Blockchain is the future, of this there can be no doubt. But just how will our lives be affected by this technology? Well, you’re in the right place to find out. You may have read our first article on this topic – 10 Ways that Blockchain Will Change the World – which outlined the first five ways that we think blockchain can make a global impact. We’ll conclude our list now by looking at another five epic examples of blockchain awesomeness. Let’s dive in…
Ensuring the integrity of elections is necessary for governments and for many organizations, such as companies, in which shareholders vote on important decisions. With the rise of increasingly sophisticated cyber-attacks, even in developed countries, and the ongoing issues of governmental corruption plaguing much of the developing world, a blockchain-based voting system seems like the inevitable solution in securing the electoral process and creating a transparent, tamper-proof record.
When it comes to record-keeping, blockchains have a lot to offer. The real-estate industry is a source of vital records all over the world, and there is a huge potential to increase efficiency and security by adding real-estate records to the blockchain. Putting transactions, property titles, historical values and other information on the blockchain could ensure ownership and property rights, and reduce the time and cost associated with real-estate transactions.
With the rise of online advertising, business models have changed drastically across the board. As it turns out, however, people don’t always want to see ads for miracle cures or the pair of shoes they accidentally clicked on three months ago when they’re trying to read an article online. Thus, ad blockers were born.
Some major outlets have turned to full-on paywalls, but most users tend to prefer a model that lets them pay only for what they actually consume. Enter the blockchain. Not only can the blockchain offer a solution for content creators to ensure ownership of their work, but it can also provide a way for content consumers to pay creators directly for the content they access, rather than having to choose between an ad-laden morass or an all-or-nothing paywall.
Historically, when you needed to borrow money you had to go to a bank and apply for a loan. In this scenario, the bank sets the interest rate and largely controls the terms of the arrangement. Today, peer-to-peer lending is becoming an increasingly popular avenue of personal finance. Lenders can earn on their savings in a low-interest capacity while enabling others to borrow at a reasonable rate. Adding cryptocurrency and blockchain into this scenario offers more transparency and security for both parties, as well as additional potential for crowd-sourcing and decentralization.
There are a ton of really exciting applications for blockchain that go way beyond cryptocurrency, but let’s not forget that cryptocurrencies are still pretty transformative. At the root of Bitcoin is the idea that technology has reached a point where one, big, centralized institution that mediates all transactions is no longer the only viable option. For the millions of unbanked or underbanked people in the world, digital currencies have already made a massive impact, and as mainstream adoption continues to spread, it seems safe to say that there is more disruption to come as crypto and blockchain intersect with the traditional economy.
There you have it. Just ten simple ways that this ground-breaking technology will revolutionize vastly different areas of our lives. The possibilities of this technology are truly endless and, in a space that’s constantly evolving, we likely can’t even comprehend what other benefits and uses blockchain will bring us in the future. But two things are for sure: blockchain is awesome and it’s here to stay.