information? Blockchain offers the possibility to take the ownership out of the hands of centralized organizations and place it back in the hands of the actual owner.
How will you be impacted by blockchain, and what can blockchain do for you? These are many applications of blockchain technology that can benefit everyday life. Here are a few examples.
Basic transactions using cryptocurrency can be done on the blockchain by submitting a request and waiting for it to be validated. If you are looking to exchange goods or services that would benefit from having a long lasting ledger, the blockchain is an excellent means to do so safely and securely.
With centralized banking systems, the consumer is dependent on the bank to complete and record any and all transactions that you would want or need to conduct at all times. Additionally, there is a dependency on the teller to provide correct information, the ATM to function correctly, the online banking app to run smoothly; the list goes on.
Blockchain information means that you no longer have to trust third parties. It eliminates the middleman. First shifting authority to the collective eventually brings the power and responsibility back to the individual. Coins, like Akoin, are popping up to level the banking playfield in countries with less access to banking.
When looking to shop mindfully and ethically, blockchain technology can track goods right to the source by following a chain of information. Imagine what record keeping of this sort could do to transform corrupt or exploitative industries.
It also forces suppliers and employers to be transparent about how they create their goods. This would ensure fairer compensation for manufacturers, too. Which has the potential to end the exploitation of workers making less than a minimum wage, or in unfair and unjust working situations. For example, a new blockchain tool for appraising diamonds seeks to end blood diamonds and make purchasing ethical again.
Blockchain Crowdfunding or ICOs
Crowdfunding is a tool to help innovators and creatives in generating funding for various projects. Countless crowdfunding platforms exist, but they’re, for the most part, centralized bodies that charge fees and influence their projects. The problem with this type of crowdfunding is that the campaign owner and the investors must trust that this third company will handle their money in accordance with their agreement.
Blockchain crowdfunding decentralized this type of collective funding model. This allows individuals and organizations to maintain control and collect the entirety of the funds raised. In blockchain crowdfunding, startups create a digital currency that early investors can purchase. This is what we call an Initial Coin Offering or ICO.
Sharing platforms like Uber and Airbnb are increasingly popular. And today, these centralized companies keep most of the money the sharing economy generates.
With the use of blockchain sharing, the buyer can directly transfer funds to the services provider. This all occurs without an intermediary taking a portion of the money. This way, two-party transactions are entirely transparent and entirely trackable.
Shipping, especially internationally, is costly and complicated. According to IBM, putting information on a distributed ledger will save 1/5 on transportation costs. For that reason, IBM teamed up with shipping giant Maersk to create a shipping platform.
Not only that, but it can store shipment information, thereby letting authorities known that the entire supply chain is following the law.
Blockchain technology can increase security, tracing, trust, and transparency within the stock market. With shared and accessible information, blockchain information allows individuals to gather stock market information. Additionally, third-party representative won’t buy and sell stock. Instead, one individual or business will sell it to the next.
Imagine a world in which the public moderated voting and everyone could see the results immediately. Polls and votes can be conducted on blockchain in a manner that is not at 