As crypto and blockchain expertise acquire extra consideration amongst regulators, many are asking, “What are some use cases for the industry beyond making money?” 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 Value Prop, a database of the varied methods web3 can be carried out. The firm now has 430 whole tasks throughout 42 use instances and 9 verticals, Polygon Labs solely shared with Ztoog+.
Polygon Labs has been engaged on an initiative to supply regulators with this kind of data. In June, the corporate wrote in a weblog submit that it constructed the database to point out numerous methods web3 can be used in an effort to reply a few of these questions.
Often, when folks take into consideration crypto, they instantly affiliate it with “get rich quick” situations. Just consider meme cash pumping (and later dumping) and the hype round NFTs.
The 2023 Economic 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 only limited, if any, economic benefits so far.” But it additionally acknowledged that proponents nonetheless declare that the expertise may discover productive makes use of sooner or later as corporations and governments proceed to experiment with it.
This is one thing that has been pressured up to now by regulators in D.C. when speaking about crypto or blockchain expertise throughout hearings. Polygon’s database may probably assist them maintain observe of nonfinancial use instances in a better manner.