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Cryptocurrencies are the most known use of blockchain technology. However, there are other popular use-cases too, such as NFTs that peaked in popularity in 2021. But, yet there hasn’t come a solution that people can use.
Experts give us some insights into the topic, from which come up with some surprising uses of blockchain technology.
Patrick Layer, the Head of Growth in the Circular Business Division at PVH, one of the experts points out fashion as one of the use-cases.
According to Layer, blockchain technology can be utilized for the production of the clothes as well as their resale, in turn disrupting the whole industry.
He further says that everything will be impacted because of this including “the sourcing of material”, the production will be done “ethically and sustainably,” to ensure the legitimacy of garments in their “second lifespan” or on the resale market.
The layer also adds that the proper leverage of blockchain technology could be done on the luxury side of fashion. The clothes will become an asset from liability, says Layer.
Blockchain technology will allow users to know the source of their clothes and ensure they are manufactured sustainably. Basically, blockchain technology can make the selling of clothes easier in the future.
Now, let’s see what could be the other uses of blockchain technology. Founder and Chief Architect at LUKSO, Fabian Vogelsteller says that the blockchain holds the power of changing the way we operate online.
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Vogelsteller explains that our online presence currently is scattered among different social media platforms “lacking composability with other internet applications.” Today we register and log in to each platform separately.
Additionally, the “identification layer” is preventing Web3 from becoming widely used. For example, according to Vogelsteller, current “blockchain digital wallets are laborious to administer, easy to lose, [and] unable to reference information,” such as names, descriptions, and photographs.
The main aim is to build a “universal profile,” that will act as a “one-of-a-kind identity in the digital world.”
Obviously, there are other uses of blockchain technology too. We as an individual and as organizations need to innovate more and find out ways to leverage this technology with immense potential.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
