As crypto and blockchain expertise achieve extra consideration amongst regulators, many are asking, “What are some use circumstances for the business past creating wealth?” 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 will be carried out. The corporate now has 430 complete initiatives throughout 42 use circumstances and 9 verticals, Polygon Labs completely shared with TechCrunch+.
Polygon Labs has been engaged on an initiative to supply regulators with this sort of info. In June, the corporate wrote in a blog post that it constructed the database to point out numerous methods web3 can be utilized as a way to reply a few of these questions.
Usually, when individuals 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 Economic Report of the President 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 to this point.” But it surely 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.
That is one thing that has been confused previously by regulators in D.C. when speaking about crypto or blockchain expertise throughout hearings. Polygon’s database may probably assist them preserve observe of nonfinancial use circumstances in a better manner.