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From banking and secure communications to healthcare and travel sharing, the blockchain will have a huge impact on our future. Of course, to understand how the blockchain will change the world, you must first understand how it works.
Have you ever bought coffee or products labeled as fair trade products? How can you trust that information? What about when you meet someone on a dating site? How do you know I'm really the 35-year-old founders and wakeboarders who say they are?
Society today is full of uncertainties and problems of trust – and with a valid reason. To make sure that your purchase really helps a coffee bean grower in Ethiopia or that your date is actually what they say they are, you would need a system with high security where the documents are stored and the facts are verified by many witnesses so no one could cheat him
Blockchain: simplified
This type of system is called a blockchain. No person or central company owns it. Rather, information is stored on a system of many personal computers, so that there is no intermediary. It is decentralized and distributed & nbsp; so that nobody can eliminate it or corrupt it. However, anyone can use the system and help run it, because the information is protected by encryption.
It is essentially an ever-growing list of transactions (listed in blocks) that are verified, recorded permanently and linked in chronological order. For most users, the beauty of the blockchain will be in the unknown. Just as many of us are unaware of how 4G technology works or how silicon is processed to produce central processing units, we continue to use our smartphones on a daily basis. Likewise, blockchain will be a perfect "backstage" for many evolving technologies and will have an impact on the way we educate, manage, consume, govern and communicate.
How Blockchain will change the world
• Banks and payments: Not only does the blockchain allow anyone to exchange money faster, more efficiently and more safely (see bitcoin currency), but many banks are already working on adopting blockchain technology to improve their transactions.
• Cybersecurity: All data is verified and encrypted in blockchain using advanced cryptography, making it resistant to unauthorized changes and hacks. Centralized servers can be very sensitive to data loss, corruption, human error and hacking. Just look at the many hacks we've seen in recent years with Target, Verizon, Deloitte and Equifax. The use of a decentralized system and distributed blockchain would allow data to be stored in the cloud to be more robust and protected from attack.
• Internet of Things: & nbsp;Today the Internet of Things (IoT) includes cars, buildings, bells and even refrigerators that are integrated with software, network connectivity and sensors. However, because these devices operate from a central location that handles communications, hackers can access the car you are driving or at home. According to Kamil Przeorski, an expert in Bitcoin and Ethereum, Blockchain has the potential to address these critical security issues because it decentralizes all information and data. This is increasingly important with increasing IoT capabilities.
• Unified communications: Blockchains can enable faster, safer and more reliable automated communications. Automatic or digital communication based on preconceived algorithms is already occurring on a large scale in some sectors. Examples of this include e-mails, system alerts and call notifications. Matt Peterson, co-founder of Jive Communications and one of the first Bitcoin users and miners & nbsp; He told me that while many communications are currently automated, this type of communication is generally not critical and asynchronous. He said that "Blockchains can move the playing field to allow two-way authorized communications and transactions that happen more freely in an automated environment and produce an immutable record of communications." This will greatly improve the security and reliability of our communications.
• Government: If the corrupt politicians and the long lines at the DMV give you a headache, you are not alone. With the blockchain, we could reduce bureaucracy and increase security, efficiency and transparency. Welfare and unemployment benefits could also be more easily verified and distributed, and votes could be counted and checked for legitimacy.
• Crowdfunding and charitable donation: & nbsp;Donating to a worthy cause is never a bad idea. But what percentage of your donation is actually given to those for whom it is intended? Blockchains can help ensure that your money arrives exactly where you need it. Charitable associations based on Bitcoin are already building trust through smart contracts and online reputation systems and allowing donors to see where their donations go through a secure and transparent ledger. The United Nations World Food Program is currently implementing blockchain technology to allow refugees to buy food using Iris scans instead of vouchers, cash or credit cards.
• Health care: Would not it be great if the doctors did not have to "send faxes on referrals" any more? Why can not all our medical information be stored in a central database? The centralization of such sensitive information makes it very vulnerable. With all private patient data collected from hospitals, a secure platform is required. With the advent of blockchain, hospitals and other health organizations could create a centralized and secure database, archive medical records and share them closely with licensed physicians and patients.
• Rentals and travel sharing: & nbsp;Uber and Airbnb may appear to be decentralized networks, but platform owners have complete control of the network and, of course, require a fee for their service. Blockchain can create decentralized peer-to-peer route sharing apps & nbsp; and it can allow car owners to automatically pay for things like parking, tolls and fuel.
While the blockchain is still relatively new and many experiments will fail before succeeding, the possibilities for innovation are endless. Together with the eight points listed, it will affect retailing, energy management, online music, supply chain management, forecasting, consulting, real estate, insurance and much more. Let us prepare ourselves for a future in which distributed and autonomous solutions will play a huge role, both in our personal lives and in business.
