Why Blockchain is Here to Stay
While the majority of 2017 was dominated by cryptocurrencies — most notably bitcoin, people have now turned their attention towards the underlying technology behind them i.e, Blockchain. Like any blossoming technology, blockchain is one full of promise but still has a long way to go before making significant inroads in mass markets. Before we dive into its mainstream applications, it is important to understand the fundamentals first:
What is Blockchain?
Blockchain is a decentralized public ledger which holds information regarding the transactions carried out on a particular network. The absence of a single centralized copy ensures that no one person can make modifications to the ledger because everyone one will instantly report it as corrupt. It is further bolstered by encryption, and allows everyone to see all the transactions but at the same time ensures complete anonymity.
It operates on the Proof of Work system whereby transactions are validated by solving complex math problems (known as mining). Miners are incentivized for each ‘block’ they mine.
And its applications?
Since its inception, blockchain has been heavily researched and incorporated in a number of fields, some of which include:
1. Digital Identity
Digital breaches are omnipresent threats in the modern world. Now, imagine a system that guarantees digital security, making tracking and managing digital identities both safe and efficient, resulting in reduced occurrences of fraud and smooth sign-ons. This is where blockchain steps in. Identity authentication is a process deftly woven into commerce and culture across the globe, and blockchain makes this possible.
2. Smart Contracts
Smart contracts are digitally programmable legally binding contracts entered on a blockchain network. In the case of bitcoin, developers implement these contracts as legal variables that operate as 3rd party executors to release funds on the bitcoin network.
To better understand how they work, let us consider the following example: If two people want to exchange $500 at some specific time in the future after some pre-conditions are met, the terms, payouts, party details etc, would be programmed into a smart contract. Once the clause or condition is achieved, funds will be released and transferred to the right party as per the terms. What this does is it eliminates the problem of intermediary trust between parties to an agreement.
3. Real Estate
Here is one industry that is rife with intensive paperwork, dozens of procedures and middlemen. Blockchain can provide some much needed transparency and reliability in this aspect. In fact, the Indian state Andhra Pradesh has partnered up with Swedish start-up ChromaWay to build a blockchain-based solution to tackle India’s land ownership system which is fraught with fraud.
4. Banking
Blockchain has been regarded by many experts as the next big thing in digital banking. Not only does blockchain technology have the scope to save banks huge sums of money, but it can also drastically quicken transaction processes both overseas and locally. For those same reasons, upwards of 40 international banks all over the globe are investing heavily into blockchain.
5. Fantasy Gaming, Casinos and Live Sports Betting
The industry is home to nearly 2 billion active users worldwide and is estimated to be worth $400 billion. Despite its escalating rise in popularity, there are still some hurdle that persist. Specifically, there is a massive opportunity to improve the security and transparency. LIGER offers a high level of control that can be provided by the implementation of blockchain technologies. It also guarantees fairness of outcomes in both online and offline spaces, by providing the option of Staking for Token Holders in which they can play ‘for the Casino’. Thus, giving them the opportunity to win a ratio in the Casino’s winnings. Direct transactions with the LIGER community will skip intermediaries and bounty will be retained by the community.
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