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Cryptoslate
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Blockchain needs a killer use case, and authentication is cold-blooded
- Blockchain technology can revolutionize how we interact online and in the physical world, particularly as an authentication tool.
- Developers and venture capital have focused on infrastructure projects, leading to a lack of consumer-facing applications.
- Non-Fungible Items (NFIs) could provide a solution by integrating blockchain with the physical world.
- Improvements have been made to scalability, user experience, and security, making it a good time to integrate blockchain with web2 businesses.
- Blockchain can be used to authenticate information in the digital and physical world, helping to combat counterfeiting, particularly in the second-hand apparel and luxury goods markets which are worth billions.
- Blockchain authentication tools can also be used for identity verification in the decentralized finance market.
- Blockchain and AI can work together to improve methods of verification, with AI handling image, pattern, and object detection while blockchain stores the collected information securely.
- NFIs link physical assets to a digital twin on the blockchain, providing a powerful authentication tool for a range of products, particularly those in the luxury goods market.
- Brands can benefit from investing in blockchain-enabled authentication, providing greater value to assets and enabling marketing through embracing the circular economy.
- Authentication is a prime area where blockchain can provide a better solution beyond finance, and developers should focus on calling back the normies.
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