Blockchain – Explained
We live in an age of change.
The microchip and the internet have fueled exponential growth in global communications and commerce. However, this growth has come with a new set of problems. The world of e-commerce is riddled with fraud, inefficiencies, and barriers to entry that force intermediaries and the costs that come with them. Now, more than ever, there is a need for transparency.
As long as there has been people have done business there have ledgers. Ledgers document transactions. They show proof of ownership, they record funds, they prove value. As our world is rapidly digitized, we need an improvement on one of the business world’s oldest tools.
We need a new ledger.
And that, simply put, is what blockchain is, a technology that allows companies or individuals to make and verify secure transactions instantaneously, without the need of a middle man. This is not just limited to digital cash but extends to digital assets, ownership rights, information and even digital media.
When Blockchain first made an appearance, most of the world couldn’t even comprehend it. Its potential was limited to cryptocurrencies. But a decade later, its adoption rate across nearly every area of industry has proven it wasn’t a trend, but the standard.
- Voting – security and integrity, transparency
- Charity – transparency of transactions and publicly-shared financial reports
- Banking – faster transactions, cost reduction, improved security of transactions, record keeping
- Supply Chain Management – reducing fraud, errors, time, management, improved logistics & efficiency
- Insurance – transparency and relevant record keeping, reduced insurance fraud, cost & processing time
- Financial Services – Decentralized Finance or DeFi allows anyone in the world to access basic financial services.
- Healthcare – a tamper-resistant means of storing medical history, ability for complete medical history and sharing.
- Internet of Things – autonomous functioning of smart devices, trusted data exchange, improved security & privacy
Global growth and adoption of Blockchain technologies
- Canada – seeking to utilize the ETH blockchain for research grants to provide transparency and fight corruption.
- US – US Homeland security is using blockchain to store data captured from it’s cameras. Delaware State registration of businesses and trading on blockchain platforms. West Virginia will use the blockchain-based mobile App in all the 55 counties during the midterm election.
- Honduras – Government is using Factom for land title record system
- Chile- Energy Department launched the use of blockchain in energy to improve ensures accountability, trace-ability, and security.
- Estonia – Blockchain-based E-resident program
- Netherlands -Border Control is using blockchain technology to store passenger data.
- UK – Government, blockchain is used for paying welfare checks and disbursing student loans.
- Switzerland – The registry department, launched the issuance of digital ID, and Voter registration based on ETH.
- Spain- Using blockchain in law making and voting.
- Venezuela – Adopted crypto currency as their primary currency to fight inflation
- Brazil – Government looking to move petitions that require voting and the popular vote to Ethereum
- Singapore – Inter-bank payments are made in Singapore using the blockchain. The government plans to tokenize the state’s currency on the Ethereum network.
- Indonesia – Utilizing blockchain for data management for deployment in sectors from the country’s food output to election result verification
- Japan – Amended Legislation to include virtual currencies such as Bitcoin as “Fulfilling the functions of Currency”
- China – Smart Waste Management System in China is Using Walton to supervise waste levels. Using the Hyperledger Fabric Blockchain to Monitor Carbon Offset Trading Using blockchain to monitor food safety.
- Australia – Australian Stock exchange working on using Blockchain to replace it’s equity settlement system.