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SoftServe, Ultra, Coinweb, ConsenSys, DSCVR and XDC Foundation on Blockchain Misconceptions

Words by Tom Bleach, The Fintech Times

Avg. 2 Min read

We have the invention and evolution of technology to thank for some of humanity’s most significant advances. The invention of the telephone in 1876, the aeroplane in 1903, the computer in 1937, and the internet in 1974 all completely changed how we live our everyday lives. As technology advances, how can the likes of web3, the metaverse, blockchain and DeFi change the future of fintech? 

Continuing our focus on decentralised finance (DeFi), virtual assets and blockchain, The Fintech Times asked a number of industry experts what are the most common misconceptions of blockchain, and what are unexpected use cases we may see come into play in the future.

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Blockchain use cases ‘can make a big difference for businesses’

Billy Sebell, executive director at XDC Foundation, also commented on the wide range of blockchain use cases.

Sebell said: “The range of blockchain use cases that can make a big difference for businesses is so much wider than people think. Blockchain allows for a new set of applications to be built on decentralised networks. These dApps allow for cheap access to shared data as well as offer a host of financial instruments that can be automated, such as NFTs and cryptocurrencies.

“NFTs can act as a unit of account or a representation of an object to be exchanged as a derivative on the blockchain network and automate its rules within the network’s smart contract. Blockchain technology ultimately allows for the free exchange of value and data between a dApp’s users as well as the ability to be hosted without a central server to maintain the system.

“Think of the use cases that blockchain can do on a local level. For example, real estate tokenisation is emerging as a more localised or regional use case. Land registry has a utility that can make a big difference on the blockchain when it comes to costs for communities managing deeds and associated disputes. In the past, someone could forge a deed because there wasn’t an immutable method for recording these transactions. So go to local offices, work with regional officials and look for ways to incorporate blockchain into those local municipalities. From there you can take that model and build it across the country.”

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