Edited Using Canva. Image by WorldSpectrum from Pixabay
The Usecases of blockchain we know today are "swap (buy/sell), bridge, stake" but there's a variety of new Usecases that are more relevant this year and in coming time.
New Usecases of Blockchain
It's the year 2024 and we have different Blockchain with different concept.. those concept represent the Usecases and in this year we have
- Modular Blockchain
- Parallel EVM
- RWA (real world asset)
- DePIN (decentralized physical network)
These are some new blockchain tech relevant this year and moving forward we'll see more and more new concepts and Usecases but let's talk about new Usecases.
1. Tokenization on Blockchain
Real world assets (RWA) is one of the leading narrative this year.. This is one of biggest Usecases of a Blockchain, RWA means any physical currency, commodity or asset can be tokenized and bought on chain.
We heard Blockchain talking about RWA explaining how Blockchain can be used for tokenization.
There's a trillion dollars worth of value in other assets and we're in a digital world where digital assets are worth more and fast, scalable.
I see a big potential in real world assets (RWA) concepts related Blockchain and coin in coming time.
2. Parallel EVM: Makes Blockchain more scalable
In Blockchain world everything is transparent and being done by a person/computer... Parallel EVM makes this whole thing a lot better.
It speeds up the process and more efficient as all those people involved in the blockchain are assigned to do X task, X and the other one.
Let say there are 100s of people validating transaction a total of 500 transaction on ethereum network.. that's more costly and cost much fee but this parallel EVM execution makes it possible to do 500 transaction by a single person or as much low as possible.
This is a hot narrative we have seen catching hype this year.
3. Modular Blockchain: Keeps thing simple
This is working on making one Blockchain specialized in just one thing instead of trying to do everything.. just be good at limited one.
Image by Gerd Altmann from Pixabay
The first modular chain is Celestia, anyone can build on top of it.. there are plenty of decentralized applications (dapps) and it's not expensive but more efficient.
Modular chains are going to be one of it's kind in this Blockchain space that'll make a lot of things simple and better over the time.
4. DePIN: infrastructure on Blockchain
It's decentralized physical infrastructure network on Blockchain means we have hardware "GPU, storage/harddisk, data collection and more".
Now DePIN adds a valueable Usecases in Blockchain by performing these functions like GPU computing, keeping data, running a node etc" all on chain and decentralized.
One of favorite protocol that already exist in DePIN is Speak3... you can run a node or infrastructure to keep the storage and can get rewarded for doing it actively.
Wrapping Up...
In the end there are plenty of blockchains Usecases and everyone knows about swap/DeFi or building a smart contract.. but now Blockchain Usecases are becoming much more interesting that BlackRock like institutions are interested in it.
One can trust on Blockchain like it is transparent, decentralized and fast... In this age of digital and Ai world I see Blockchain will keep evolving to better. Do let me know what you think about it in the comments.
This is my submission for #februaryinleo writing prompts initiative. You can check out prompts and more details in this post.
