As crypto and blockchain technology gain more attention among regulators, many are asking, “What are some use cases for the industry beyond just making money?” all in an effort to define why it exists in the first place.
To help keep track of these use cases, Polygon Labs last month released The value proposition, a database of the various ways web3 can be implemented. The company now has 430 total projects across 42 use cases and nine verticals, Polygon Labs sharing exclusively with TechCrunch+.
Polygon Labs has been working on an initiative to provide regulators with this type of information. In June, the company wrote in a blog post who built the database to show various ways that web3 can be used to answer some of these questions.
Often when people think of cryptocurrency, they immediately associate it with “get rich quick” scenarios. Just think of the meme coin pumping (and then dumping) and hype around NFTs.
He Economic Report of the President 2023 he discussed blockchain technology and even reviewed three use cases: Walmart Canada and its use of blockchain technology with its supply chain; Helio decentralized wireless network; and NFTs and virtual real estate. The report's conclusion was that they have so far "demonstrated limited, if any, economic benefits." But he also acknowledged that proponents still claim the technology could find productive uses in the future as companies and governments continue to experiment with it.
This is something that DC regulators have emphasized in the past when talking about cryptographic or blockchain technology during hearings. Polygon's database could potentially help them keep track of non-financial use cases in an easier way.
