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Two applications that could change the world of blockchain

Cryptocurrencies are the most famous application of blockchain, but the technology can also be used to change lifestyles around the world.

Cryptocurrency and NFT are two keywords associated with blockchain over the years, but has not helped this technology become really popular and used by many people. However, some experts believe that blockchain will soon have unexpected applications in present and future life.

Patrick Layer, head of business development at PVH, which owns many famous American clothing brands, believes that fashion is one of the areas where blockchain can be fully applied.

Simulation coin for Ethereum.  Photo: Reuters.

Cryptocurrencies are just one of the applications of blockchain. Image: Reuters.

“Using blockchain for clothing manufacturing, as well as for resale, could reshape the entire industry. It helps identify apparel materials that are produced in a sustainable and ethical way, as well as such as ensuring the legitimacy of resale in the second-hand market,” he said.

Layer believes this is best suited for low-priced clothing on the market, but the real value of blockchain in fashion will lie in the luxury segment. “It can change your clothes, from debt to valuable commodity,” he added.

Blockchain will ensure that users know the source of the clothes they buy and easily resell in the future. This can also apply to many other consumer products, not just limited to the fashion industry.

Meanwhile, Fabian Vogelsteller, founder and chief architect of blockchain platform Lukso, believes that the technology can change the way humans operate on the network.

“In the world of Web 2.0, we don’t have a basic digital identity, because our presence is distributed across various social networking platforms, lacking connectivity with other Internet applications. users have to register and log in manually on each platform individually,” he commented.

However, what makes Web 3.0 not yet widely known as the “identity class”. Vogelsteller believes that current cryptocurrency wallets are difficult to manage, easy to lose, and cannot be used to query information such as names, descriptions and photos of users.

“The new idea is to build a common profile on the network, helping users to own unique identifying information in the digital world. Accordingly, each person only needs a unique identity profile and can operate. smoothly between different online platforms:, Vogelsteller said.

He thinks that accounts that can authenticate identities on the blockchain will play an important role in enabling the next generation of the Internet, in which power will shift from the platforms to the users themselves.

Diep Anh (according to The Next Web)

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