactions on the Algorand blockchain. The use of NFTickets not only eliminates fraud risks, but also provides a safe environment for secondary markets, offering passengers more flexibility than traditional ticketing systems.
On the other side of the world, HesabPay is using Algorand to bring digital payments to Afghanistan in partnership with UNDP and Unicef. They have processed over $64 million worth of electricity bills and 106,000 humanitarian cash transfers, resulting in over 8 million transactions on the Algorand blockchain.
These real-world applications of blockchain technology exemplify the shift in the crypto industry. The focus is no longer solely on price action and market movements, but on solving real-world problems. As cryptocurrency analysts grow increasingly optimistic about “utility altcoins” like ALGO, EGLD, ETH, and others, these developments underline the importance of building real-world applications.
In conclusion, while the price volatility of cryptocurrencies continues to draw attention, the real power of blockchain technology is quietly revolutionizing the way we live, travel, and pay our bills. As TravelX and HesabPay demonstrate, the potential for blockchain to transform our everyday lives is vast and we are only just beginning to tap into it.
