Blockchain Is a Super-Technology, in the Sense That It Is Here to Save the Day. Here Are 15 Ways How.
The idea of blockchain technology was first described in 1991 by Stuart Haber and W. Scott Stornetta, who introduced an easy computer solution to time-stamp digital documents to avoid them being tampered with.
Fast forward to 2008, blockchain as we know it is invented by Satoshi Nakamoto, serving as a public transaction ledger of bitcoin.
Aluxers, not enough can be said about the advantages that Blockchain can bring to the world, and we’ve had to be selective in choosing just 15 to share with you.
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Blockchain might become a technology that the world in the future will be relying on. Such a subject should be understood with visuals and here they are:
With that projected, let’s get back into the article.
Money Is Safe and Secure
We all want to keep our money safe and secure and blockchain provides just that.
Banking would be faster, cost less, would have 100% accurate record-keeping and above all, would be far more secure.
Blockchain doesn’t just benefit us, but the banks too. Already, 90% of banks are exploring blockchain solutions, as they would have up to 30% reductions in infrastructure costs and could operate on a 10% headcount reduction, according to bigdatamadesimple.com.
The beauty is that transactions are transparent. There is less human intervention, meaning fewer errors, if any at all and is a great banking alternative, especially for people in unstable or undeveloped countries. And those who are working abroad who need to send money home, can do so instantly, instead of waiting days for money to clear when it’s needed quickly.
Proving Your Identity
Blockchain will of course be able to assist us in proving our identity in the online world, because as you’re aware, it’s online that people are really good at assuming someone else’s identity. But it runs even deeper than that.
Did you know that around 1.1 billion people around the world are not able to prove that they are who they say they are. There are many reasons that could lead to this, like no formal registration at birth, lost documents due to natural disaster, or not enough money to file the birth registration forms.
How do those without an identity get into schools? Find a job? Open a bank account? It’s practically impossible… and that’s where blockchain comes in.
60% of the people who don’t have an official identity, have a phone. So, a blockchain-based mobile identity solution would work well. Estonia has been using blockchain since 2007 for their national digital identity scheme. It requires no paperwork and only digital signatures and has proven to be a nationwide success.
Proving that you’re the owner of an item, without any proof of purchase, can be a bit tricky. Or if you’ve had your Gucci handbag stolen and you spot in the paws of someone at the club, and you know it’s yours for a fact, how will you really prove it?
Blockchain is here to help. By recording your items or transactions on blockchain can prove without a shadow of a doubt, the item in question is yours.
In the case of high-end items like artwork, it’s a great way to prove that the piece has been passed on or bought legitimately, and that it hasn’t been stolen and resold at any point in the artworks life. Blockchain is the safest and most reliable way to track assets for proof of ownership.
In the sneaker market, Everledger are looking at using blockchain to keep track of sneakers. The smart tagging system would document the details of each sneaker so that users would know that the sneakers they are buying are genuine LeBron James sneakers, for example, and not fakes.
I. C. Os – a New Way to Raise Money Without Going Public
ICO or initial coin offerings, is a unique way that allows companies to raise money without going public on the stock exchange, using blockchain.
ICOs are usually reserved for companies or businesses in the crypto industry, and you do need to have digital currency and an understanding of how crypto works.
How a start-up raises money through an ICO is firstly, providing a whitepaper with the details of the company. It will state the amount of money required, how much the founders will keep, the type of money accepted and how long the ICO campaign will run – much like a Kickstarter campaign.
While the campaign is running, anyone who loves the idea and wants to back it, can do so. They can pay in fiat or digital currency.
If the campaign doesn’t raise the required amount, the ICO is unsuccessful. If the required funding is raised, then the project can go ahead.
Charge an Electric Car
In 2016, German utility company, RWE, were the first to install block-chain powered charging stations. And subsequently, some of the world’s largest automotive manufacturers have leaned towards developing block-chain based incentive and data networks.
MOBI, for example, are using blockchain technology to make transportation greener, more affordable, and more efficient.
Bringing it closer to home, if you have an electric charging station at home, you could use blockchain technology and make your chargers available to others. An easy way to generate a little extra income. Blockchain will help the owner track what the driver owes him and then will do the payment digitally.
Cutting out the middleman has never been easier, thanks to Blockchain. Nick Szabo developed smart contracts on top of blockchain, which has made the role of a middleman null and void.
Any contract imaginable can be automated, checked, regulated and self-executed on a computer programme. The end result will be a flawless contract, done quickly, efficiently and at a fraction of the cost of what legal fees would normally cost you.
Blockchain Connects Service Directly With Consumer
It might have crossed your mind that blockchain will make many jobs redundant, but like co-founder of Ethereum and Bitcoin Magazine, Vitalik Buterin quoted, “Whereas most technologies tend to automate workers on the periphery doing menial tasks, blockchains automate away the center. Instead of putting the taxi driver out of a job, blockchain puts Uber out of a job and lets the taxi drivers work with the customer directly.”
If we take our point in our previous post about legal fees being too expensive, this would mean that lawyers worldwide would need to make their products and services more affordable so that they don’t lose their clients, or operations like Uber should reconsider not taking such a large percentage from their drivers and customers.
