How many of you have heard about the “Blockchain”?
It seems that lately this new word is spoken in all industries, universities, meet-ups and even on main-stream media. Of course, the latest hype on regular people, sometimes even teenagers making tons of money on bitcoin or other cryptocurrencies have sparked everybody’s imagination and consequently driven the prices of the coins even higher.
However, besides the attractive financial gains from ICOs and cryptocoins, the power of a blockchain is going beyond that. Blockchain has the potential to disrupt so many industries starting from financial services, supply chain management, retail, healthcare, real estate and even the government.
That is because the blockchain, a peer to peer network recording transactions between parties in a secure, efficient, certifiable and permanent way, is reinforcing trust in a decentralized manner. This means that there is no need for a 3rd party certification to confirm that a specific transaction was performed. This allows for new business models that eliminate the costly “middlemen” to emerge. Imagine banking without high commissions, transferring money worldwide without fees, musicians or other creatives sharing their content directly with fans without any additional charges taken over by distributors. Possibilities are endless.
Nevertheless, it is worthwhile to pause, forget about the financial gains and reconnect to the potential blockchain has to really impact the world we live in. A few blockchain projects out there are really tackling the issues that inspired the early-adopters and are at the core of a decentralized world. Efforts on identity management on blockchain are already facilitating a new voting system that eliminates any fraud and influences the future of democracy. Applications such as peer to peer solar energy networks built on blockchain are mitigating the energy loss on the network and have a potential impact on increasing the adoption of sustainable energy. The technology can also facilitate the distribution of welfare and international aid, supporting financial inclusion for those living in poverty to access the benefits they are entitled to.
At BlockchainTalks conferences, enthusiasts, investors, experts, and entrepreneurs are gathering to discuss and debate how the technology can be used for the common good and better world. Selected inspiring projects are presented on stage, next to technical experts discovering new ways to reach consensus on a network and motivated advocates of the real benefits of a decentralized world.
To understand the problem is to understand the solution.