Blockchain is a revolution in the world of databases. It solves a number of important global problems, which makes it truly innovative and unique. The blockchain technology is used in a huge number of spheres: politics, economics, finance, banking, medicine, education, technology, IT, etc. It has all chances to improve the quality of life of each of us. You may not know anything about the blockchain technology, but it is already improving our lives. Blockchain is often associated with ICOs, Bitcoin, Ethereum and other cryptocurrencies. However, cryptocurrency is one of the thousands of successful projects, which change the world as we know it. Just give blockchain a chance and it will change everything that you are used to.
Bitcoin is the most perspective and successful cryptocurrency in the world. It is well-known for its unique and revolutionary features: decentralization, peer to peer structure, independence, etc. Blockchain eliminates the role of the third party or an official authority, which would control everything. It is important to understand that blockchain is the underlying technology of Bitcoin. The technology of blockchain makes crypto so innovative and attractive to potential investors. That is why it is crucial to understand how blockchain works and how it can be applied in a real-world business sector. Is it a “Wild West” of the technology of blockchain? Basically, any sphere, which needs a trustworthy system of records starts using and developing blockchain. But where will it bring us? Hard to say exactly. Blockchain is discussed by so many people from all around the world and it the moment there is a lot of hype around this topic. It can be partially explained by the whole idea of blockchain, which is so revolutionary. Is blockchain a “magical bean”, which can transform everything? Well, some of the most famous crypto enthusiasts in the world believe so.
Blockchain as a database
Identification, personal record systems, and passwords is the other field which will only benefit from blockchain. There is a big number of perspective blockchain-based projects that are actively working in the field of identity management. Let me tell you about some of them. Protecting personal information is one of the most important priorities in the modern world. Private information, like date of birth, phone number, address, etc. should be protected and secured. Blockchain can help with this important issue.
Blockchain in politics and governmental systems
Called as the “capital of the future”, Dubai, which plans to introduce robot police, flying buses and autonomous autos on its streets, wants to develop the world’s most innovative blockchain-powered government.
Dubai even has a special agency, The Global Blockchain Council, which role is to ensure that Dubai remains ahead of the curve and to provide ideas and guidance on how blockchain can benefit market participants and ultimately contribute to Dubai’s economy. An undemocratic election is a serious social problem all around the world. The blockchain technology eliminates the possibility of results faking and makes elections transparent and fair. Switzerland is a good example of blockchain-powered elections, which will soon hopefully become a usual thing for the rest of the world.
Canada, the Netherlands, Brazil, the USA, France, Estonia are already using an e-voting system. Blockchain will make the systems more advanced and bring the world governance o a new level.
Blockchain in business
Blockchain can change the mechanism of the value transfer just like the Internet had once changed our idea about communication, made it cheaper and simpler. Many people ask themselves, what is blockchain technology. Bitcoin price is often influenced by the news in the sphere of Blockchain.
This will most likely happen when we stop screaming about blockchain on every corner, the hype calms down and the technology goes into the background. For now, we are in the crypto-fever, when tech giants like Kodak or Microsoft mention blockchain and their stocks rise to the sky. But despite loud announcements, quiet and inconspicuous work is being done which can change the world.
The same tendency was during the dotcom boom, but only two companies remain for now that use dot com as one of their instruments – Amazon and eBay.
Today we can observe countless armies of blockchain enthusiasts wandering with solutions searching for problems to solve, but they’d better behave vice versa – find a solution to an existing problem. All successful entrepreneurs know that stable business models lean on simplicity, unsatisfied market needs, insistence and a bunch of experiments. Blockchain still remains not only a technological achievement, a breakthrough in the security sphere and a new way for value transfer but a cultural phenomenon just like any other sensational solution.