The future value in Blockchain technology
The future value in Blockchain technology
What is a blockchain
A blockchain– originally block chain – is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data. By design, blockchains are inherently resistant to modification of the data. A blockchain can serve as "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way." For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which needs a collusion of the network majority.
Blockchains are secure by design and are an example of a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been achieved with a blockchain. This makes blockchains potentially suitable for the recording of events, medical records, and other records management activities, such as identity management, transaction processing, documenting provenance, or food traceability.
The first distributed blockchain was conceptualised by an anonymous person or group known as Satoshi Nakamoto, in 2008 and implemented the following year as a core component of the digital currency – bitcoin – where it serves as the public ledger for all transactions. The invention of the blockchain for bitcoin made it the first digital currency to solve the double spending problem without the use of a trusted authority or central server. The bitcoin design has been the inspiration for other applications.
From: Wikipedia
What do you need to know about blockchain
Blockchain technology doesn't have to exist publicly. It can also exist privately - where nodes are simply points in a private network and the Blockchain acts similarly to a distributed ledger. Financial institutions specifically are under tremendous pressure to demonstrate regulatory compliance and many are now moving ahead with Blockchain implementations. Secure solutions like Blockchain can be a crucial building block to reduce compliance costs.
Block-chain technology is broader than finance. It can be applied to any multi-step transaction where traceability and visibility is required. Supply chain is a notable use case where Blockchain can be leveraged to manage and sign contracts and audit product provenance. It could also be leveraged for votation platforms, titles and deed management - amongst myriad other uses. As the digital and physical worlds converge, the practical applications of Blockchain will only grow.
The exponential and disruptive growth of Blockchain will come from the convergence of public and private Blockchains to an ecosystem where firms, customers and suppliers can collaborate in a secure, auditable and virtual way.
Introduction
The blockchain. A hot topic. Every single industry, with no exceptions, is either working on blockchain solutions or trying to find appliable use cases. Every developer is studying witch niches haven't been discovered/solved and every tech savy / entrepreneur is trying to capitalize on the movement.
We are accustomed of thinking about money when we think of Cryptocurrencies, but we should be focusing on the underlined technology, the blockchain. There are so many uses for blockchain technology, that every industry will various blockchains for various purposes.
How can I know where to invest my money?
There are two ways of answearing this question:
Knowing witch industries desperatly need it.The ones that will not be able to compete without implementing it.
Knowing witch projects solve problems witch were very costly / hard or impossible to do without it
If we can gather this information then we can pinpoint with atomic precision where tomorrows value will be and witch industries will get a bottom-up remodeling from this movement, opening other investment opportunities.
The niches
This list will be very incomplete. the time taken to gather the current list was too high, I'm sorry. But I will slowly update the post with more niches and projects:
Smart Contracts
Programable digitized contracts on an uncurruptable database.
Transformed into a legally binding tool would cut alot of fees we, and companies, are forced to pay nowadays by cutting out 3rd parties. If you bought a car using this system you would save 90%+ of the fees and that is money.
Projects:
Ethereum Classic ETC
https://ethereumclassic.github.io
Lisk
https://lisk.io
Stratis
https://stratisplatform.com
EOS
https://eos.io
Cyber-security / Identity verification
Identity verification is a problem, costing over $18 billion USD annualy, 1 out of every 3 $USD.
The blockchain makes it easy to track and manage reducing this cost dramatically.
Civic
https://www.civic.com
2WAY.IO
https://2way.io
Atencoin
https://atenwallet.com/
BlockAuth
http://blockauth.org/
Blockstack
https://blockstack.org/
Bitnation
https://bitnation.co/
BlockVerify
http://www.blockverify.io/
Cambridge Blockchain LLC
http://cambridge-blockchain.com/
Credits
http://credits.vision/index.html
CredyCo
http://www.coindesk.com/trustatom-raises-100k-blockchain-based-due-diligence-service/
CryptID
http://cryptid.xyz/
Evernym
http://www.evernym.com/
ExistenceID
http://www.existenceid.com/index.html
Health Care
All explained in this Article.
Projects:
Pokitdok
https://pokitdok.com
Patientory
https://patientory.com
GEM
https://gem.co/
GuardTime
https://guardtime.com/
Chronicled
https://www.chronicled.com/
Finance
The financial system structure is over 40 years old, it's an industry deeply in need of remodeling with transaction speed/cost & accessibility beeing the major problems.
Projects:
Ripple
https://www.ripple.com
Stellar
https://www.stellar.org
PayCommerce
https://www.paycommerce.com
Streami
https://www.streami.co
Currency Cloud
https://www.currencycloud.com
Bloom Solutions
https://www.bloom.solutions
OmiseGo
https://omg.omise.co/
Decentralized exchanges
The current way of dealing with crypto is an oxymoron. ¡It's retarded! This horde of decentralized tokens, to witch you can only access by centralized services is the achiles heel of the ecosystem. They have very high fees, low security and from my experience, they aren't trustworthy whatsoever.
