WHA D BLOCK!? Pt.2 – On d Block (a.k.a. Uses of Blockchain)
Author: Gerard Ferreira
You’ve now read the first installment in this series (RIGHT??). To recap: blockchain is a digital decentralized database that is transparent and immutable (dictionary.com is your friend). Traditionally equated to cryptocurrency, there is much more to the technology, due to its structural benefits. Below we explore blockchain’s potential!
We have to start here, because of how intertwined blockchain and cryptocurrency are. Blockchain was basically created in response to frustration with traditional banking flaws such as transaction fees, a third-party “controlling” your funds and payment processing requiring days. ⏲️
Cryptocurrencies were created to be the digital assets that serve as a store of value/medium of exchange and are transferred via blockchain.
I.e. a cryptocurrency, e.g. Bitcoin ₿ , is a digital means of payment that is exchanged via blockchain.
Payment processing and money transfers
Don’t let Cryptocurrency fever fool you, friend. Not only can ‘traditional’ currencies and payments be exchanged using a blockchain network, but transaction validation and processing will be *much* 🚀faster.
Supply Chain Monitoring
Most businesses – from your doublesman to Amazon – rely on supply chain management in some form.
Any issue in the chain can lead to great loss.
Blockchain adoption enables materials in the supply chain to be monitored at any point, resulting in inefficiencies being highlighted (and resolved) and quality control to occur at a much faster rate.
Worried that your political opponent tampered with ballots or voter padded? Blockchain to the rescue!
Blockchain storage of national ID/voter data 🗳️ will allow voting to be done securely and digitally, while inherent transparency allows regulators to easily ensure everything is above board.
And no late-night waiting for results!
Property Ownership and Transfer
With property ownership records on a blockchain, transferring ownership becomes a much easier, faster and more secure process, as title and receiver legitimacy is quickly verified.✅
Removing the paper trail significantly reduces ability to ‘cheat’ the system and thus begs the question – how will ‘smartmen’ adapt and what will families fight over now?
Stay tuned next week, as we dive into the creation of a blockchain!
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