Blockchains offer new ways to govern communities, own your identity and access financial services. These are the possibilities.
A DAO, decentralized autonomous organization, is a community governed by rules in smart contracts. Members vote on proposals with tokens, and decisions are carried out automatically.
The model is used, among other things, to govern protocols in decentralized finance. The challenge is that power often ends up with those who hold the most tokens.
With blockchain-based identity, users can own and share proof of who they are, such as age or education. They share only what is needed, without the data being collected in a central database.
That can reduce the risk of data leaks and identity theft. The EU's work on a digital identity wallet builds on related ideas.
Many people around the world do not have access to a bank account. With a mobile phone and a digital wallet, they can still save, pay and receive money.
In countries with high inflation, stablecoins are increasingly used as an alternative to the local currency. Remittances from migrant workers also become faster and cheaper.
Web3 is the term for an internet where users own their own data, assets and identity, rather than the platforms. Users can take their assets with them between services.
The development will likely lead to a landscape where new, decentralized solutions live side by side with traditional institutions. The question is who captures the gains, and how regulation keeps up.