Some Issues Blockchain Could Resolve
This blog post originally appeared on Luca Fury's website.
With cryptocurrency splashed on headlines across the world, people everywhere have become interested in this innovative technology. The very concept of cryptocurrency is only possible through a separate, yet powerful entity called the blockchain. Blockchains use cryptography to store information in a secure, inalterable way on a network of computers. However, blockchains have nearly limitless applications outside of cryptocurrency and could change entire industries, like finance and banking for starters, once adopted.
Blockchain enthusiasts say that the cutting edge technology could solve the problem of poverty, and an organization called the World Peace Coin Project aims to do just that. This cryptocurrency claims to create opportunities for impoverished people to generate self-sufficient livelihoods and give them access to banking and financial services that are otherwise out of their reach. It may be a long shot, but at least it can be posed as a unique proposal to a worldwide problem, which could ultimately drive traffic to the concept.
Finance and banking are other industries that could benefit from blockchain technology. Banks are vulnerable to hackers, thieves, technology failure and, in addition, can subjugate poorer populations by denying them financial services. Blockchain, however, is a ledger that cannot be altered by hackers or destroyed by cyber attacks. Commodities like money, contracts, titles, deed, and much more could utilize blockchain technology.
In addition, it could also benefit the loan and credit industries. Instead of going to different firms and paying fees to check credit scores and determine if an applicant is suitable for a loan, it could all be centralized and easy to access if blockchain technology were widely utilized. This increases transparency and could allow anyone to check credit, so even those not associated with banks could easily access peer loans.
However, not all uses of blockchain technology have to be revolutionary or disrupt entire industries. Take Smoke.Network for instance. Smoke.Network is a social network for those in the cannabis community. Users are rewarded for submitting new content with SMOKE cryptocurrency.
Blockchain is a revolutionary technology, utilizing a network of computers to securely store data, that investors and entrepreneurs are just learning how to incorporate it into their businesses. It has the potential to transform industries from finance and banking to social media and resolve even bigger problems like global poverty. According to blockchain enthusiasts, if the world gives blockchain technology a chance, the possibilities for innovation are nearly endless.