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How 5 S’pore Companies Use Cryptocurrencies in Their Industries

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2021 has seen a boom in crypto interest, with more desire to get involved in this space.

But beyond the interest in making a quick buck, cryptocurrency has the potential to shake up current processes in some industries.

That’s due to the underlying blockchain technology and the fact that it can be used to connect multiple functions into one, such as payments, commerce, storage, and application usage.

We take a look at five local companies that are disrupting the transportation, cybersecurity and gaming industries with their technology.

Private transport: TADA

TADA is a flagship product of the blockchain-based firm MVL. TADA’s shared transport application runs on their platform, called the MVL chain.

MVL uses blockchain to connect passengers and drivers through smart contracts with payments potentially made using cryptography or a digital token.

Image Credit: Bitcoin Talk

TADA says that the MVL chain has the potential to address issues such as false driver identities, as the blockchain records vehicle and driver data, making it difficult to comply with the law.

The MVL blockchain records all vehicle history such as maintenance, repairs, past trips, and driver ratings to improve customer services.

In May, MVL said it will include its native currency in the Liquid crypto exchange with two trading pairs, MVL / USDC and MVL / BTC.

The group that raised US $ 5 million in a Series A funding in 2019, it claims to have one million Southeast Asian users in Singapore, Vietnam and Cambodia.

Call ride: Ryde

This carpool app allows customers to pay trips with Bitcoin. Ryde says that users can convert Bitcoin to RydeCoin with no transaction costs.

According to Ryde CEO Terence Zou, crypto is considered a “natural step” as the volume of transactions has increased. Ryde says that it is the world’s first crypto wallet that allows users to pay for trips using bitcoin that has its own electronic wallet.

Ryde app
Image Credit: Map Box

The firm worked on integrating cryptographic functions to its application in 2019, and said that Covid-19 has made cashless transactions more desirable.

Accepting bitcoin is just one step in the tech company’s long-term plans. You want to turn your RydePay wallet into a decentralized ledger and open it up to more cryptocurrencies.

Cyber ​​security: Sentinel protocol

sentinel protocol
Image Credit: Coin Bureau

Founded in 2018, Sentinel Protocol provides cybersecurity services. It is a collective collaboration decentralized threat intelligence platform.

The Sentinel ecosystem aims to empower universal access to the Internet in a reliable and demonstrable way.

Investigate cybersecurity incidents and collect and analyze attacks and scams in real time with the goal of improving the security of crypto assets.

sentinel protocol
Image Credit: Fintech News

Developers can use the Sentinel protocol to build applications, using the Sentinel network bandwidth market for dVPN applications.

The Sentinel Protocol UPP digital token is an ERC20 compliant token on the Ethereum network and is used to pay for security services on the platform.

Games: Enjin

Image Credit: 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 mainly used to create games.

The network can be used for the creation, distribution, storage and trading of tokenized digital assets.

Enjin users can use the platform to create digital assets backed by Enjin Coin, for example as digital currency for video games.

Image Credit: Enjin

The blockchain ecosystem allows them to mint rare items using Ethereum and backed by the Enjin coin. Users pay for non-fungible games and tokens and developers create games.

As digital assets are on the blockchain, Enjin says that the supply of items is demonstrable and generates “real-world value.”

Games on the platform include 9Lives Arena, Age of Rust, and Containment Corps. The signature recently raised US $ 18.9 million in a funding round led by, DFG Group and Hashed.

Games: digital entertainment asset

Last year, the gaming specialist Digital Entertainment Asset (DEA) configure operations in Singapore to implement regional online games running on its blockchain platform.

Users can earn cryptocurrencies that can be converted to cash. The firm has games like JobTribes which is a card battle royal player game that allows players to earn DEAPcoins.

DEAPcoins can be traded on crypto exchanges like OKEx, Bithumb Global, DigiFinex.

Digital entertainment asset
Image Credit: DEA

Users can also use crypto to buy non-fungible tokens designed by their team of Japanese and international artists on their online marketplace. Assets serve as collectibles and can be used to advance games.

In April, the DEA said that its blockchain gaming platform “PlayMining” reached one million registered users.

Digital entertainment asset
Image Credit: DEA

The firm has increased 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 advanced technology company, combining entertainment and financial technology through blockchain.

Crypto interest continues to rise

The craze for non-fungible tokens, or NFTs, has sparked a burst of activity on the Ethereum blockchain this year. That’s as more people adopt technology for various uses.

crypto interest
Image Credit: Asia Law Network

The average number of daily users in Singapore visiting crypto storage platforms like Coinbase has risen more than 110 percent month-on-month from December last year to February this year, data from analytics firm Statista showed.

The value of the total cryptocurrency market is now more than $ 1.3 trillion, a jump from last year’s $ 260 billion.

Cryptocurrency and blockchain technology is a key content pillar for Vulcan Post. You can find the rest of our crypto coverage here.

Featured Image Credit: Enjin, Ryde, Sentinel Protocol, TADA, DEA

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