Blockchain is a powerful technology that can (and will) change the world.
Everyone here on steemit and in the crypto-scene knows it - but the mainstream world around us is discovering the endless benefits of blockchains only very slowly.
Last year, IBM already stated that 15% of Banks worldwide would be using Blockchain technology by the end of 2017 - and in recent news, citi bank and JP Morgan have started to integrate Blockchain.
But Blockchain Technology can actually be used for much more than "just" cryptocurrency.
The UN for example is using Blockchain Technology to fairly distribute funds to refugees, and Walmart (in cooperation with IBM) is using it to ensure food safety.
The possibilities are almost endless, but let me highlight 2 new major projects have been announced just this week, where Blockchain technology plays a key role.
#1: Saving the Environment with Blockchain!
Conservation biologist Guillaume Chapron has written an article which was published in Nature yesterday, claiming that Blockchain Technology could be used to save our Environment.
Many environmental problems are created because we lack trust and transparency.
When buying produce at the grocery store for example, the supply chain is very long and it's complicated for the end consumer to find out where and under what conditions the item was created.
It's easy to cheat in this long process, and it's also easy to sneak in environmentally unsustainable factors.
Blockchain could change that: it could prove every step of the process with a timestamp, and everyone would know that no data can be falsified in this smart contract.
This may sound quite hypothetical, but it's already being done:
Like mentioned above, Walmart is using Blockchain Technology to track the supply chain of its pork in china, checking for things like farm origin and storage temperature.
London-based technology platform Provenance uses Blockchain to trace the supply chain of sustainably caught fish in the Indonesian fishing industry.
The same could be done to other goods like minerals, raw materials, or even diamonds (which are already being tracked by the startup Everledger through Blockchain.)
"Today's modes of governance are prone to corruption and are unable to steer humanity towards sustainability, despite the ongoing global environmental crisis. A technological innovation triggered by another crisis — the 2008 financial meltdown — offers radical solutions. (...)If humans repeatedly fail to build trust, perhaps algorithms should replace them.
The environmental crisis is growing partly because of a lack of trust—the increasing distance between multiple actors who are unknown to each other, from companies and governments to individual consumers, creates many opportunities for fraud and failed policies. (...)
The blockchain will disrupt all institutions, including governments.
A public, shared and immutable register of assets and transactions can help the public to hold politicians accountable. Authorities cannot withdraw or forge evidence, nor seize or shut down blockchain-based institutions."
The overall environmental impact of firms or consumers could be recorded on the blockchain and sustainable behaviour rewarded through incentives such as tax rebates. Building a life-cycle record of goods would also help to develop the circular economy.
-Environmentalist Guillaume Chapron in "Nature"
And there's another feature that Blockchain Technology can enable: certified ownership.
The Blockchain can verify someone's ownership of something - whether that's a piece of land, a forest, or a farm.
Startups in Nigeria, Ghana and Georgia are already using Blockchain Technology for land-title registries.
This could be especially useful in underdeveloped countries that suffer from corruption and ensure to certify rightful ownership.
#2 Making Self-Driving Cars more secure with Blockchain
In other news, the Toyota Research Institute just announced yesterday that they will start using Blockchain technology to "help to securely share driving and autonomous vehicle testing data, manage ride and car share transactions and store vehicle usage information."
They stated that Blockchain could help speed up the development process of autonomous cars, as well as making them more secure.
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“Hundreds of billions of miles of human driving data may be needed to develop safe and reliable autonomous vehicles,” said Chris Ballinger, director of mobility services and chief financial officer at TRI. “Blockchains and distributed ledgers may enable pooling data from vehicle owners, fleet managers, and manufacturers to shorten the time for reaching this goal, thereby bringing forward the safety, efficiency and convenience benefits of autonomous driving technology.”
Toyota is clearly making a leap forward, trying to position itself as a very innovative and future-oriented company.
This is no surprise considering that it's homeland Japan is currently also increasing economic involvement with Blockchain, Bitcoin and cryptocurrency in general.
Toyota has partnered with several Blockchain-startups like BigchainDB from Berlin, Oaken innovations from Dallas, Commuterz from Tel Aviv and Gem from Los Angeles to make this innovative project happen.
Are there any other other real-world applications - apart from cryptocurrency - where Blockchain could be used?
Images: 1, 2, 3, 4, 5, Sources: 1, 2, 3, 4, 5, 6, 7, 8
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© Sirwinchester
I think this article is my favourite of yours so far, thanks a bunch for this very informative piece. AWESOME WORK! At first, I thought you'd say "Blockchain is a powerful technology that HAS (and will) change the world." ;)
Namaste :)
What a compliment - thank you!