Companies Will Have Seamless Operations
Besides offering their specific service, another thing companies are known for are their mounds and mounds of paperwork. With blockchain, all these contracts, legalities, NDAs, codes of conducts, business plans and reports all come together seamlessly to create a DAC – a decentralized autonomous company.
When time is not wasted on figuring out if your employee still has 2 days of sick leave left, or whether your new recruit has signed her non-disclosure agreement, then you can start spending that time on building your business and investing the time where it matters most.
Pay Your Parking Fines
One small step for man, one giant leap for mankind. Ok, this advantage might not change the world, but it will certainly make our lives easier.
Backtrack to 2014, a New York City councilman suggested that authorities allow Bitcoin to be used to pay parking fines. It’s unclear whether that went ahead but in 2017, it was confirmed that South Africa would allow fines to be settled with bitcoin.
Blockchain technology would mean that governments could regulate everything traffic related.
They’d be able to regulate street parking, unpaid fines, unroadworthy vehicles, and overdue licences. When you look at the bigger picture, there would be fewer car accidents and people would generally be safer on the roads.
Blockchain and Supply-Chain Management
Blockchain has already revolutionized the way companies are keeping track of their goods and services.
Supply-chain has always been dogged with problems. Lack of transparency, management is ineffective, more risks due to extended value chain, sudden demand changes and theft.
We’ve mentioned how accurate blockchain is, which is why it’s so effective with supply-chain management and keeping track of everything going out and coming in. The system shows every step of the products journey, from factory to customer.
Information about the product can be accessed at any time and should anything be faulty with the product, consumable or service, it is easy to track the root of the problem.
Blockchain is already being used in companies like Walmart and Statista confirms that 55.3% of logistics service providers have already invested in blockchain technology.
Insurance Companies Can Benefit From Blockchain
Aluxers, blockchain can and will change the way insurance companies do business. The guys who dabble in a little insurance fraud on the side who make our premiums go higher, are going to have a hard time pulling a fast one when the technology is in place.
The new technology will equate to efficiency gains, cost savings, quicker pay outs, transparency, and fraud mitigation. Data can be shared in real time and claims can be verified, leaving little room to crook the books.
There might be another item above blockchain in the list of an insurance company’s interests. Check out the Most Expensive Celebrity Body Part Insurances | Top 10
Buying a house using blockchain will be easier and faster. And Aluxers, if you’ve bought a house, you’ll know that the process is neither easy nor fast. It’s downright tedious, stressful and exhausting.
It takes the involvement of banks, lawyers, municipalities, and the government sometimes, just to purchase a property and it costs a sh*t ton of money for the whole process.
With blockchain you remove the need for all of the intermediaries. There is one version of the legal documents needed and they are 100% accurate. It’s tamper proof, reducing the chances of fraud and reduces paperwork drastically.
Humanitarian Aid Gets the Right Boost
Aluxers, in our video, 10 Hard Truths About Philanthropy, we mentioned that not all charities are 100% transparent, and that CEOs of many of these charities are taking home massive salaries.
Once again, blockchain technology removes the need of the middleman, so the money or crypto really, gets to the exact charity it needs to. The digital journey of the donation can be traced from start to finish and it can be further traced to ensure it’s spent on what it’s meant to be spent on.
It can also be used to gather information on areas that need urgent aid and can co-ordinate aid delivery and crowdfunding.
A revolutionary project that has used blockchain successfully is Disberse. They’re a distribution platform for aid-funding and used blockchain to track money and limit loss. They’ve used it in a development project in collaboration with Positive Women and managed to reduce transfer fees and trace funds that were heading to Swaziland for a big charity project.
Treating Health Problems Will Be Easier
Aluxers, it’s very possible that throughout your life, you have seen many different doctors. The one doctor that you had growing up will have a file with all your information, and then you see a new one when you’re a teen, and they have a different file and you see where we’re going.
Your health information gets fragmented and hard to keep track of over the years. Blockchain solves this by improving the tracking of your medical history. This saves the doctors time, and you money, because you don’t need to take duplicate tests, or you’ll know whether a certain medication works or not if you’ve tried it before.
Any doctor logging into your profile could check your permanent, accurate medical history revealing everything they need to know about you – allergies, family medical history, lifestyle factors – anything that could help them make the right diagnosis. And the best part is that the information is readily available, so doctors no longer need to wait ages for files to be sent from other medical practices.
Coming up shortly – one of the most unusual ways that blockchain is being used and you’ll wish you’d thought of the idea.
Keeping Track of Sexual Consent
Inspired by the #MeToo movement, an Amsterdam based start-up called LegalThings launched an app called LegalFling. LegalThings specialises in digital contracts and decided to use blockchain technology to confirm sexual consent.
The app is more than just a yes or no type answer. There are many requirements that could be filled in, from what you’re willing to do, to being STD free, to affirming that a condom will be used, giving permission for photos to be taken and more.
A message with the conditions is then sent to the potential partner who has to either agree to the terms or not. If accepted, those rules are on the record, never to be tampered with.
We get that there are drawbacks to this concept but used correctly could be very beneficial down the line.
Aluxers, what experience have you had with blockchain technology? We’d love to hear from you.