Applications and Use Cases

Blockchain-based Products Benefit with Web3 Development

March 03, 2023

In theory, the advent of Web3 should propel blockchain technology to further heights. The increased speed and bandwidth, along with control over ownership, provide the perfect setting for blockchain usage.

Web3 is designed to operate as a distributed network, employing blockchain technology to power the rapidly developing Web3.

People attending The Blockchain Event 2023 in Ft. Lauderdale, Florida, recently listed to a panel discussion about how blockchain-based products will benefit from the development of Web3.

The discussion was moderated by Mostafa Razzak, CEO at JMR Connect, digital public-relations agency. He first introduced Piroune Balachandran, co-founder of business consultancy Nodestar, which helps brands learn how to leverage Web3.

Next, we met Eduardo Fonnegra, vice president of marketing at Bondex, which sells a job-recruiting application for Web3 professionals.

Web3 represents a time of discovery and opportunity, Fonnegra said. “Nobody really knows where this is going,” he said.

Razzak led the discussion toward the blockchain products that stand to benefit most from the move to Web3, which include:

  • Cryptocurrencies. After a dramatic decline, cryptocurrencies are in the news. Plenty of people got hurt. “That’s the one time in my life I did not want to be Tom Brady,” Balachandran said. But Bitcoin has held the $20,000 level, and Central Bank Digital Coins (CBDC) are on the way. Don’t give up on crypto yet, the panel said. “This bear market is an awesome time to build,” Fonnegra said. “There are still counter-party risks with stablecoins” he said.
  • Non-fungible tokens (NFTs). Using a unique digital identifier that can’t be copied or changed, NFTs provide content creators with a certificate of ownership. Ownership allows the content to be transferred, either in whole or part. “NFT’s generally offer full commercial rights, which means that you can go tell your story,” Balanchandran said.
  • Decentralized finance (DeFi). By allowing transactions to happen on blockchain, DeFi eliminates the middle-man processor. Software processes blockchain code to transfer funds within a peer-to-peer network. Advocates say transactions occur faster, with reduced opportunities for fraud. “It’s going to make overseas transactions easier,” Balanchandran said.
  • Decentralized autonomous organization (DAO). Describes a business that runs completely on blockchain, with no management structure or board of directors. The DAO, one of first such companies, raised a record amount from crowdfunding to launch its token in April 2016. The token was hacked in June 2016, then delisted that September. Fonnegra said he’s never run a cross a successful DOA company.

Blockchain can help curtail fraud, Balanchandran said. For instance, immutable smart contracts prevent changes from being made that benefit just one actor.

Use cases for blockchain include police reports in India, where the immutability of the technology prevents reports from being changed, and real-estate smart contracts, which can provide liquidity and speed to improve transactions.

The conclusion is clear, according to the panel.

“More and more people are going to put things on chain,” Fonnegra said.

Edited by Greg Tavarez

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