That's right, blockchain has already started transforming our world, and slowly but surely it will become even more popular when the masses realize how powerful it is!
My pleasure, you sure deserve it. You are such a solid blogger on this platform, thanks again for making our Steemit world such a brilliant place to be. Namaste :)
I couldn't agree more. Blockchain has so many applications it's unreal! For me, probably the most exciting is decentralized social media (like steem) where the users share the wealth rather than 1 Mark Zuckerberg becoming ungodly wealthy. A decentralized youtube is very much needed right now with all their recent changes. Also securing data to prevent fraud and abuse - Factom should have this market essentially cornered, and is a very exciting buying opportunity right now.
Very true, thanks for your comment! And you're so right, there needs to be an alternative especially for youtube, the latest algorithm- and payment changes have been ridiculous and many users are extremely unsatisfied with that!
Congratulations @sirwinchester!
Your post was mentioned in my hit parade in the following category:
New era.
🙌👌
Indeed! Block-chain is the future. It will definitely replace current practices
Blockchain is the future
Banks are slowly waking up and implementing Blockchain - and other uses are only being discovered now. This area is still huge and has millions of undiscovered possibilities!
None @sirwinchester, even for therapy - CRYPTOTHERAPY. Will be glad if you can read through my thoughts on that.
Crypto-Therapy is definitely a thing!
(Apart from the stressful periods when you sometimes see your investment in altcoins going up and down like a rollercoaster)
Glad you could attest to that.
It is very fascinating what blockchain can stand for. It's for my little brain like staring at stars at night and I keep discovering more and more stars.
Hahaha, that's actually a great comparison! There are soooo many stars yet to be discovered!
This is incredible! It's an effective way to monitor quality control and so many other things. I like this! I'm going to do more research on this..... Thank you!
Glad that I could provide you with some new information! It's really a fascinating topic and the applications for Blockchain are almost endless!
Blockchain is the future and the future is now ! Nice post, it does read so smooth, will follow for more :-)
Thank you, I appreciate your follow!
Like wise also following and like this article
Thank you for your support! Appreciate it! 🙌
very amazing article and so well detailed and explained really well!!! its really changing the world!!
Thank you for your kind words, I appreciate it!
And yes you're right, Blockchain really is changing the world already, and it will even more in the future!
yep :))
The future is here and it's time to embrace it!
@digestingreality
Exactly! And we're right here, witnessing the revolution!
I love leading the pack instead of following behind or even left behind!
Blockchain is the future ! and we are part of it! even so early adopters!! :D
In a few decades, we will probably laugh about the fact that nobody really knew what blockchain was and everybody only associated it with bitcoin!
Great article. Lots of good info for people new to this all. Following and good luck steeming! And I like what solar coins are doing for all the early adopters of solar power, one small step towards helping save the environment!!
Good point, that's a great use for blockchain as well!
Thanks for following!
This is the future of global finance! What is coming is immense! Great Post
Thank you!
Yes it's the future of not only finance but near-endless posibilities - we will see how many applications will be using blockchain within the next decade!
Cant stop thinking about the long list of application for block-chain... Future is here!
Definitely! There are literally thousands of applications (and business ideas) to be explored with blockchain... so many opportunities!
This is a great and informative article Winchester. The future of Blockchain tech is really unfathomable.
Yes. So many applications are yet to be discovered, it's hard to imagine all the ways that Blockchain can be used in the future!
Law processes can be streamlined a lot more effectively...notaries is one example...but the possibilities are many!
The need for accountants is dwindling.
Exciting times indeed...its like the conversation is finally emerging where questions about the meaning of life can be asked...and perhaps we can structure a world that is best for all life. After all its simply a matter of accounting....which is uhm cough blockchain tech and cryoto :)
That's true!
And yes you're right, law is probably one of the biggest and best uses for Blockchain. I think we will se a lot more Blockchain integration in law processes and blockchain chambers in the future!
:)
Very informative and I learned a lot! Thank you for posting it. I am thinking, though, is there a negative side to blockchain? Can it be exploited somehow?
It can't really be exploited, because any alterations will be visible on the blockchain. So there's no way to cheat or falsify information.
The only negative sides to it are that currently, blockchain doesn't have regulations under common law yet. New laws would have to be made that fit this kind of technology.
Also, the Bitcoin blockchain is currently quite slow (7 transactions per second) but we're advancing at such a rapid speed that I have no doubts we will soon see a solution for that!
Excellent precision.
Thank you :)
Times are changing so fast, lets see whats next in the theater of cryptolife.
I'm sure we will see hundreds of other applications for blockchain within the next decade!
I just read about some coins, their background, and it is amazing what the people come up with.
WHoa! Very interesting.
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Your post are useful for reader.