Five Ways Blockchain could change the world

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You probably heard about blockchain, but do you know what it's for? Besides supporting a new class of digital resources called [19659003] cryptocurrencies [19659003] (Bitcoin, for example), blockchain has many significant implications on how we live, work and play.

What is Blockchain?

Put simply, blockchain is a new way of storing information. shared virtual ledger owned by users (called nodes ) on the blockchain network. Any change to that ledger – if someone transfers money or updates a legal contract, for example – is cryptographically verified and then reflected on the whole network, visible to all.

Blockchain is the last enemy of the bureaucracy: with the use of intelligent contracts, pieces of code that automate manual processes, blockchain can remove g Intermediaries them from many traditionally complex activities, like buying a house or sending money abroad. The result is a cheaper, faster and more transparent technological structure for the most important industries in society.

Why should you worry?

As CEO of Altcoin.io, we are studying how to make these changes faster. We are working to improve the speed, scalability and interoperability of different blockchains, helping others to build their own applications. The potential of Blockchain has yet to be fully understood, but if it were to continue on its path to adoption, we could see some radical changes. Let's explore five of them.

1. The sending of money abroad will be faster

The sending of money abroad can take days. At best, this is frustrating; in the worst case, it could mean that friends or family are missing basic necessities or waiting for emergency medical treatment.

Currently, banks hold foreign currencies in Our / Veri accounts in other countries & nbsp; and use the SWIFT messaging system to organize transfers. If there is an agreement between the two banks, the transfer is usually made on the same business day. But in developing countries, where currencies are strictly controlled, your bank must use liquidity brokers or agents, which is more expensive, time-consuming and labor-intensive.

The blockchain solutions like xCurrent by Ripple drastically reduce the time and cost of sending money abroad. With participating banks connected via a blockchain network, all compliance checks and IDs are automatically met and authenticated by cryptographic signatures. Once cleared, transactions are usually resolved within seconds, leaving an immutable and transparent record for both banks. & Nbsp;

2. Buying a home will be easier and faster

The real estate market is a boring and boring business. Purchasing a home can take months of exhausting paperwork and costly legal fees. In the United Kingdom, things are even worse. Your seller can accept your offer but later reject it for a higher bid, a tactic known as gazumping & nbsp; (although officials are finally starting to regulate en.)

Most problems in the real estate market stem from a lack of trust. Complex land registers supported by reams of signed documents make monitoring difficult and verification requires the coordination of banks, government agencies and lawyers. The end result is an expensive and time-consuming process that many of us fear.

Blockchain, however, is without trust eliminating the need for complex verification processes performed by intermediaries. With blockchain, there is a unique and transparent version of the truth and a part can not make changes without the agreement of all the others. It is effective against tampering, which reduces documents and reduces the risk of fraud.

ClickToPurchase for example, replaced the labor-intensive securities trading process in the UK with smart blockchain contracts. Once your offer is accepted, the securities exchange immediately, preventing anyone from beating you. & nbsp; In the United States, & nbsp; Propy also uses blockchain for the exchange of securities in an attempt to automate the real estate sector.

3. It will be easier to treat health problems

Your medical history helps doctors treat you quickly and effectively, but it is likely to be fragmented between different health professionals. Incompatibility among provider systems make slow record transfer, often requiring manual intervention. Without your complete medical history, doctors could waste time and money on tests you do not need or may not be able to provide you with the best treatment.

Blockchain could make treatment of health problems easier by radically improving the accuracy and availability of your medical history. By creating an accessible permanent blockchain record, owned by you can immediately reveal the disorders, allergies and lifestyle factors that help doctors diagnose and treat you. It will also verify your identity, making sure you are not confused with the other John Smith in the waiting room.

4. You will be able to verify that what you buy is authentic

Whether you are buying a diamond ring without conflict a ticket to see your band favorite [19659021] & nbsp; or prescription drugs for a health problem the proof of authenticity is vital. The supply chains that handle every step of a product before coming into your hands are incredibly complex, with many brokers confusing the journey.

Currently, most of the supply chain management takes place through EDI a messaging system introduced for the first time in the years & # 39; 70. Although it is a big step forward compared to paper, it is all but perfect. EDI is two-way, leaving other interested parties out of the loop. If two parties undertake to defraud a third party, their activities will remain hidden (eg producers of counterfeit goods who conspire with distributors to sell products on Amazon).

This is not the case with the blockchain. Every phase of the journey of a product, from its manufacture to the series of its container, is recorded and made available to all interested parties, without the possibility of cutting corners or falsifying information. It also provides an open and transparent framework that eliminates confusion and controversy.

In short, blockchain ensures that when you buy something, it's the real deal.

5. You will be able to earn more money from the things you do not use

Big players in the sharing economy like Airbnb and Uber earn very little money. They generate income from connecting people – not renting property or driving a fleet of taxis – but still charging a huge sum for their services.

Since the blockchain is decentralized, there are no intermediaries and there is no need to share platforms. Can you rent your home car or any other connected intelligent object & nbsp; without technological giants that set the rules and nibble your profits.

