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January 11, 2022

Real world use cases for blockchains

Today, let’s stop exploring the theory, and instead talk about ways that blockchain technology is already used to solve real problems.

But first, remember what blockchain technologies actually do very well: They create a decentralized system of record, one that can not be falsified or altered without consent.

Arguably the most popular use cases are NFTs. Those non-fungible tokens are used to sell ownership of digital art. Without the need for commission-hungry art galleries or auction houses, artists get access to a worldwide audience to sell their art. Talented teenagers make life-changing money, and known artists expand their audience.

Another great use of blockchains are stablecoins. Those crypto currencies are tied to the price of a stable currency, for example the US dollar, and are already being used as payment methods in places where people don’t have easy access to bank accounts, and will likely never need those either thanks to crypto.

Those stablecoins are also really practical if you need to pay someone abroad. Before crypto, it required high transaction fees and an complicated wire transfers to send money to a worker or family member in a different country. Now, things are instant with almost zero fees.

And there are tons of other uses - hundreds of billions of dollars are tied to lending and financing on the blockchain for example. So! Next time, someone tells you there are no real world uses for crypto, you have some examples to share.

And next time we dive deeper into gas fees and why there are still some transaction fees when you use crypto.

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.

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