As crypto and blockchain expertise achieve extra consideration amongst regulators, many are asking, “What are some use instances for the trade past earning profits?” all in an effort to outline why it exists within the first place.
To assist maintain observe of those use instances, Polygon Labs final month launched The Worth Prop, a database of the varied methods web3 could be carried out. The corporate now has 430 complete tasks throughout 42 use instances and 9 verticals, Polygon Labs completely shared with crypto-news+.
Polygon Labs has been engaged on an initiative to offer regulators with one of these data. In June, the corporate wrote in a weblog submit that it constructed the database to point out numerous methods web3 can be utilized in an effort to reply a few of these questions.
Typically, when folks take into consideration crypto, they instantly affiliate it with “get wealthy fast” situations. Simply consider meme cash pumping (and later dumping) and the hype round NFTs.
The 2023 Financial Report of the President checked out blockchain expertise and even reviewed three use instances: 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.” But it surely 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 harassed up to now by regulators in D.C. when speaking about crypto or blockchain expertise throughout hearings. Polygon’s database might doubtlessly assist them maintain observe of nonfinancial use instances in a neater method.
