How Blockchain Changes Our Lives In 5 Real Cases

How Blockchain Changes Our Lives In 5 Real Cases

How Blockchain Changes Our Lives In 5 Real Cases

Blockchain technology is meant to be the next revolution in how we trade and share assets and information through the Digital World. Blockchain is behind all new cryptocurrencies and offers an open source software that is able to deliver a fair, more equal commercial possibilities.

It is not an utopia, but a technology that can bring businesses together, as never seen before. Thanks to Blockchain system, the intermediaries role is being removed. This happens thanks to a block powered model that allows peers to connect each other and exchange assets without the need of third parties observing and regulating them.

It doesn’t mean though that those transactions are not trackable. Following security measures, all exchanges made through a blockchain system are open and visible. While transactions are open-to-see, parties involved in those are kept anonymous to ensure full privacy settings.

The most visible innovation that Blockchain has brought to us is the digital assets, or the so-called cryptocurrencies. We are talking about virtual coins such as Bitcoin, Ether, Monero, among others that works thanks and through blockchain technology.

They have proven real value as currency with hundreds of companies and retailers accepting them worldwide. Also, it has been seen as a well worthy tool in the developing of new relationships between business, with its feature of ‘smart-contract’.

Basically a smart-contract is a piece of computer code that is capable of monitoring, executing and enforcing an agreement. It is not a brand new coding, as it has been used before, but what a smart contract does is that it takes such coding, and combines it with the potential of the blockchain to interact with multiple financial systems, asset registers and more.

Estonia is currently leading the way with its digital citizenship program

Main Blockchain Innovations

The innovations Blockchain has brought the world, can be seen as being hard-to-implement. The truth is, they are actually are more alive than ever before. From Government uses to major business, a whole range of private parties use and take advantage of Blockchain technology. Here is a list of 5 appliances of Blockchain system according to expert P. H. Madore:

  • Taxation

It is a matter of time until Bitcoin and cryptocurrencies will be applied to taxes. This also means we’re probably pushing toward a shift in the way finances are done generally. If governments decide that it is possible to have a 0% tax cheat rate with a blockchain system in place for its fiat currency, they will likely begin to implement systems which enable this. It’s no secret we’re heading for a cashless society.

  • Identification

Estonia is currently leading the way with its digital citizenship program. Immutably provable records of identity are increasingly valuable in a world where literally anything can be faked. Eventually all organizations which require identification will have some form of encrypted database, preferably decentralized and very difficult to modify without correct permissions. A shift to digital, cryptographically-based identification systems would represent a change for everyone.

 

  • Data Mining and Advertising

Several outfits are working on blockchain-based solutions to the digital advertising problem. AdEx and AdToken focus on making advertisers more honest, as well as their customers, while BitClave seeks to create a whole new economy around the buying and selling of our individual retail data. In the near future, it will be commonplace for people to receive a small, token rebate for advertisements served to them from which they then made a purchase, in the form of being paid a portion of the cost of delivering that ad to them.

  • Public Trust & Accountability

Everything from marriage or health records or land deeds to political votes can be recorded in a blockchain. On the first mission, we’ve seen companies like Factom, trying to find successful means of recording real properties on the blockchain. Lately, Votem is far and above the competition in terms of creating a trusted blockchain voting solution.

screenshot of platform votem

  • Tokenized Assets

In concert with the last point, we note that a recent rash of ICOs have launched which seek to help people monetize assets. We’re talking about a crowdfunded sort of pawn shop, where people who have valuable items can raise money by selling shares in them instead of selling them whole or liquidating them completely. The really interesting thing for cryptonauts will be the ability to sell shares in their individual cryptocurrency holdings, essentially being able to take loans on their crypto holdings, as is offered by SALT.

Possibilities are endless inside the Blockchain. As far as it goes through the Digital World, it can be done thanks to its system. From rewriting business relationships, costumers approach or financing new ideas, the Blockchain will be, so far, the most valuable asset the new ‘prosumers’ will put their hands in.

Thought leadership series on new trends and blockchain, powered by Humaniq.

Launched in 2016, Humaniq aims to provide mobile finance to the 2 billion unbanked population through its mobile app for good, that uses biometric authentication to replace traditional methods of ID and security. Humaniq’s open source stack and API will be available for startups and other businesses to build services on its core technology, making it easy to adapt their service and plug it into Humaniq’s network to reach a huge, untapped audience.