Bitshares
https://bitshares.org/
Bitsquare
https://bitsquare.io/
NXT
https://nxt.org/
KMD/Komodo
https://komodoplatform.com/#top
OpenLedger
https://openledger.info/
Shapeshift and Blocktrades are an intermediate solution between centralised exchanges and DEXs.
Governments and central planning
there are seven studied areas where blockchain needs to be incorporated: health records, diamond certificates, titles on illiquid assets, ID verification, smart wills and contracts, loyalty points for travelers and fintech.
There are currently some cities developing such blockchains, one is Dubai.
Electricity smart grids
The current system for producing and transporting electricity is another dinosaur. The losses between generation and transportation account for 97% of the "production". This is a bad joke.
With renewable energy sources like solar panels, households and office buildings are now generating their own power. However, the ability of solar to provide adequate supply is not always net zero – sometimes it is in excess, and sometimes it is not enough, depending on the demand for power.
This has brought about the smart grid, wherein individual households and buildings with solar capability can sell back their electricity to the grid; the same buildings can also buy power from the grid when they cannot produce enough from their solar cells.
SolarCoin
https://solarcoin.org/
GENERcoin
www.genercoin.org/
ENERGYcoin
https://energycoin.eu/
Power-ledger
https://powerledger.io/
Others niches I will cover in the future:
- Networking
- Cloud Storage
- Voting system
- Charity
- Crowdfunding
- Real estate (I've researched this one and the disruption to this industry will be enormous)
- Retail
- Music industry
Thanks for reading
¿What do you think?
Leave a reply
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+Very detailed articles on various projects inspired by the blockchain technology. I just recently posted an article about the alternative already-existing and potential uses of the ( blockchain technology which you can quickly read here ) and you've suprisingly enough, gave a summary of the uses I mentioned but didn't care to explain to keep the article relatively short. You also happened to list for future coverage,most of those which were explained in material. Your article is actually the missing pieces of the one which I wrote :-); leaving me with no choice but to resteem your post.
+There are so many projects 😥 to keep up with at the moment that i've come across many crypto enthusiasts who have expressed their inability to keep up with the rapidly increasing numbers of projects. Your article can therefore really come in handy as it has covered some important projects over wide range of different areas where the blockchain will be developrd and applied.
In the near future you can continue to post a list of fresh promising projects which can really transit the blockchain's theorectical uses from paper into real world.
Totally in agreement with the point made here. All trading platforms should be decentralised including Forex and Binary Options to prevent technical market manipulation and abitrary fund seizure by the many illicit , sly and cheating brokers. It is for this many i've completely quit forex trading giving that it is already, in principle, a high risk investment decision.
one more littke thing:
I'd replace cutting with eliminating the need for
thank you very much, this is the kind of feedback I look for and need.
I haven't practiced english in almost 3 years and learned 2 new languages, thanks for pointing. corrected.
I also haven't finished, it's impossible... I will keep posting updates on the niches I still have to talk about. this article took 6 hours of research to complete because the information isnt properly indexed nor available on the web.
I was trying to read your article.... but steem says no... if they compliment each other I'll resteem yours and maybe take a quote here and there.
This was a pretty general article. in the future maybe do a series about it as the one "?What's up with?" or "ICO sniper". Deppending on my read I can contact you so we can do it. each topic has pages and pages. each niche and each project...
Again. thank you so much
You know its more or less the same for me, i've been speaking and writing in french for six years. To be honest I have forgotten how to spell a good number of words, I can however spot a spelling error which is lots of the time based solely on intuition-it just doesn't look normal, I have to double check to ensure it is wrong or if im just confused. 😂
Sure thing, i'd be delighted to work with you. Infact it normally takes me several weeks to complete articles on the blockchain tech because I become overwhelmed with vast interesting information that I sometimes just leave it undone , continue on with other things when my mind have finally adjusted and sorted things out. This niche is one which is really rich and filled with exciting innovative information. 2 months ago, I brained storm several specific topics out of my head shared thel on discord for any interested bloggers willing to take on the task of doing the write-up. Unfortunalely no was as excited as I was or maybe they were already feeling overwhelmed as I did. ;-).
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Interesting upvoted
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Very nice, well put together and informative.
Upvoted.
Thank you for that kind support
Great post - it gives a nice little overview of what's going on in the competative crypto space. Thank you also for linking the websites. Don't forget to include OmiseGo too ;)
cryptonik thanks for pointing out omisego.... damn how did I forget that one xP.
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