Although it is in the early stages of development and the launch of its own blockchain is pending, Worldcoin is already enjoying enormous acceptance.
Worldcoin is considered one of the biggest players in the digital world, and there could be numerous real-world use cases. Although the project has pending issues with regulators, it is expected that these will be resolved in the short term. However, these regulatory controversies are serious and should not be minimized.
Worldcoin, led by ChatGPT creator Sam Altman, has numerous options that could benefit businesses and individuals. It is emerging as a decentralized digital identification network for millions of people around the world, and several companies, as well as thousands of people are already using this project for various purposes.
Worldcoin: Real Use Cases by Companies
There are numerous real use cases of Worldcoin by companies from different sectors. The identification feature is one of the most attractive, although it is the bone of contention with regulators. However, some companies are already making progress in incorporating it into their business models.
There are rumors that certain companies such as Algorand and Starship Technologies adapted the project’s recognition program. The first would be for the scholarship system and the second to identify the clients of its deliveries. This would significantly reduce the possibility of fraud. So far the rumors have not been verified.
On the other hand, an official Worldcoin publication talks about the integration of its recognition program with important firms. Among these, Shopify, Minecraft, Mercado Libre and Reddit and Telegram stand out. The humanitarian NGO GiveDirectly joins these.
Likewise, it was recently unofficially reported that firms such as OpenAI and PayPal would also be interested in using the iris scanning recognition system, which allows users of different platforms to prove that they are human. This solution solves a major problem linked to financial fraud and identity theft.
There are several levels of Worldcoin security that companies have been taking advantage of for real use cases, which range from the most basic such as Device Auth, to the most complex such as that mediated by the Orb, which scans the retina.
Worldcoin: Real Use Cases by Individuals
Worldcoin’s identity verification system is also ideal for people, at least in theory, in the following three cases:
Unbanked people. Worldcoin can, with the ID, allow people to access financial services that would not otherwise be available to them. These include money transfers, loans and insurance.
Entrepreneurs. Worldcoin allows them to raise funds for their businesses. By generating tokens that represent ownership or participation in their business, entrepreneurs can sell them to investors around the world.
Artists. Worldcoin can allow artists to sell their work directly to their followers. With this, artists can eliminate middlemen and keep a greater share of the profits from their sales.
Advantages оf Using Worldcoin
Below are some оf the benefits that actually using the Worldcoin digital identity tool can provide:
Secure and decentralized identity verification. Worldcoin uses scanners called Orbs tо verify identities, making іt a secure and reliable way tо obtain digital identity іn a decentralized way. In this way, users can access financial services while maintaining their privacy.
Financial inclusion. Worldcoin can help unbanked people access financial services, as indicated іn the previous point. With this, the quality оf life оf thousands оf people around the world іs substantially improved.
New economic opportunities. The Worldcoin project can create new economic opportunities for entrepreneurs, artists and others carrying out primarily decentralized projects.
By Leonardo Perez
