Tyler Adams wrote the following op-ed.
Since the beginning of the year, both crypto developers and venture investors have focused their attention on infrastructure-related projects at the expense of consumer applications. There are a lot of tools that developers can use to scale platforms, add privacy features and decentralize their information. But there is a shortage of apps where they can be applied. No, we’re not disputing the claim that blockchain technology is just a way to solve a problem.
This doesn’t need to be the case. Crypto and its underlying technology, blockchain, have the power to change the way people interact both online and off. Blockchain as a tool for authentication could help to address the growing problem of counterfeit goods on the consumer market by providing an unalterable source of information.
More folks in the space just need this type of integration with the physical world, what I would call Non-Fungible Items – NFIs.
Crypto Winter Has Ended
It is important to note that the word “you” means “you”. NFT collapses market Then, there is the Failure of Metaverse The crypto winter and the rise of to takeoff caused developers to abandon consumer applications in favor of improving the decentralized infrastructure.
Remember that in the same year, media coverage on the FTX bankruptcy The industry’s reputation was severely damaged. This was not the right time to attract mainstream users. The developers instead put in their time and concentrated on solving issues related to scalability. user experience and security.
There have been improvements in all of these areas. Zero Knowledge (ZK), rollups, have significantly improved the speed of layer 1 protocol, Account Abstraction has provided a web2-like interface, and we’ve seen improvements on all these fronts. Decline in Hacks This year, we will move from the first to second quarter.
Bitcoin has also reached a new high. all-time highThe mainstream’s interest and approval of Bitcoin ETFs this year has fueled the growth in Stablecoins Real-world assets tokenization. Builders of decentralized application have never had a better opportunity to connect with web2 businesses and users. It is only necessary to show that the blockchain platform can be used for more than just speculation.
Counterfeiting Crisis
The blockchain is a source of immutable truth that can be used to validate information both in the physical world and online. In 2016, the second-hand fashion market was estimated to be worth approximately 230 Millions This year the market for pre-owned collectibles is expected to grow by a staggering amount, estimated at $600 million. 135 billion dollars alone. It is not surprising that the counterfeiting of second hand goods, such as those sold on Ebay, Depop and The Real Real has increased.
The market for counterfeit products is expected to reach almost Two Trillion Dollars By the end of this decade. Imagine an authentication solution onchain that verified the origins of products. It could open up unprecedented possibilities for the integration of blockchain into the luxury and fashion goods markets.
Decentralized Finance (DeFi), which is growing in the digital world, allows more people to trade assets without the involvement of centralized agents. DeFi places a high value on privacy. However, to avoid scams there is need for a way of verifying identity. Blockchain authentication tools are again useful.
AI and Blockchain can be used to improve verification methods. At the moment, verification is performed by Individuals can be contacted by clicking here.. AI also allows image recognition at a greater scale, as well as object detection. To provide secure records, blockchains can store the data collected by AI.
NFIs can be a great way to enter the market
NFIs give NFTs real-world application. Linking a cryptographically linked physical asset with a “digital twin”NFIs on blockchain can be used to authenticate users. If you are creating a high-end watch, for example, you can embed a cryptographic private key which could be used in the event that the watch is sold on the secondary market.
Why would brands choose to invest in this new technology? It adds value to an asset when buyers can ensure returns on the secondary market. This isn’t just limited to watches – shoes, jewelry, and collectibles could all be verified onchain.
Remember that luxury and fashion brands still use NFTs. 9dcc’s NFT fashion collection The first Paris Fashion Week was held this year. Designs inspired by digital technology were presented. Additionally, younger generations care about manufacturing’s environmental impact. Brands could benefit from embracing the Circular Economy through Blockchain-enabled Authentication.
Blockchain Killer App
Too long have developers within the crypto sector focused on internal problems, which do not affect the wider population. It is clear that the crypto industry has matured and it’s time to look at use cases outside of finance.
Blockchain technology can be a superior solution for authentication than current technologies. Now that the crypto-winter is over, it’s time for the normalies to return.
Posted In: DeFi, Featured, NFTs, Opinion Author 
Tyler Adams
Tyler Adams, CEO & co-founder of COZ. A Web3 community that is pioneering the blockchain technology.
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