How Blockchain technology is changing the world

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Blockchain technology could become the new standard for storing and exchanging data in the online and real world. One of its recent victories is being the underlying architecture that made it possible for bitcoins to become an accepted currency.

What is it about, and why you should care.

Here are three reasons why it’s so ingenious.

Upgraded security

Once entered, no one can edit the transaction record, because it’s linked to every transaction done before. Hackers that want to crack into the system would have to hack everybody.

People have control

Each party on blockchain can access the entire database and its complete history; No single party controls the data or the information. Every party can verify the records of its transaction partners directly.

It simplifies things

It’s happening already, let’s look at some real-world scenarios.

Every agreement has a digital record, making brokers, bankers and other intermediaries redundant. If we embrace this new tech, Blockchain could contribute to an open and entirely digital world.

But, how can blockchain be used in the real world?

Energy

In the energy industry, the Blockchain-based company Essentia is developing a test project that will help energy suppliers track the distribution of their resources in real time while maintaining data confidentiality.

Another example of blockchain proving its worth in the Energy industry is Chile’s National Energy Commission, they have started using blockchain technology for certifying data of the country’s energy usage as it seeks to update its electrical infrastructure.

Real estate

In real estate, the Blockchain is now being used to record ownership and complete property deals, the first of which was conducted in Kiev by startup company Propy.

Land registry titles are now being stored on the blockchain in Georgia in a project developed by the National Agency of Public Registry.

Enterprise

Ethereum’s blockchain can be utilized as a cloud-based storage, courtesy of Microsoft Azure.

Google is building a Blockchain which will be integrated into its cloud=based services enabling businesses to store data on it and to request an individual white label version developed by Alphabet Inc.

IBM and Walmart have partnered in China to create a blockchain project the will monitor food safety.

IBM is using the Hyperedge Fabric blockchain in China to monitor carbon offset trading.

Environment

The protection of endangered species is being facilitated via a blockchain project the records the activities of these rare animals.

Blockchain technology has been used to provide a transparent record of where fish is caught, as a means of ensuring it was legally captured.

Expression

Decentralized journalism, as enable by blockchain technology, has the potential to prevent censorship and increase transparency as Civil has shown.

By storing certificates of authenticity on the blockchain, it’s possible to dramatically reduce art forgeries, as one blockchain project is proving.

Arbit is a blockchain-based project led by former Guns N Roses drummer Matt Sorum seeking a fairer way to reward musicians for their creative efforts.

We want to hear your ideas!

The Blockchain is the most ground-breaking development in technology since the internets’ creation. If you have a new idea of how blockchain can be used to better the world, let us know by commenting below!

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