The undiscovered potential of the blockchain technology

The undiscovered potential of the blockchain technology

Blockchains are widely known for enabling cryptocurrency transactions quickly, at low rates and most importantly – all over the world. But their appli

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Blockchains are widely known for enabling cryptocurrency transactions quickly, at low rates and most importantly – all over the world. But their application expands far beyond online payments only. Here are some of the numerous opportunities that the blockchain technology offers outside the finance industry.

Blockchains can protect ownership and authorship and help diminish counterfeit. The distributed ledger technology provides a database where creators can register their work and eventually proof their ownership. For instance, Ascribe – a German start-up company which facilitates the registration, transfer and even sale of digital artwork without the chance of that property being stolen. Or Crypto Copyright that offers a decentralised proof of ownership whenever someone uploads his or her personal documents such as articles, contracts, photos etc. After that, people can feel secure that their file is protected under copyright.

Online voting can also be made more secure and transparent by the blockchain technology. Since the blockchain database is decentralised, there is no controlling body that can influence or manipulate the information there. Consequently, important data such as citizens’ votes can be successfully protected and its authenticity guaranteed. In fact, anyone connected to the blockchain network can easily check whether the data there corresponds to the one provided by the government after the elections. And all this without people losing their anonymity. What is more, a company under the name of Follow My Vote is already developing a public platform that would enable faster, cheaper, safer and more convenient way of online voting.

Another opportunity that lies before blockchains is the decentralised social network. The growing concern about the ubiquitous social media channels such as Facebook, Instagram, YouTube, Twitter etc. intruding into people’s personal lives may end up soon. If the blockchain technology takes over the social network there will be no organisation in possession of customers’ personal data and consequently no possibility of revealing their identity or private information without their knowledge. A good example of a prospective blockchain based social media is which is supposed to launch in the beginning of 2017. It will be a peer to peer journalism app where people can share content without it being censored and even get paid for that.

With all the variety of perspectives in the world of blockchain technologies, it is difficult to imagine the future of blockchains and their exact development. Nevertheless, an increasing number of people see the possibility that this technology takes over a substantial part of our existence, facilitating our daily operations and improving the security and quality of our lives.