Eight Ways the Blockchain Will Help Humanity
Blockchain is an open, distributed ledger (in other words, a list of digital records) known as blocks. These blocks are linked together by a special encryption technology that creates secure transactions between two parties in a permanent and verifiable way. Once a blockchain record is created, it is nearly impossible to change.
Because of the strength of blockchain to create secure transactions without any third parties required, it has the potential to disrupt traditional institutions in a positive way that will benefit all of humanity.
Here are eight ways blockchain can be adopted by the masses.
- Blockchain can be used as an incorruptible book-keeping platform. It bypasses censorship and it also enhances security. It can be used to fight financial, political and institutional corruption which can improve greatly the quality of life. It also allows investors and businesses to engage in direct peer-to-peer lending, without any need for banks, or other 3rd parties. This will greatly reduce lending fees for both parties.
- Blockchain could be used to reduce voter fraud and present credible elections. Blockchain can be used to deliver a voting system which cannot be hacked. Voter registration, identification and vote counting which cannot be altered, now or in the future, are all possibilities for the user of blockchain. The blockchain can also be used to create a permanent ledger for vote tallying. This will ensure that there are fair, transparent and democratic elections in the world.
- Blockchain technology can help to bridge the poverty gap. People who do not have bank accounts can use the blockchain to carry out transactions using smartphones. Since this is a decentralized system, users would not be charged any transaction fees as is the norm with traditional financial institutions. Sending and receiving money would be much easier and more convenient using this ledger which would subsequently help in alleviating poverty and improving the quality of life.
- The blockchain can provide a transparent and risk-free management insurance system. Blockchain’s almost hack-free encryption system would allow insurers to easily capture client information on the properties to be insured. The technology can also be used to ensure that claims are processed in a timely and transparent manner reducing the error margin tremendously. For example, sensors that incorporate the Internet of Things can instantly report damage and begin the claims process.
- Replace stolen or lost sim cards or car key protocol. This can be achieved by fitting an immobilizer which can only activate after tapping the right protocol in the key.
- Store and encode health records with a private key. Access to these records would only granted to only a few authorized individuals. This technology can also be used to ensure that insurance for medical procedures is done in a secure and confidential manner. Surgery receipts, for instance, could be put and stored in a blockchain and sent to insurance companies automatically as evidence of delivery. Furthermore, the ledger can be used for medical management where drug supervision, test results, regulation compliance and health care supplies are encoded and recorded accurately.
- Creation of smart contracts. A smart contract is a contract that automatically activates when the conditions of a contract have been met. In turn, this allows for automated payments to be made directly from business-to-business or consumer-to-business without . Businesses will no longer be faced with waiting weeks or months for receivables to be paid, which greatly improves their cash flow.
- Tracking and digital identity management made easy. Secure and efficient management of identities ensures seamless sign-on and reduced fraud cases. Banking, healthcare, citizenship documentation, national security among others can greatly benefit from this ledger.
Blockchain technology is poised to greatly improve the quality of life for people across the world. As an emerging FinTech, CrowdCoinage is proud to be developing blockchain technology to serve startup businesses. For more information about CrowdCoinage, visit our website, CrowdCoinage.com and sign up for updates and subscriber only incentives.