Most people still do not understand the Crypto Blockchain world. Politicians demonize it saying Cryptocurrency is only used for illicit drugs or crime. Scammers promote worthless coins or projects that have zero value or usefulness.

So, what are some examples of real-world use cases that will actually have value?

1.   Decentralized Digital Identity

Your digital identity is an online identity that will be used to verify credentials using blockchain technology. This will be your key to using web 3.0 and its decentralized applications. You will own your identity and it will not be owned by large corporations such as Google, Facebook, or Amazon.

You will no longer need to memorize multiple passwords. Your id token will be your key, or password, to all your accounts. It will secure your information and make it nearly impossible for hackers to break into your email, bank accounts, or anything that we password-protect today.

2.   Supply Chain

There are many problems with our supply chain. Take for example our food supply. Is your food truly local and organic as it is labeled, or did it come from a foreign country grown next to a toxic chemical factory? 

Today, it is nearly impossible to know with certainty or be able to verify where a product comes from. We must trust that corporations are being truthful. If the supply chain used NFTs and their associated smart contracts, we can be confident of the origin and authenticity of the product because we are trusting the code that has been verified by the decentralized blockchain.

Imagine pulling out your phone and scanning the QR Code, then being able to see each step along the way of the product's journey either from farm to shelf, or from the manufacturer to the store. This information would all be verified by the decentralized blockchain. Thus, you would not have to trust the corporations that have been known to put misleading or outright false labels on their products.

You could even be able to know exactly where every ingredient came from by looking at the history data stored on the NFT.

So it could verify food supply products, or physical products and assets as well. This will put the control and knowledge back in the hands of you, the consumer, where it belongs.

 3.   Product Authenticity

The problem with fake or counterfeit products has been increasing in recent years. Fake medicine and supplements are dangerous to health. Fake brand name merchandise is a problem for quality concerns as well as a threat to corporate profitability.

NFTs can solve this problem by tying a unique Non-Fungible Token to each product. This will allow tracking and tracing of products. Just imagine scanning a QR code of something you bought and then seeing its entire journey, from the factory or manufacturer to the store or your mailbox.

4.   Music

Musicians and songwriters will benefit from NFTs and fundamentally change the music industry by issuing their songs, albums, and written works as NFTs.

The music business can be very profitable for large corporations and record labels. Unfortunately, individual artists are taken advantage of and generally receive only a very small portion of the revenue their creations generate. 

There is a better way! A more beneficial, and efficient platform for musicians and songwriters to monetize their music would be to publish their creative works in the form of music NFTs. The major benefit to musicians and artists is that it will cut out the royalties and payments to middlemen. In addition, artists and their surviving families will be able to receive a percentage of revenues from any resale of their works forever, something that is virtually nonexistent today.

5.   Publishing

Publishers and book writers will benefit from NFTs and fundamentally change the publishing industry by issuing their works as NFTs, and having token-based communities for promotions and interacting with their fan base.

When an author publishes their book as an NFT, they will be able to cut out the middlemen and keep a significantly higher percentage of total revenues. Authors will have complete control of the publishing process as well as retain total control over the content and editing.

Book publishing has adjusted to changing technologies since the first pens were invented, and it will continue to do so.  Authors can adapt to today's change with web3 decentralized apps or they can be left behind.

These are just a few of the use cases that we will be exploring. The Academy of Web3 dApps will also teach exactly how it can be accomplished by you the creator, with no coding required.

ABOUT THE AUTHOR
Academy of Web3 dApps

Greg W. Barker

We educate people on how to use Web3 dApps in applications that will improve lives and give the normal person a way to compete, get ahead, and stop the large, centralized corporations from taking most of the profit from your hard work.