For those of you who don’t know what blockchain is I have one question for you… Are you living under a rock?
I’m just kidding, If you don’t know till now, just remember that your world about to be transformed from this point forward. To put it simply, blockchain is a digital, distributed transaction ledger. Err, that wasn’t so simple… Okay, let’s try this again. The blockchain is a platform that is not controlled by one entity but it is controlled by everyone. A democratic technology, if you’d call it.
Whatever you do is stored on everyone’s computer who is a part of this program thus making it impossible to undo your action without anyone knowing.
Ever since it came out, 10 years ago, people have been saying that it is The Next Big Thing. People have been equating this revolutionary technology to the internet. Just like how the internet transformed the world, blockchain will do the same. But it is better because it lets you deal with money as well.
A hype in Bitcoin might have brought you here and what people don’t know is that blockchain is much bigger than just Bitcoin or a cryptocurrency. It is shifting paradigms in industries like healthcare, agriculture, government, environment and much more.
One is for sure, wherever this is used this technology will bring efficiency, speed, transparency, and immutability.
To put this in the first place is because we all know that the world is going through a massive environmental crisis. And, believe it or not, but blockchain is being used to safeguard the environment.
Social Plastic is a project that is turning plastic into currency in places like Haiti. WHat they are doing is that you can get currency, services like phone charging or cooking fuel in exchange for plastic. Killing two bird with one arrow; they are reducing plastic waste and alleviating poverty.
SunContract is another initiative that allows people to engage in an exchange of electricity with their neighbors and the local community.
Yet another major issue that needs to be dealt with. Recently, a blockchain-based company introduced the first traceable coffee to bring transparency and profit to farmers. The farmers are being paid through blockchain. Wherever the coffee beans go through from, all of it is recorded on the token which adds value to it. In the end, the consumer can know where it came from and whether the farmer was paid for it.
Some countries are struggling what to do with it while some are ahead of the curve and making the most of it. Estonia is one of the first one, testing blockchain since 2008.
Since 2012, in Estonia blockchain has been integrated into data registries, such as the national health, judicial, legislative, security and commercial code systems. It is important to know that this is not where the data is stored but it helps detect when a violation of law has been made.
In Australia, a civic-focused blockchain company came up with a water ledger based on Ethereum. The blockchain enables the government to verify all water trades and update state registry in real time to prove that the trade has taken place, including the location of the trade.
Indeed the world is waking up to change and it just keeps getting harder to keep up with the world. But if you have subscribed to BlockPublisher then it is easier to know whatever is happening especially in the blockchain world which will soon be our reality.