Using Blockchain Technology for Good
Shortly after 2008 global financial institutions crash, a mysterious white paper emerged.
A person, or rather an unknown entity, called Satoshi Nakamoto designed a peer-to-peer network, a so-called blockchain. And on this blockchain was the first-ever cryptocurrency — bitcoin. Even though bitcoin has certainly revolutionized the way we think about currency, it is the technology behind it that has made a greater impact on the world.
But to fully understand its potential, we must first understand the way that blockchain technology works.
Simply put, blockchain data is a continuously updated record of who holds what and is available to check anytime, by anyone, via public ledger. Records are split into blocks that aresecured using cryptography and stored on nodes.
Because of that, the whole system provides trust that is inherent and automated.
This list of records, also known as distributed ledger, is available to everyone to see and verify. Because of its distributed nature, the blockchain revolution is unhackable and the cryptocurrency market is, remarkably, without borders.
The blockchain revolution has a social perception strongly related to the virtual currency bitcoin and is viewed by most people as something for tech-savvy criminals, investors, or people who are against the government.
The truth, however, cannot be further from that misguided idea. Blockchain applications and cryptocurrency markets are far beyond digital currency groups. In fact, the whole idea is nothing short of revolutionary.
Even now, those who invest in blockchain call it the next stage of the Internet. It may not only be the next stage of the Internet, but also next stage of making the world a better place.
4 Ways Blockchain Technology is Changing Society
There are many ways blockchain is changing society. Mobility, Big Data, Machine Learning, Drone and Robotics, Social Web as well as the Cloud are only small examples of the way this revolutionary technology is changing our society as we know it.
The truth is that it holds a vast promise for every business, every society, and everyone individually.
How?
Right now, our internet is based around the concept of copying and distributing information.
Basically, everything we consume on the web is a copy of the original.
Taking that idea even further, contracts — like the one on a house, stock, bond or money — are also made the same way. The problem, however, is that you do not want to send someone $1,000 and still have the original $1,000 in your bank. This common problem is called ‘double spending’ and it has been solved for the very first time by bitcoin.
Now, for the first time ever, a new stage of the internet can be built based on real value. Original value. Value that cannot be replicated nor destroyed.
So where can the blockchain be applied?
One of the ways blockchain technology is being used is in the so-called FITS model. This model means that blockchain will be best utilized in industries that hold high chances of Fraud, do have Intermediaries, need Throughput and Stable Data — in short FITS
Following the guidelines of this model, blockchain technology is being used to impact positive change.
1. Blockchain Healthcare
The blockchain platform may be one of the most innovative ways to transform the entire healthcare industry.
Utilizing open-source software, solutions can be built to address the long-term problems that we are all familiar with. One of the problems that blockchain can solve in the healthcare industry is the so-called cycle problems with payments. It also has the unique ability to solve supply chain problems when it comes to transportation of the pharmaceuticals and other supplies.
Each of these problems comes down to one core issue — transactional inefficiency.
Even a single small procedure generates a cascade of administrative transactions between multiple involved parties. This inefficiency often leads to major problems both with payments and services provided.
For example, a prescription written by a physician triggers a cascade of back-end administrative transactions even before the drug reaches the hand of the patient.
Sound familiar?
Well, each of those administrative transactions and payments takes place in isolation from each other. Not only that, but the crucial data available in one transaction is not necessarily shared with other transactions that might benefit from it. This translates into long and bizarre delays that could be otherwise avoided.
With the use of blockchain technology, the healthcare industry can better serve its patients, eliminate payment and supply errors, and save time every step of the way.
2. Blockchain Technology in Banking
The Blockchain technology platform has a number of advantages and potential when it comes to banking, banks and financial institutions.
The most significant of them center on how resilient the network can be.
Using bitcoin as an example, which has been operational for nine years, it has experience not even a second of downtime.
This demonstrates that the technology is on-line 100% of the time and you will be able to access the bank service at any time and from any place.
Right now, there is no bank or service provider that can achieve such a result.
Furthermore, blockchain and applications on blockchain technology can help facilitate greater transparency when it comes to banks because of the rules that they enforce.
From efficiency to security, blockchain technology will undoubtedly transform the traditional banking system even if they never incorporate cryptocurrencies.
3. Blockchain Technology in Politics
The blockchain industry has focused so heavily on business transactions and healthcare that many forget its potential in politics.
Hands down, the number one reason for incorporating blockchain technology into politics is to enable every single citizen to vote using decentralized peer-to-peer network accessible via public ledger.
As the technological climate continues to reach toward virtual reality, it only seems natural that it would venture into the political world.
Blockchain technology allows users to safely and securely submit their votes to their respective political systems. Not only that, but it provides rich and accurate data about the citizens of a given country, eliminating much of the guesswork and corruption that currently exists in the current voting schemes.
Pushing new technology that will decentralize the system while giving everyone a fair access to protect themselves without waiting for regulators and politicians will be greatly beneficial.
4. Blockchain Security
Blockchain is the backbone of bitcoin and all other digital currency groups. Because it is based on cryptography, it has a lot features to offer.
One of these features is the high security of the network.
Because all transactions are being recorded on the blockchain, it is nearly impossible to commit fraud on the platform.
