Field report: Blockchain Use-Cases in the Spotlight
Despite the unusual covid situation and limited travels, members of Blockchain Alliance Europe still opt to attend live blockchain conferences that we find exciting and relevant. We have summarized some of the recent ones and our findings below.
We visited two live conferences at the end of November and early December, the Blockchain Expo in Amsterdam and Blockchain Fest in Cyprus. We were interested in how big and advanced their blockchain communities are, what kind of use cases they are developing and what they think about future tech trends.
For the most prominent part, all eyes are on financial use cases. Consequently, it doesn’t come as a surprise that the participants of both conferences expressed a lot of interest in Defi projects and NFTs, which undoubtedly made their way in 2021. It seems that the trend will continue to rise in 2022, when the initial hype will be replaced with the projects’ true potential, leading to even more successful and renowned use-cases.
Nevertheless, blockchain technology has many other possible uses throughout industry verticals. As evidenced in both locations, big companies have closely monitored the development of relevant use cases and conducted many pilot projects, which have already shown promising results.
The most significant challenges preventing mass adoption to this day remain the lack of regulative framework and standardization even though blockchain technology is perceived as an opportunity by countries and governments.
Following this trend, Cyprus aims to become a crypto hub and offer various licenses for crypto-asset based projects; the Netherlands has conducted several blockchain-based pilots since 2018 and is one of the most digitized European countries; whereas Georgia is working on the land registry on blockchain technology. These are just a few examples, but it can be said with ease that practically every European country widely experiments with blockchain, and in some way, encourages businesses to innovate with this new technology, even without granting them the necessary legislative security.
We also noticed that the project’s credibility and transparency come to the fore while focusing on sustainability and social innovations based on blockchain technology. The opportunity in this area is exceptional, as social innovations, especially charitable projects, desperately need the means to ensure greater credibility and attract more donors.
For Blockchain Alliance Europe, live events are of utmost importance for networking and, consequently, building relationships with like-minded businesses and individuals. We hope that the circumstances in the future will make it even easier for us to connect and strengthen ties between different communities.