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Blockchain Technology

2.8  CURRENT AND POTENTIAL USES OF CRYPTOCURRENCIES

With all the criticism and discussion, cryptocurrencies have rapidly expanded their

usage areas over time, and although they have not fully shown their potential, they

have presented important examples. It is expected that both the usage areas and

the internal acceptance of cryptocurrencies will increase over time. In addition, the

use of blockchain technology in areas such as online data storage, energy, finan­

cial sectors, insurance, supply chain, transportation, internet of things, foundations

and donations, public practices, democratic practices, healthcare, real estate, digi­

tal identity, smart cities, intellectual property, law, education, inheritance, property

rights and advertising will further support the use of cryptocurrencies. With all these

developments, cryptocurrencies are expected to have all the functions and features

of money and even to turn into much more than money over time. Some of the areas

where cryptocurrencies are currently used and are expected to be used in the near

future are discussed as examples in the following subsections (Bruno & Gift, 2019;

Coron, 2006; Dierksmeier & Steel; 2018; Howells & Bain, 2008).

2.8.1  Tourism and Accommodation

The tourism and accommodation market, with its unique characteristics, is one of

the markets that closely follow innovations in an effort to offer the best to consum­

ers. For this reason, it is one of the sectors where cryptocurrencies have been most

rapidly accepted and used. In the tourism sector, people travel to geographies where

they do not even know the language and often need international money transfers to

use in those countries. In this situation, travellers can make low-cost and fast money

transfers with cryptocurrencies without the need for intermediaries. Cryptocurrency

technology has created an easy and secure payment opportunity, especially for travel

agencies that provide services over the internet and have an international character.

A good example is the website Cheapair​.co​m, which has accepted Bitcoin as a form

of payment since 2013 when purchasing flight tickets, hotel reservations, car rentals

and cruises.

2.8.2  Real Estate

The real estate sector stands out as one of the sectors that have rapidly begun to use

cryptocurrencies. In general, everyone in society takes part in the real estate sec­

tor in one role or another as a buyer, seller or rental party. Real estate transactions

are time-consuming, complex and costly transactions that many parties perform

together and that require a reliable payment and recording system. If the process has

an international character, the process becomes even more complex and difficult.

With the use of blockchain and cryptocurrency technologies, it is possible to record

the obligations of the parties in an unchangeable manner, to determine the accuracy

of the information provided, to transfer the agreed payments safely and without cost,

and to update the records in accordance with the new situation in an easy, fast and