Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com. Though still far from being designated as a fully-evolved technology, blockchain has quickly gained prominence for facilitating many novel use cases across multiple applications and industries. Built on the foundations of cryptography, blockchain guarantees data immutability, thus solving the problems of data tampering and fraud. Over the last decade, blockchain technology has found its way into several industries like gaming, healthcare, eCommerce, and fintech, among many others. However, the recent meteoric growth of cryptocurrencies opened the floodgates of innovation. In the last couple of years, hundreds of functional, innovative blockchain use cases have emerged, each unique in its way and designed to bridge the gap between the evolving technology and real-world applications. From DeFi to the metaverse, these promising next-generation blockchain projects play a crucial role in helping the general population understand the concept of digital currencies, contributing immensely to the mainstream adoption of cryptocurrencies. That said, here are four of the most innovative blockchain use cases that will shape the next wave of decentralization. Trust between two parties plays a key role when it comes to financial transactions. In the traditional finance (TradFi) sector, banks and other intermediary organizations maintain the “trust” between parties. However, in the case of decentralized finance (DeFi), there is no centralized authority to play this role. Smartlink addresses this challenge by offering end-to-end “Trust-as-a-Service” solutions designed for Web 3.0. Powered by the Tezos blockchain, Smartlink delivers an array of escrow smart contracts that facilitate the purchase and sale of goods and services without any centralized authority. Through its autonomous escrow smart contract modules, Smartlink addresses the risks of losing money to scams and online frauds. To ensure that each escrow smart contract module supports real-world use cases, Smartlink has partnered with the CEA Research Center. Together, both teams are building frameworks for both digital and physical products. As of date, Smartlink has rolled out the Smartlink Escrow V 1— Digital Products smart contract module for digital products, allowing users to escrow XTZ tokens, NFTs, and synthetic assets, and perform OTC trades via one-on-one transactions. Additional features for digital products and escrow modules for physical products are set to be rolled out in the future. Smartlink’s diverse range of non-custodial escrow services will help buyers and sellers avoid unnecessary fees, given that all escrow smart contracts are designed to self-execute and release the funds as soon as all predefined terms are met.
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