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From banking and secure communications to healthcare and travel sharing, the blockchain will have a huge impact on our future. Of course, to understand how the blockchain will change the world, you must first understand how it works.
Have you ever bought coffee or products labeled as fair trade products? How can you trust that information? What about when you meet someone on a dating site? How do you know I'm really the 35-year-old founders and wakeboarders who say they are?
Society today is full of uncertainties and problems of trust – and with a valid reason. To make sure that your purchase really helps a coffee bean grower in Ethiopia or that your date is actually what they say they are, you would need a system with high security where the documents are stored and the facts are verified by many witnesses so no one could cheat him
Blockchain: simplified
This type of system is called a blockchain. No person or central company owns it. Rather, information is stored on a system of many personal computers, so that there is no intermediary. It is decentralized and distributed so that no one can eliminate or corrupt it. However, anyone can use the system and help run it, because the information is protected by encryption.
It is essentially an ever-growing list of transactions (listed in blocks) that are verified, recorded permanently and linked in chronological order. For most users, the beauty of the blockchain will be in the unknown. Just as many of us are unaware of how 4G technology works or how silicon is processed to produce central processing units, we continue to use our smartphones on a daily basis. Likewise, blockchain will be a perfect "backstage" for many evolving technologies and will have an impact on the way we educate, manage, consume, govern and communicate.
How Blockchain will change the world
• Banks and payments: Not only does the blockchain allow anyone to exchange money faster, more efficiently and more securely (see bitcoin currency), but many banks are already working on the adoption of blockchain technology to improve their transactions.
• Cybersecurity: All data is verified and encrypted in blockchain using advanced cryptography, making it resistant to unauthorized changes and hacks. Centralized servers can be very sensitive to data loss, corruption, human error and hacking. Just look at the many hacks we've seen in recent years with Target, Verizon, Deloitte and Equifax. The use of a decentralized system and distributed blockchain would allow data to be stored in the cloud to be more robust and protected from attack.
• Internet of things: Today the Internet of Things (IoT) includes cars, buildings, bells and even refrigerators that are integrated with software, network connectivity and sensors. However, because these devices operate from a central location that handles communications, hackers can access the car you are driving or at home. According to Kamil Przeorski, an expert in Bitcoin and Ethereum, Blockchain has the potential to address these critical security issues because it decentralizes all information and data. This is increasingly important with increasing IoT capabilities.
• Unified communications: Blockchains can enable faster, safer and more reliable automated communications. Automatic or digital communication based on preconceived algorithms is already occurring on a large scale in some sectors. Examples of this include e-mails, system alerts and call notifications. Matt Peterson, co-founder of Jive Communications and an early Bitcoin user and miner, told me that while many communications are currently automated, this type of communication is generally non-critical and asynchronous. He said that "Blockchains can move the playing field to allow two-way authorized communications and transactions that happen more freely in an automated environment and produce an immutable record of communications." This will greatly improve the security and reliability of our communications.
• Government: If the corrupt politicians and the long lines at the DMV give you a headache, you are not alone. With the blockchain, we could reduce bureaucracy and increase security, efficiency and transparency. Welfare and unemployment benefits could also be more easily verified and distributed, and votes could be counted and checked for legitimacy.
• Crowdfunding and charity donation: Donating to a worthy cause is never a bad idea. But what percentage of your donation is actually given to those for whom it is intended? Blockchains can help ensure that your money arrives exactly where you need it. Charitable associations based on Bitcoin are already building trust through smart contracts and online reputation systems and allowing donors to see where their donations go through a secure and transparent ledger. The United Nations World Food Program is currently implementing blockchain technology to allow refugees to buy food using iris scans instead of vouchers, cash or credit cards.
• Health care: Would not it be nice if the doctors no longer "send faxes on referrals" because not all of our medical information can be stored in a central database? The centralization of such sensitive information makes it very vulnerable. data from private patients collected from hospitals, a secure platform is needed. With the advent of blockchain, hospitals and other health organizations could create a centralized and secure database, archive medical records and share them closely with licensed physicians and patients.
• Rentals and travel sharing: Uber and Airbnb may appear to be decentralized networks, but platform owners have complete control of the network and, of course, require a fee for their service. Blockchain can create decentralized peer-to-peer route sharing apps and can allow car owners to automatically pay for things like parking, tolls and fuel.
While the blockchain is still relatively new and many experiments will fail before succeeding, the possibilities for innovation are endless. Together with the eight points listed, it will affect retailing, energy management, online music, supply chain management, forecasting, consulting, real estate, insurance and much more. Let us prepare ourselves for a future in which distributed and autonomous solutions will play a huge role, both in our personal lives and in business.
