Wow! I never Knew that BLOCKCHAIN technology could have these AMAZING applications.
Today I learned something new about the amazing technology behind Bitcoin and other cryptocurrencies: the BLOCKCHAIN
It has taken me a while to figure out what the blockchain is all about but I discovered this video online which really opened my eyes to all of the applications that the blockchain could be used for and the industries it could revolutionize.
The obvious one is the banking industry, but I was really inspired to see that the blockchain could have other amazing uses. Here are the industries I was most surprised about:
SUPPLY CHAIN MANAGEMENT
As an environmentalist I think this is the one that I love the most. Blockchain technology allows transactions to be documented in a permanent decentralized record and monitored securely and transparently. This could have tremendous benefit for exactly monitoring waste, emissions and water use at every stage of production, enabling us to evaluate the real environmental cost of products. Blockchain can also be used in systems such as "fairtrade" or other environmental and social labelling systems to verify their authenticity.
PRIVATE TRANSPORT AND RIDE SHARING
The blockchain can be used to create decentralized peer to peer car sharing apps, allowing both car owners and users to arrange transport in a secure way without the need for a middleman (sorry for you Uber).
ONLINE CLOUD STORAGE
With the recent spate of hacks and ransoms of sensitive data showing that centralized servers are extremely vulnerable, companies should really investigate this option. The blockchain allows cloud storage to be more secure and robust against hacking attacks.
CHARITY
A big issue with many charities is knowing where the money is going, with many donors complaining that money goes to administration costs (or worse is skimmed off the top) rather than going to the recipients that need it. Using Blockchain technology to track donations ensures there is complete transparency for donors to see where their money ends up.
VOTING
This is a big one, especially given all the allegations of voter fraud in last year's US elections. Blockchain technology can be used for voter registration, identification and counting votes - ensuring complete transparency and eliminating fraud possibilities.
So these are just a few of the uses of the blockchain that I was astounded by...watch the video for more.
awesome
Sounds new like the areas that could benefit the most from completely transparent accountability are the industries that would benefit the most from blockchain technology. It's kind of kind-boggling that this technology exists in an increasingly muddy / opaque world.
Yes, it will be interesting to see how it is embraced (or not) by different industries.
Voting is certainly an interesting one, but we'll need a way to guarantee that the person who is voting is a citizen of the country, as well, as to prove that he is actually the one voting. For that we'll need some advances in authentication technology, too, perhaps tied to biometrics in some ways.
We can't just authenticate with an SMS code, or something "easy" like that, because SMS codes can be easily intercepted, which is why SMS-based 2FA is also not a good idea.
The best way I can think of right now is the government providing everyone a card with a Secure Element in it and usage of the card also requires a PIN. Rate limiters will also need to be added, so that if someone steals a card, they can't bruteforce the PIN. Basically, kind of like a credit card that only works when introduced in a machine and the PIN is given. So it wouldn't work like a credit card in the sense that you could also use it online. That would defeat much of its security.
Excellent points. I hadn't thought of all these issues. Followmyvote.com seems to be pursuing the blockchain voting cause with gusto.