Blockchains are not limited to virtual money:
Despite the technologies infancy, the benefits have resonated with users in various industries and blockchain has begun its disruption. These include, but are not limited to:
Space exploration, Cyber Security, Supply Chain Management, Network and Internet of Things, Environmental Management – Through Oracles (a bridge between the volatile real-world data and digital data entries), Forecasting and Speculation, Insurance and Trust Management, Automobile, Cloud Services, Charity, Voting, Government operations, Public Benefits systems, Healthcare, Energy Management, Music Startups, Online Retails, Real Estate, Public Record Keeping and Crowdfunding among others.
What are smart contracts/DAO’s?
DAO is whereby an autonomous decentralized or democratic group of individuals can allow an organization to run by itself on an agreed consensus.
This happens by agreeing on a set of rules and regulations that will govern the business. After the consensus is formed it then becomes the code of conduct or the standard protocol for all members. Any failures to comply with the consensus results in kicking the offender or incompetent user out of the system/network. Alternatively, changes can be introduced through a voting system as per the original agreement, usually, 51% of the voting majority is required for the implementation of the new and proposed plan.
Analysts have estimated that the use of DAO’s will call for a special and industry-specific legislature.
Hypothetically speaking it is entirely possible to introduce a DAO run blockchain Uber/ride-hailing network. A blockchain auto-trading application, a blockchain based property purchasing and selling network and so on.
The Relevance Of A Blockchain Network
Cryptocurrencies are made efficient by the use of blockchain technology. This system allows information blocks to be kept together in a chain like series, to help the network arrange it’s transactions in a logical order.
This technology has helped to make the system more efficient, removed several risks and threats that the concurrency might face. Cryptography is not limited to cryptocurrency, neither is blockchain. Cryptography and blockchain also go hand in hand for the creation of alternative public systems, healthcare, and entrepreneurship.
The pairing is expected to reshape what patents mean to us and is likely to transform the entrepreneurship world in no time.
Read More about Blockchain what it is capable of here.