As crypto and blockchain expertise beneficial properties extra consideration amongst regulators, many are asking what are some use circumstances for the business past earning profits, all in an effort to outline why it exists within the first place.
To assist preserve observe of those use circumstances, Polygon Labs final month launched The Value Prop, a database of the varied methods web3 might be applied. The corporate now has 430 complete tasks throughout 42 use circumstances and 9 verticals, Polygon Labs completely shared with TechCrunch+.
Polygon Labs has been engaged on an initiative to offer regulators with this kind of info. In June, the corporate wrote in a blog post that it constructed the database to indicate varied methods web3 can be utilized with a view to reply a few of these questions.
Usually, when folks take into consideration crypto they instantly affiliate it with “get wealthy fast” eventualities. Simply consider meme cash pumping (and later dumping) and the hype round NFTs.
The 2023 economic report checked out blockchain expertise and even reviewed three use circumstances: Walmart Canada and utilizing blockchain expertise with its provide chain; decentralized wi-fi community Helium; and NFTs and digital actual property. The takeaway from the report was that these have “demonstrated solely restricted, if any, financial advantages thus far.” Nevertheless it additionally acknowledged that proponents nonetheless declare that the expertise might discover productive makes use of sooner or later as corporations and governments proceed to experiment with it.
That is one thing that has been pressured prior to now by regulators in D.C. when speaking about crypto or blockchain expertise throughout hearings. Polygon’s database might probably assist them preserve observe of nonfinancial use circumstances in a better method.
