Blockchain — Infinite Possibilities
The Blockchain is a trending topic for quite some time now, experts are calling it the ‘Next generation of Internet’.
You may find a number of talks and articles on this topic filmed, created, and shared in the recent past. And I’m also going to join the army of one-eyed in this domain with this blog. I think sharing your thoughts more and more on the subject will enable us to discuss the possibilities and utilize the technology to its full potential.
Here are 5 ideas I wanted to share which can create a huge impact if powered by the Blockchain technology:
1. Government funding
The money collected and invested by the government is not completely transparent. If they make this robust system on a private Blockchain then the system will be transparent and corruption free. In this scenario, every user or the stakeholder knows where the funds have been used and how much is left. Suitable information could be made public and it will keep the corrupt in check.
2. Self-driving cars
The car owns itself. Imagine a situation where manufacturers, cars, riders, mechanics, gas stations/petrol pumps/charging stations all are using a form of cryptocurrency. The car is capable of getting re-fuel, service etc. and you can hire it, take a ride and pay for the service. The company gets a transaction cut and it’s done. The idea could be even more simplified or implemented in one part at a time.
Trust is the biggest factor in a donation. The system is not transparent and trustable. But, what if all the transactions are recorded on a shared ledger and it is available to the donors and other stakeholders. The information of inflow and outflow of the donated money will be available to all. A trustable and transparent system will encourage more people to donate to the good causes.
4. Recordkeeping by Academic Institutes
At present, the issuing and verification of degrees and results by the academic institutes is a huge burden. The recruiting companies and government organizations waste a lot of energy and resources in verifying them. Still, the fraudster exists and they are exploiting many loopholes in the system.
If all the degrees or documents issued by the institutes are stored on a Blockchain in a form of a smart contract between Institute and student, this will reduce the efforts in verification. With this system in place, there will be no place for a fraud.
5. Voting in elections
The present voting system is unreliable and dead slow. Even with the digital machines, the storing of votes is unsafe and counting of votes is questioned. But using Blockchain as an underlying technology in the voting machines can be a game changer. This will reduce the overhead of counting the votes at different polling booths and then merging the results afterward. This technology has a potential of making the process more reliable, trustworthy, and fast. I hope that the results will be announced on the same day in near future.
The idea is to move to a value-based system. Where everyone pays for the service they use and not to give enormous profits to a company. Where people enjoy the higher power, it should be made by the people and for the people. The community holds the power and not the government or giant companies, or banks. Blockchain has a potential to make systems and processes trustless (trust is built into the system) and fast & efficient.
I’ve tried to jot down the ideas to the best of my understanding and knowledge. I am also learning the concept and trying to test it out on different ideas. If you want to add anything to the ideas in case they are incomplete or wrong then kindly suggest in the comment section.