So, why is this important?
As the threat of attacks, like DDoS, continues to increase and corrupt more of our current systems — financial services being the biggest target — it is incredibly important that we find a way to protect our transactions, our data, and our assets.
One major solution to all of that could be utilizing afully decentralized peer-to-peer technology thatis fully transparent, immutable, and fully accessible at any time.
4 Blockchain Startups Making a Difference
Now that we know how blockchain technology has the potential to impact modern society in numerous ways, let’s take a look at a few blockchain startups who are paving the way for good.
1. Storj
Storj is one of the first startups that offers a peer-to-peer technology and cloud storage network that implements client-side encryption and open-source software.
Using blockchain data, it allows users to transfer and share data without relying on a third party storage provider.
With Storj, all data is shredded and then shared with all network participants. The company ensures safety by making sure that the files are distributed accordingly on each node.
This is achieved by creating a distributed network that serves as a supply-chain for the formation and execution of smart contracts between peers. It enables all involved parties to negotiate contracts, transfer data, retrieve data or pay for other nodes. For further protection, files are encrypted and split into shards that can be transmitted over the network.
Storj could be a true revolution when it comes to cloud storage and impact world in a very positive way. File security will be much higher, as it will be a totally decentralized service. Storj is great for our planet and people as currently existing drives could still be utilized, thus lowering the cost of new ones and reducing overall waste.
The best part?
If you are interested, then you can dedicate your own hard drive space and start earning money today!
2. Monaco
Monaco is a fintech company — with one of the most successful icos (initial coin offerings), by the way — that aims to create a bridge between fiat currency and virtual currency.
The company wants to achieve that by creating financial services and wallets, where the investors will be able to buy, spend and exchange 7 fiat and 4 cryptocurrencies or lock tokens utilizing smart contracts.
Furthermore, the user will be able to access and manage digital assets on its cryptocurrency exchange or spend them with Monaco Visa Card, anytime.
Monaco supports cross-border payments and complies with anti-money laundering laws. The offered product is designed for everyone — from ICO investors to financial institutions that want to enter the blockchain industry.
Right now, there is a major gap between the fiat and crypto world and connecting that two worlds would be beneficial for every single cryptocurrency user out there. By enabling millions of people to spend their money on an already existing infrastructure, it would make their lives a lot of easier.
3. Conscious OS
Conscious OS — by yours truly — aims to improve the world by helping people manage stress in a more beneficial and efficient way. We plan to do this by mitigating the negative impact of stress that is spreading exponentially with our current societal trends.
Why is this important?
Stress significantly impairs our health and well-being of the mind, body, and spirit. As a society, we are literally dying of stress. Conscious OS aims to reverse theeffects of chronic stress as well as improve mind and body performance.
This can be achieved with meditation, which is the core of Conscious OS.
So how will we get people to start meditating? By paying them to meditate.
Every participating user will be granted digital assets for doing meditating by utilizing an advanced “Proof of Mediation” algorithm. Users will be awarded with WISDM Tokens, which can be cashed out like any other cryptocurrency.
Furthermore, Conscious OS has engineered the world’s first state-detection smart ring that will guide the user throughout their meditation practice, effectively training them how to meditate better based on their own biometric data.
Conscious OS aims to solve the core problem in our modern lives — the negative impact of stress.
By paying people to meditate and teaching them how to meditate, we believe that we will make a lasting positive impact on the world.
4. Hyperledger
Hyperledger Fabric is a blockchain framework implementation and one of the projects hosted by The Linux Foundation.
It was created by the contribution of 159 engineers from 28 different organizations. The key features of the projects are sharding confidential information and endorsement policies for transactions.
Hyperledger Fabric aims to be a hub for open, industrial blockchain development and can facilitate essentially anything — from cryptocurrency exchange by fintech companies that want to offer cross-border payments based on anti-money laundering laws, to blockchain companies offering usage-based insurance.
Creating your own blockchain and underlying infrastructure can be a wasteful process if multiplied by thousands of companies that want to enter thecrypto world. By making one platform that can be accessed by anyone, money and precious time can be saved. In long run, that will greatly benefit both the world and anyone involved.
There are a lot of pieces out there about the crypto markets, blockchain scandals, and ever-changing laws and regulations. In a world that is constantly trying to outsmart itself, don’t you want to be a part of the small fraction that wants to do good?
Blockchain technology gives us the opportunity to do good on big, immeasurable ways that will change the world for the better.
Hyperledger Fabric is one of the blockchain framework implementation and one of the projects hosted by The Linux Foundation. It was created by the contribution of 159 engineers from 28 different organizations. The key features of the projects are sharding confidential information and endorsement policies for transactions. Hyperledger Fabric aims to be a hub for open, industrial blockchain development and can facilitate everything — from cryptocurrency exchange, fintech companies that want to offer cross-border payments based on anti-money laundering laws, to blockchain companies offering usage-based insurance.
Creating own blockchain and underlying infrastructure can be a wasteful process if multiplied by thousands of companies that want to enter crypto world. By making one platform that can be accessed by anyone, money, time and precious time can be saved. In long run, that will greatly benefit and impact world and anyone involved.
