Exciting Crypto Use Cases to Watch in 2024: Transforming Industries and Solving Real-World Problems

2024 is shaping up to be the dawn of several exciting crypto use cases, despite the challenges faced by the industry in 2023. From high-profile legal issues to skepticism about the real-world applications of cryptocurrencies, the past year has been a tumultuous one for the industry. However, amidst the chaos, rapid technological progress in blockchain technology has been quietly taking place.

As we look ahead to 2024, here are five existing use cases that are expected to gain traction in the coming year:

1. Digital Identity: With concerns about online privacy and data security on the rise, blockchain technology can provide a new form of digital identity document for the web. Platforms like zPass allow users to upload encrypted versions of their credentials to the blockchain, enabling them to authenticate for services without divulging personal information.

2. Efficient Global Payments: Traditional payment systems are often slow, costly, and inaccessible to many. Cryptocurrencies backed by real-world currencies, known as stablecoins, offer a fast, cheap, and universal payment solution for global transactions. In 2023, stablecoins accounted for $4.5 trillion of crypto transaction volume on blockchain networks.

3. Decentralized Trust for the Internet: By applying blockchain to internet security, a more robust system can be created that reduces vulnerabilities and increases transparency. This decentralization enables new social media applications to be built on a “web of trust.”

4. Transparent Humanitarian Aid: Blockchain technology provides a transparent, traceable, and secure system for humanitarian aid, ensuring that donations are used effectively and reach their intended recipients. Recent initiatives, such as a UN pilot to provide aid directly to families affected by the war between Russia and Ukraine, demonstrate the potential of blockchain in this area.

5. Empowering Digital Economies: Blockchain technology enables more democratic digital economies through NFT marketplaces and DAOs, allowing creators and artists to earn fair compensation for their contributions. This can help address issues of centralization and limited opportunities for creators in digital economies.

While these use cases hold immense potential, challenges such as scalability, user privacy, and user interface complexity still need to be addressed for blockchain technology to go mainstream. However, progress is being made in these areas, with new approaches to modularity, zero-knowledge cryptography, and account abstraction making blockchain technology more secure and user-friendly.

As we look towards 2024, the cryptocurrency industry will continue to face challenges, but also make progress towards making blockchain technology relevant and useful for solving meaningful problems at scale. The transformative potential of blockchain technology is clear, and with the right applications, its value can be fully realized in the coming year.