Use Cases

Web3, or the decentralised web, has the potential to reshape various industries through its unique set of advantages, such as decentralisation, transparency, security, and trustlessness. Here are some of the key use cases:

Decentralised Finance (DeFi)

This is perhaps the most mature sector in the Web3 space. DeFi apps allow people to lend, borrow, trade, and earn interest on their assets in a peer-to-peer manner without intermediaries like banks. Users retain full control of their assets within DeFi applications.

Non-Fungible Tokens (NFTs) and Digital Art

NFTs are unique, indivisible tokens that can be linked to digital content, making it possible for artists to tokenise their work. This means artists can sell their work directly to consumers without a middleman, and they can program royalties so they're paid for secondary sales.

Decentralised Autonomous Organizations (DAOs)

These are member-owned and member-managed communities without a central authority. DAOs operate through smart contracts on a blockchain. They allow for open and transparent decision-making processes, enabling anyone, anywhere to collaborate and make decisions.

Supply Chain Management

Blockchain, the underlying technology of Web3, offers transparency and traceability, which can be applied to supply chain management. It allows consumers to trace a product's journey from manufacture to sale, providing proof of origin and preventing counterfeit goods.

Decentralised Identity

Web3 can help create self-sovereign identity systems where users have control over their data. This can be applied in various scenarios like controlling access to personal data, proving age without revealing the date of birth, and more.

Gaming

Web3 enables players to have real ownership of their in-game items. These can be traded or sold independently of the game, often in the form of NFTs. Some games also incorporate DeFi mechanics, allowing players to earn real-world value.

Data Storage and Sharing

Decentralised storage solutions in Web3 allow for data to be stored securely and without a central point of failure. This can be used for anything from personal cloud storage to hosting websites.

These are just some of the possible use cases for Web3. As the technology matures and becomes more mainstream, we can expect to see these applications expand and evolve, as well as new use cases emerging.