The Blockchain is a game changer for small-to-medium size businesses. The value from transactions in the Blockchain is not siphoned away from the operating structures of a business, but is protected in-house instead.
Blockchain technology not only improves banking and payments on an open, peer-to-peer network, but it also improves supply-chain management. Transactions and the movement of goods can be monitored securely on a decentralised network.
Blockchain allows one to pay for goods and services without incurring debt from interest. Bitcoin is a digital currency that works through protocols, using peer networks instead of a central authority. Since 2013, however, Bitcoin has been undermined by investor sentiment – money-makers looking for the next best thing.
Bitcoin was designed to bypass centralised mechanisms of control, to keep transactions secure and the person doing the transaction anonymous. Blockchain technology achieves this. The success of Bitcoin and Ethereum show that there is a place for cryptocurrencies in the mainstream. As more cryptocurrencies enter the marketplace, decentralised currencies will replace a debt-based money system.
Blockchain technology can be integrated with the internet of things (IoT) for a decentralised network, where devices can communicate openly between each other. Blockchain enables a system of open communication on a ledger, allowing for software updates, monitoring energy storage, usage and savings, and supply chain management.
Another industry that would benefit from Blockchain technology are ridesharing platforms and apps. With the advent of autonomous electric vehicles (AEVs), ridesharing platforms could operate on an open ledger with Blockchain to share data with its end-users.
This would enable people to track, trace and record the best platforms for ordering AEVs on-demand. This would reduce the need for car ownership and free-up space in urban environments for regeneration.
Perhaps one of the most important applications of Blockchain is at the electoral ballot. The voting system has always been open to hacking, corruption and electoral rigging. But with Blockchain technology, this could be a thing of the past.
Blockchain technology can ensure that voter registration and votes are indeed legitimate, recorded on an open ledger that can be tracked and traced, and available for public viewing. This would eliminate fraud and corruption, paving the way for open, free, and fair democratic systems.
The Blockchain can also be used for energy management, traditionally a very centralised platform. With more renewable energy infiltrating the grid and with more micro-grids coming online, the Blockchain can track, manage and record energy usage.
By tracking energy usage on an open ledger like Blockchain, you could maximise energy efficiency. Blockchain allows you to track-and-trace energy capture, storage and usage over short, medium and long-term forecasts. This makes the blockchain the perfect tool for renewable energy management.
As you can see the blockchain technology has many uses and benefits. Now we must work at integrating this technology to advance decentralised platforms for a free, fair and equal world. Are you looking to gain a deeper understanding of innovation or sustainability? Then sign up for our free online course or download our new ebook.