Now it is undeniable that the blockchain has the power to modify society, and that in a long term period, it will certainly do so. Taking a look at th
Now it is undeniable that the blockchain has the power to modify society, and that in a long term period, it will certainly do so. Taking a look at the recent explosion of the profits of what looks like a bubble popping, we could say that it is probably time to think about the concrete paths that blockchains might take to do so, apart from the current value of the tokens.
Governments and taxes: the future of currencies
But, what is really happening on with Bitcoin and similar blockchains? Chainalysis have worked over methods that can give fiat regulators and government bodies a key to know it. It could be occurring that this process, while expanding the future of opaque cryptocurrencies, also makes a turn in the way finances are usually carried. It is probable that governments, allowing to have a 0% tax cheat rate with a blockchain system in place for its fiat currency, would support systems alike, which means we are going straight to the direction of a cashless society.
But decentralized options have a wide advantage over any fiat system that could emerge, and so government will be trying to dominate the cryptocurrency economy, as it does with the fiat one. However, the way regulators are looking at money, is been modifying by the blockchains, and we will for sure witness the emergence of a more transparent system in the future; a system based on fighting waste, fraud, abuse and fakers. These are part of the reasons why we will be facing to a shift, as society. A shift that might take not as much time as we would think of, and that will be felt by everybody around us, as by ourselves.
Responsibility and Public Trust
There is nothing that cannot be recorded in a blockchain: marriage, health records, land deeds or even political votes can be recorded so. Companies like Factom tried to find successful ways of recording real properties on the blockchain. However, at this issue, Votem is wining the competition, since it succeeded creating a trusted blockchain voting solution. This is why it is actually possible to argue that, within the following elections, votes could be calculated on systems built by Votem and its colleagues. Which means that, at this point, recording property transactions into blockchains will be nothing but normal within our century.
Advertising and Data Mining
The digital advertising problem had made several outfits to start working on blockchain-based solutions. AdEx and AdToken are trying to make advertisers and customers more honest. In the meanwhile, BitClave is looking forward to creating a new economy, based on selling and buying individual retail data. That is why many people is already arguing that, not so far, it will be normal for people to receive a token rebate for advertisements specifically delivered to them, through which they had purchased, as if they were being paid with some fragment of the advertisement cost.
Identification data and digital infrastructures
If we want to know who is currently leading this path, we must look at Estonia and its digital citizenship program. We are living a world where everything can be faked, even the most �live’ events; at an undeniable point, that proves and records of identity are more than required by different organizations, institutions and agencies that are going to consolidate their own encrypted database, protected by proper permissions and by a decentralized infrastructure. This turn into a digital, cryptographically-based identification system would have a concrete and quick impact on people’s lives, since, for example, we will all have access to our remote ID credentials in case we lose our physical copies.
It is quite evident that a recent rash of ICOs have promoted the process of people wanting to monetize their assets. This means that people that have valuable items, as going into a crowdfunded sort of pawn shop, are now wanting to obtain money by selling them in parts instead of liquidating them as a whole, complete and unique item. What is interesting about this? That cryptonaughts will be able to sell shares in their individual cryptocurrency assets, which means they could take loans on their crypto holdings, as SALT is offering.
The main conclusion of these issues, is that blockchains will shift the way people use, borrow and lend money. The impact of this process will definitely be felt by everybody around us in a later or sooner future, including the reader of this article.