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You've probably heard of blockchain, but do you know what it's for? In addition to supporting a new class of digital resources called criptovalute (Bitcoin, for example), the blockchain has many significant implications on how we live, work and play.

What is Blockchain?

blockchain is a new way of storing information. You can consider it as a shared virtual ledger owned by users (called nodes ) on the blockchain network. Any change to that ledger – if someone transfers money or updates a legal contract, for example – is cryptographically verified and then reflected on the entire network, visible to all.

Blockchain is the last enemy of the bureaucracy. With the use of intelligent contracts, pieces of code that automate manual processes, blockchain can remove intermediaries from many traditionally complex activities, such as buying a home or sending money abroad. The result is a cheaper, faster and more transparent technological structure for the most important industries in society.

Why should you worry?

As CEO of Altcoin.io, we are studying how to make these changes faster. We are working to improve the speed, scalability and interoperability of different blockchains, helping others to build their own applications. The potential of Blockchain has yet to be fully understood, but if it were to continue on its path to adoption, we could see some radical changes. Let's explore five of them.

1. The sending of money abroad will be faster

The sending of money abroad can take days. At best, this is frustrating; in the worst case, it could mean that friends or family are missing basic necessities or waiting for emergency medical treatment.

Currently, banks hold foreign currencies in Our / Vere accounts in other countries and use the SWIFT messaging system to organize transfers. If there is an agreement between the two banks, the transfer is usually made on the same business day. But in developing countries, where currencies are strictly controlled, your bank must use liquidity brokers or agents, which is more expensive, time-consuming and labor-intensive.

Blockchain solutions like Ripple & # 39; s xCurrent drastically reduce the time and cost of sending money abroad. With participating banks connected via a blockchain network, all compliance checks and IDs are automatically met and authenticated by cryptographic signatures. Once cleared, transactions are usually resolved within seconds, leaving an immutable and transparent record for both banks.

2. Buying a house will be easier and faster

The real estate market is a boring and messy affair. Purchasing a home can take months of exhausting paperwork and costly legal fees. In the United Kingdom, things are even worse. The seller can accept your offer but refuse it later for a higher bid, a tactic known as gazumping (although officials are finally starting to regulate it).

Most of the real estate market problems stem from a lack of trust. Complex land registers supported by reams of signed documents make monitoring difficult and verification requires the coordination of banks, government agencies and lawyers. The end result is an expensive and time-consuming process that many of us fear.

Blockchain, however, is without trust eliminating the need for complex verification processes performed by intermediaries. With blockchain, there is a unique and transparent version of the truth and a part can not make changes without the agreement of all the others. It is effective against tampering, which reduces documents and reduces the risk of fraud.

ClickToPurchase for example, replaced the labor-intensive securities trading process in the UK with smart blockchain contracts. Once your offer is accepted, the securities exchange immediately, preventing anyone from beating you. In the United States, Propy also uses the blockchain to exchange securities in an attempt to automate the real estate sector.

3. It will be easier to treat health problems

Your medical history helps doctors treat you quickly and effectively, but it is likely to be fragmented between different health professionals. Incompatibility among provider systems make slow record transfer, often requiring manual intervention. Without your complete medical history, doctors could waste time and money on tests you do not need or may not be able to provide you with the best treatment.

Blockchain could make treatment of health problems easier by radically improving the accuracy and availability of your medical history. By creating an accessible permanent blockchain record, of your property you can immediately reveal the disorders, allergies and lifestyle factors that help doctors diagnose and treat you. It will also verify your identity, making sure you are not confused with the other John Smith in the waiting room.

4. You will be able to verify that what you buy is authentic

That you are buying a diamond ring without conflicts a ticket to see your favorite band or [19659098] prescription drugs for a health problem the proof of authenticity is vital. The supply chains that handle every step of a product before coming into your hands are incredibly complex, with many brokers confusing the journey.

Currently, most of the supply chain management takes place through EDI a messaging system introduced for the first time in the years & # 39; 70. Although it is a big step forward compared to paper, it is all but perfect. EDI is two-way, leaving other interested parties out of the loop. If two parties undertake to defraud a third party, their activities will remain hidden (eg producers of counterfeit goods who conspire with distributors to sell products on Amazon).

This is not the case with the blockchain. Every phase of the journey of a product, from its manufacture to the series of its container, is recorded and made available to all interested parties, without the possibility of cutting corners or falsifying information. It also provides an open and transparent framework that eliminates confusion and controversy.

In short, blockchain ensures that when you buy something, it's the real deal.

5. You will be able to earn more money from the things you do not use

Big players in the sharing economy like Airbnb and Uber earn very little money. They generate income from connecting people – not renting property or driving a fleet of taxis – but still charging a huge sum for their services.

Since the blockchain is decentralized, there are no intermediaries and there is no need to share platforms. You can rent your home car or any other intelligent object connected without technological giants that set the rules and nibble your profits.

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