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The idea of blockchain technology was first described in 1991 by Stuart Haber and W. Scott Stornetta, who introduced an easy computer solution to timestamp digital documents, to avoid them being tampered with.
Fast forward to 2008 blockchain technology as we know it is invented by Satoshi Nakamoto serving as a public transaction ledger of Bitcoin.
Not enough can be said about the advantages that blockchain technology can bring to the world and we’ve had to be selective in choosing just a few of these to share with you.
Without wasting any time, let dive into the topic, “How Blockchain Technology is Changing the World?”.
We all want to keep our money safe and secure and blockchain technology provides just that.
The banking industry would be faster cost less would have 100% accurate.
Record keeping and above all would be far more secure. Blockchain technology doesn’t just benefit us but the banks too.
Already 90% of banks are exploring blockchain technology’s 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’s less human intervention, meaning fewer errors if any at all and it’s 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 the money to clear when it’s needed quickly.
Blockchain technology will of course be able to assist us in improving our identity in the online world because as you’re aware, it’s online that people are 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 could lead to this like no formal registration at birth, lost documents due to natural disasters or not having 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 technology comes in.
60% of the people, who don’t have an official identity, do have a phone.
So, a blockchain technology-based mobile identity solution would work well.
Estonia has been using blockchain technology since 2007, for their national digital identity scheme and it requires no paperwork and only digital signatures and has proven to be a nationwide success.
Proving that you’re an owner of an item, without any proof of purchase, can be tricky.
If you’ve had your Gucci handbag stolen and you spot it in the hands of someone at the club and you know for a fact it is yours, how can you really prove it?
Blockchain technology is here to help by recording your items or transactions on the blockchain can prove without any doubt, the item in question is yours.
In the case of high-end items like artwork, it’s a fantastic way to prove the piece has been passed on or bought legitimately and that it hasn’t been stolen or resold at any point in the artwork’s life.
Blockchain technology is the safest and most reliable way to track assets for proof of ownership, in the sneaker market.
Everlatcher is looking at using blockchain technology to keep track of sneakers.
The smart tagging system would document the details of each sneaker so that users would know the sneakers they’re buying are genuine, LeBron James sneakers for example and not the fakes.
ICO or Initial Coin Offerings is a unique way that allows companies to raise money without going public on the stock exchange, using blockchain technology.
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 startup raises money through an ICOs, is firstly providing a white paper with details of the company.
It’ll state the amount of money required, how much the founders will keep, the type of money accepted and how long the ICOs campaign will run much like a Kickstarter campaign.
In 2016 German utility company, RWE were the first to install a blockchain-powered charging station and subsequently, some of the world’s largest automotive manufacturers have leaned toward developing blockchain-based incentive and data networks.
Mobi, for example, is 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 your house, you could use blockchain technology and make your chargers available for others in an uncomplicated way to generate a little extra income.
Cutting out the middleman has never been easier thanks to blockchain technology.
Nick Szabo developed smart contracts on top of blockchain technology, 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 program.
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.
It might have crossed your mind that blockchain technology will make many jobs redundant.
But like the co-founder of Ethereum and Bitcoin magazine Vitalik Buterin quoted, “Most technologies tend to automate workers on the periphery doing menial tasks, blockchains automate away the centre, 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 on 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 they don’t lose their clients or operations.
Uber should reconsider not taking such a significant percentage of their drivers and customers fees.
One small step for man one giant leap for mankind.
This advantage might not change the world, but it will certainly make our lives a bit easier.
Backtrack to 2014, a New York city councilman suggested authorities allow bitcoin to be used to pay parking fines.
It is unclear if that went ahead or not in 2017. but 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 licenses there would be fewer car accidents and people would generally be safer on the roads.
Blockchain technology has already revolutionized the way, companies are keeping track of their goods and services.
The supply chain is always being dogged with problems, like lack of transparency, management is ineffective, more risks due to extended value chain, sudden demand changes and theft.
We’ve mentioned how accurate blockchain technology is. This is why it’s so effective with supply chain management and keeping track of everything going in and coming out.
The system shows every step of the product’s journey, from the factory to the customer.
Information about the product can be accessed at any time and should anything be faulty with a product consumable or service, it’s easy to track the root of the problem.
Blockchain is already being used in companies like Walmart and Statista confirmed that 55.3 percent of their logistics service providers have already invested in blockchain technology.
Blockchain technology 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 payouts, transparency, and fraud mitigation data can be shared in real-time and claims can be verified leaving little room to crook the books.
Buying a house using blockchain technology will be easier and faster and if you’ve bought a house, you’ll know the process is neither fast nor easy.
It’s downright tedious stressful and exhausting.
It takes the involvement of banks, lawyers, municipalities, and sometimes even the government just to purchase a property and it costs a shit ton of money for the whole process.
With blockchain technology, you remove the need for all the intermediaries.
There’s one version of legal documents needed, and they are 100% accurate.
It’s tamper-proof, reducing the chances of fraud and reduces paperwork drastically.
In our article, “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 for the middleman.
So, the money or crypto really goes 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, can coordinate aid delivery and crowdfunding a revolutionary project that’s used blockchain technology successfully in disbursed.
They’re a distribution platform for aid funding and used blockchain technology to track money and limit laws.
They 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.
Your health information gets fragmented and it’s hard to keep track over the years.
Blockchain technology solves this, by improving the tracking of your medical history.
This saves the doctors time and your 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 you need to know about your allergies, family medical history, lifestyle factors, anything that could help them make the right diagnosis.
And the best part is the information is readily available, so doctors no longer need to wait for ages for files to be sent from one medical office to another.
We have one more example of blockchain technology for you that’s changing the world.
Cat lovers globally are in love with CryptoKitties, created by axiom zen and powered by the Ethereum cryptocurrency blockchain technology.
CryptoKitties managed to raise 1.3 million dollars, in just a month when it was launched in late 2017.
Virtual transactions took off and by March 2018.
CryptoKitties had a further 12 million dollars from Andreessen Horowitz union square ventures and other investors.
One CryptoKitties could cost anything from the equivalent of twelve dollars to way above one hundred thousand dollars.
Every cat is unique and you own it.
No cat can be replicated, removed or destroyed.
Collecting and breeding digital cats have really taken off and it’s one of the most successful blockchain games to date.
So, what experience have you had with blockchain technology we’d love to hear from you in the comments.
Besides offering their specific service another thing companies are known for are their tons of paperwork with blockchain technology.
All of these contract’s legalities, ndas codes of conduct business plans and reports all come together seamlessly to create a DAC or Decentralized Autonomous Company.
When time is not wasted on figuring out, if your employee still has two 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 your time, where it matters most.
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