2021 has seen a boom in crypto interest, with more wanting to get involved in this space.
But beyond the interest in making a quick buck, cryptocurrency has the potential to shake up some industries’ current processes.
That’s because of the underlying blockchain technology and the fact that it can be used to connect various functions into one — like payments, trading, storage, and application use.
We take a look at five local companies that are disrupting the ride-hailing, cybersecurity, and gaming industries with their tech.
Ride hailing: TADA
TADA is a flagship product of blockchain-based firm MVL. The TADA ride-hailing app runs on its platform, called the MVL chain.
MVL uses blockchain to connect passengers and drivers through smart contracts with payments potentially made using crypto or a digital token.
TADA says the MVL chain has the potential to address issues like fake driver identities as the vehicle and driver data are recorded by the blockchain, making it hard to flout the law.
The MVL blockchain records the entire vehicle history such as maintenance, repairs, previous rides, and the rating of the drivers to improve services to customers.
In May, MVL said it will list its native coin on the Liquid crypto exchange with two trading pairs, MVL/USDC and MVL/BTC.
The group which raised US$15 million in its Series B funding as of April 2021, claims to have one million Southeast Asian users in Singapore, Vietnam, and Cambodia.
Ride hailing: Ryde
This carpooling app lets customers pay for rides with Bitcoin. Ryde says users can convert Bitcoin to RydeCoin with no transaction costs.
According to Ryde’s CEO Terence Zou, crypto is seen as a “natural step” as transaction volume has increased. 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 firm worked on integrating crypto features to its app in 2019, and it said Covid-19 has made cashless transactions more desirable.
Accepting bitcoin is just one step in the tech firm’s long-term plans. It wants to turn its RydePay wallet into a decentralised ledger and open it to more cryptocurrencies.
Cybersecurity: Sentinel Protocol
Founded in 2018, Sentinel Protocol provides cybersecurity services. It is a crowdsourced decentralised threat intelligence platform.
The Sentinel ecosystem aims to empower universal access to the internet in a trusted and provable manner.
It investigates cybersecurity incidents and collects and analyses real-time hacks and scams with the aim to improve crypto assets security.
Developers can use the Sentinel Protocol to build applications, using the Sentinel Network’s bandwidth marketplace for dVPN applications.
The digital token, Sentinel Protocol UPP is ERC20 compliant token on the Ethereum network and is used to pay for the security services on the platform.
Gaming: Enjin
Singapore-based Enjin’s is 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 mostly used to create games.
The network can be used for creation, distribution, storage, and trading of tokenised digital assets.
Enjin users can use the platform to create Enjin Coin-backed digital assets for example, as a digital currency for video games.
The blockchain ecosystem lets them mint scarce items using Ethereum and backed by the Enjin coin. Users pay for games and non-fungible tokens and developers make games.
As the digital assets are on the blockchain, Enjin says the supply of items is provable and generates “real world value”.
Games on the platform include 9Lives Arena, Age of Rust, and Containment Corps. The firm recently raised US$18.9 million in a funding round led by Crypto.com, DFG Group, and Hashed.
Gaming: Digital Entertainment Asset
Last year, gaming specialist Digital Entertainment Asset (DEA) set up operations in Singapore to roll out regional online gaming running on its blockchain platform.
Users can earn crypto that can be converted to cash. The firm has games like JobTribes which is a card battle real player game that allows players to earn DEAPcoins.
DEAPcoins are tradable on crypto exchanges like OKEx, Bithumb Global, DigiFinex.
Users can also use the crypto to buy non-fungible tokens designed by its team of Japanese and international artists at its online marketplace. The assets serve as collectibles and can be used to advance in the games.
In April, DEA said its blockchain gaming platform “PlayMining” reached one million registered users.
The firm has been ramping up 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 operations in Singapore and Southeast Asia.
DEA’s vision is to become the leading next generation “finter-tech” company, combining entertainment and fintech through blockchain.
Crypto interest continues to rise
The craze in non fungible tokens, or NFTs has led to a burst of activity on the Ethereum blockchain this year. That’s as more people adopt the tech for various use.
The average number of daily users in Singapore visiting crypto storage platforms like Coinbase, has increased more than 110 per cent on a month-on-month basis for December last year till February this year, data from analytics firm Statista showed.
The value of the total cryptocurrency market is now at more than US$1.3 trillion, a leap compared to US$260 billion last year.
Cryptocurrency and blockchain technology is a key content pillar for Vulcan Post. You can find the rest of our cryptocurrency coverage here.
Featured Image Credit: Enjin, Ryde, Sentinel Protocol, TADA, DEA