I think of it not only as another wave of internet innovation (technology) but also as evolution in economy
Its evident that evolution and adoption of the blockchain technology is fast changing the way we do things.
It is a decentralized or distributed database (ledger) designed (cryptographed) for the exchange of value. Its a system that everyone can trust. We have confidence in the blockchain because of the following factors:
- It is decentralised
- Immutable
- cryptographic security which reduces data breach
- value transfer (assets, ideas)
- Process automation (smart contracts)
There is a lot more information about this on the web that you can read up to broaden your scope on the modulus operandi on blockchain.
In contemporary business module it is said that after you can do it better, you should do it faster. What makes you stand out is if you do it better, faster and even cheaper. This is where the blockchain plays a vital role
Even though the blockchain has the potential of eradicating poverty and transforming human engagement on different, we should as well understand that the blockchain is still in its infancy and at such there may be some sort of trail and error experiment on several project that are believed to add value to humans. The blockchain is not just an evolution in economy but also an innovation in computer science. There implies we would have to have patience and trust in the system as a lot of genius are working behind the scene to translate the potentials the blockchain promises as reality.
Some Blockchain Real World Use Cases
The blockchain is a decentralise, public ledger that records transaction of asset and as a store of value. It bridge the gap between the seller and the buyer without any third party involvement - smart contracts.
Mobile Transaction
At one point or the other we all must have sealed a deal and most of the time we required the services of matchmakers to pull it through successfully.
If i mention means like Konga, Alibaba, Jumia etc am sure you would understand why am heading with this. I must commend this matchmaker for the conducive transaction environment that have encourage but we know this comes with a cost to the beneficiary of their services.
Sometimes the fees are encrypted in names that you if you care to peruse would wonder why they would charge you that much. Yes they have helped in reducing the issue of fraud, uncertainty on transaction grounds but there is more to what they are doing.
And that is exactly what the blockchain technology has come to solve. Blockchain solves the problem of uncertainty across all of human endeavor
The blockchain is a mobile digital market space that provides a smart contract for exchange of value. It is eating so deep into the fabric of our society that you can not afford to novice.
Government
The government around the world has shown keen interest in blockchain and its possibilities thus its adoption is gonna be swift beyond what you can imagine.
Imagine if you had 100% certainty that your vote would count. Imagine if you had access to how many person that voted for a particular candidate and of course this records is public and immutable.
Imagine if we had a system that censored when a foreigner crossed our boarder !.
Smiling, you can only imagine right?
Well it would interest you to know that a group know as Essentia is has been meeting with Finlands central unionnof agricultural producers and forest owner to develop an e-government pilot for them.
Agriculture: blockchain enabled grocery
Imagine if you knew the root source of every product you wanted to buy from any shop.
Personally i can not let a week pass by without a least taking some good fruits, apples and coconut especially.
Like they said: An apple a day keeps you away from your doctor
Lets imagine:
You go to a grocery store buy a fruit, apple for instance. You see a label on the apples fruit saying 100% organic, you buy and when you get home you are shocked to find out as you tasted that it was not even 50% organic.
Is there any way you could have known even before making purchase that the product is really want the label claims ?
Well you do not need to look further anymore as this is actually coming to limelight. With the blockchain we can actually see from where the product was manufactured (and even the condition, any any detail you care for per time), how is was stored, packages, and transported to the market. This is amazing right.
Thinfilm has unveiled a new blockchain-enabled feature that allows users of its near field communications (NFC) technology to learn about a product’s provenance or history, including details on transfer of ownership and its supply chain - marktech
Well, there is a million possibilities to what we can achieve on the blockchain and there is no stopping in this evolutionary trend.
One thing that makes me believe so much in blockchain is its ability to bridge trust and spur an immutable sense of certainty amongst users (clients) across the world.
