The general idea of use cases
Use cases are basically situations where services can be applied to solve a particular problem, fulfill a need, or achieve a particular goal. The implementation of use cases have been used to demonstrate the versatility and potential of blockchain technology which in turn transforms various industries and processes by heightening transparency, security, efficiency, and trust. In view of this, just as the Blockchain technology space keeps evolving, so also does several usecases emerges there will be more creation of new ideas and inventions.
Since the invention of Blockchain technology, there are series of use cases that blockchain technology offers, that are applicable to web 3 crypto ecosystem, with the huge Blockchain inclusive. Some of the use cases I am familiar with, considering my experience using the hive Blockchain are;
Decentralized Freelance Marketplace
The decentralized Freelance Marketplace is a relatively new usecases available on the Blockchain, during my research I got to find out that that what it does is to leverage blockchain technology to connect freelancers directly with clients without the need for mediators or agents. This allows for efficiency in client interaction level. Just like the hive Blockchain, it allows content creators to have a global access on a platform that is is not autonomous or centralized but one that decentralized. This allows for payment in cryptocurrency
Or stablecoins.
Healthcare
Use cases for the healthcare system on Blockchain is built to secure store and manage healthcare data, this will enable patients to have greater control over their medical records which will eliminate publicity. while in the course of ensuring privacy, interoperability, and secure sharing among healthcare providers. This would profer solutions in determining efficiency.
Decentralized finance (DEFI)
Just like in the hive Blockchain, one of its use cases has to be the decentralized marketplace. This system of Decentralized Finance(DeFi) is an emerging technology that alters how the financial system operates. In turn, this system offer a variety of services that are practically implemented to provide value on the Blockchain for users. Some of these include borrowing and lending, token and coin swapping, interest earning through staking, hedging of risk,speculation on price movements and so on. One thing I have come to realize with defi is that it does not allow for third parties, no agent or mediator is involved . Rather it allows for greater accessibility and transparency in the financial ecosystem.
Tokenization of Assets
Tokenization is one use cases of a Blockchain technology that has proven necessary on the Blockchain since implementation, it is a process of creating digital tokens that represent real-world or virtual assets on a blockchain network. For example, on the hive Blockchain, data is taken and assigned a value known as a token, thus on hive we use the hive token. On a Blockchain in general, the use cases of tokenization can be in different assets as it is not limited, we have the currencies, securities, commodities, real estate and more. Othe transparent nature of Blockchains allows for transactions involving tokenized assets to be recorded on a blockchain, providing transparency and immutability(cannot be altered). Other advantages include; greater liquidity,higher accessibility, no intermediaries and
cheaper and faster transactions.
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