In a world where anonymity, privacy, and security is just a myth, the new kid in the block – Blockchain Technology, holds the potential to revolutionize the digital world.
Also dubbed as the next generation of the Internet, Blockchain enables the true peer to peer exchange of data and provides a digital medium where anyone can access anything of value like stocks, bonds, money, etc. without relying on any third-party.
For instance, if you want to send money to someone, you cannot do this without a third-party like your Bank, which essentially ensures the transaction that you perform is valid. But now with the advent of Blockchain Technology, we can eliminate all such third-parties and rely on the clever code and mass consensus algorithm to validate transactions and verify the identity of the sender and receiver.
So one thing is quite clear, Blockchain will radically disrupt the Financial Industry and how the Businesses operate.
Let’s have a look at some of the key Business Areas that Blockchain can disrupt:
Some of the major problems that the current Healthcare system have is – a universal database where patients’ data is stored, lack of security and sharing localized information between medical experts.
As Blockchain is almost impossible to hack and can securely store data which all the authorized party can access, it provides an elegant solution to all the Healthcare system problems.
By adopting Blockchain technology, patients will be able to have full control over their records and who they wish to share their records with.
Patientory, is one such platform that aims to securely store and manage healthcare information using blockchain technology and their target audience is patients, providers and healthcare organizations.
Charities and NGOs
Ever thought of donating money to charities and NGOs? Ever wondered would your donation make a difference?
What if I told you, you can donate money and track every cent of where it is being spent? (And no, I am not delusional)
With Blockchain and cryptocurrencies – this is a piece of cake.
Let me expand on this a bit.
Now imagine a world where Blockchain based cryptocurrencies have replaced the fiat money that we currently use.
So if you want to donate to a worthy cause in some African Nation, instead of donating the money to some NGO in your country, which eventually ends up sending that money to an NGO who directly works there, you can skip the intermediary and directly make a donation via cryptocurrencies to an NGO that actually works there.
Blockchain is a ledger of immutable transactions, which if made public can be viewed by anybody. So from the comfort of your home, you will be able to monitor and track where all the funds are being spent by that NGO.
BitGive is one of such revolutionary donation platform, based on Blockchain Technology, that provides transparency and accountability to donors.
In the 2016 US Election, certain political parties were accused of manipulating the election’s results. These kind of accusation are not a rarity. Democracies all over the world have faced similar issues where political parties have meddled with the electoral system for gaining extra votes.
By using Blockchain as the underlying technology of the voting system, we can ensure that no political party can meddle with the electoral process. A Blockchain based voting system can create transparency to such an extent where every person is able to track their votes and view election results in real-time.
The unique identification key will ensure that no user casts more than one vote and the distributed ledger would ensure that voting data cannot be tampered.
This kind of voting system will also be extremely useful within a Company, Apartment Buildings or Real Estate Firms when a decision needs to be made by voting.
In a world where homeowners sell their properties within a decade, it often gets extremely difficult to find authentic information about the properties.
By creating a unique Blockchain ID of all the properties and storing all the information about the properties on distributed ledgers, we can ensure the authenticity of the information (because of tamperproof and encrypted nature of block-chain), reduce laborious paperwork and speed-up the process of transactions.
The Rentberry is a promising block-chain based platform that uses smart-contract to make finding and renting house extremely easy.
Another such platform – Atlant, brings the interesting concept of tokenizing the property value and then buyers can buy the property in the form of Property Token Offerings.
Internet of Things
Another Technological advancement that is on the rise, apart from Blockchain and Artificial Intelligence, is IOT. In a world, where most of the devices that we use are connected to the Internet, IOT aims to create a world where devices can interact with each other.
Naturally, the main problems while creating such an ecosystem are the security, storage and processing huge amounts of data. With Blockchain, all these issues can be addressed as it is extremely secure and the transactions that occur on it are immutable which means that even if a single node is compromised, the record still remains in unaltered state across all remaining nodes.
For example, if you want to create a smart home, storing data on a local server will expose you to the risk of a hacker controlling all your personal information. Whereas, if Blockchain is used, the data can be stored in a decentralized manner without the risk of being hacked.
This is just the tip of the ice-berg. There are various other Businesses that blockchain can radically transform. Here’s a great Ted Talk that explains how Blockchain will transform the economy.
The Dawn of ICO
One of the biggest trends that emerged along with Cryptocurrency is ICO (Initial Coin Offering). The idea of pre-selling tokens of a blockchain or coins of a cryptocurrency has become hugely successful for generating funds for developing an application.
Some of the cryptocurrencies that were hugely successful in raising funds using the ICO model are –Ethereum, Ripple, Next, etc.
But the same ICO model has been misused by a lot of scammers to receive funds by creating a glossy website, writing bullshit blocks of code and promising a ground-breaking platform/cryptocurrency.
To mitigate this problem, co-founder of Ethereum – Vitalik Buterin, has proposed a new fund-raising model called DAICO, which combines the important concepts of ICO with DAO (an organization run by hard-coded rules).
The DAICO model is almost similar to the ICO model until the sale of tokens come to end, but after the contribution period ends, a mechanism called “Tap” is triggered, which allows anyone who holds the token to restrain the amount of funds that can be accessed by the project team.
For Example, if the Project Team wants to buy a supercomputer, they can raise the tap value that they can access. The token-holders will then vote to deny or accept their request, and the final decision will be made by the consensus of the majority of votes.
Following the success of ICO in 2017, this year could very well be the year of DAICO as the current ICO model is in desperate need of a major overhaul.
Remember how the Digital Age destroyed the Record Business? If you take a deeper look at it, you will realize that it wasn’t the Digital Age that destroyed it, but it was the innovation averse behavior of the Major Record Labels that lead to this.
Blockchain is here. So you can either jump on the Blockchain bandwagon and take advantage of it by becoming an early adopter or risk a similar fate as that of the Record Industry.
In our coming articles, we would delve deeper into the key Business Areas that Blockchain can disrupt and how you can make the most of it.
Would love to know what key Business Areas do you think Blockchain can disrupt? Let me know in the comments section below.
And no, this is not April’s fools :). The world of business is really going to change…soon.