When we say that blockchain is a powerful technology and one that could well comprise a Web 3.0. we aren’t kidding. The widespread application of blockchains extends far beyond what most entrepreneurs, and even tech geeks, currently know – and serves as a simple solution to many of the world’s most complex problems. We wanted to take a look at some of the best things a blockchain can be used for or to make improvements to a current system, but first…
Quick recap: What it is
A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions, which means that trust and transparency can now be taken care of by technology. You want to send money to someone in exchange for a product or service or even just because? Normally you need a bank to handle that, and serve as a mediator and trusted third party, now you have a blockchain. You want to make an insurance claim? A smart contract on a blockchain can handle that for you automatically and pay you out as soon as you check into a hospital or a mechanic, for example. That’s why it’s such a big deal. It has the power to change everything.
It’s not necessarily about Bitcoin or whatever else, it’s about the fact that the way we do everything can change now. That whole robotic future everyone was so nervous about is swiftly approaching but instead of sitting up and taking notice, there are still a lot of people who are putting their energy into complaining about crypto being a bubble. Look up and look further than crypto. Blockchain technology is going to change the world. Here’s how:
1. Pay the government
In theory, you could use a crypto currency on a blockchain to instantly pay fines, taxes, and license fees as a blockchain keeps a record of your transactions in a public ledger that can’t be changed and works in seconds.
2. Get paid for art, information and content
You don’t have to put your stuff out there for free and hope that one day you’ll make a decent living off YouTube. There are already sites where engagements from the public translate to currency for you, like Steemit.
3. Prove that you own something
There are startups like Mamoru which are working to create ledgers, where ownership of your valuable assets can be recorded. Let’s say you have a diamond ring you inherited from your grandmother or something. You could, in theory, have your ownership of it recorded on a blockchain, which could never be changed. And of you were to sell it on a blockchain, in exchange for currency, it would also protect the next person and offer a reliable trail of ownership.
You can even buy and share energy with other people in your area – or vote. There’s such a wide variety of things that can be done with the blockchain, it almost boggles the mind. If you want to learn more about it or you’ve got a blockchain business idea and want to gauge the technical feasibility, get in touch with Nona.
Nona designs and builds intuitive software for FinTech businesses. If you’d like to accelerate your FinTech project, book a consultation with us!