Is Blockchain Changing the World? What is Blockchain?

The idea of blockchain technology was first described in 1991 by Stuart Haber and Wescott Stornetta who introduced an easy computer solution to timestamp digital documents to avoid them being tampered with. Fast forward to 2008 blockchain as we know it is invented by Satoshi Nakamoto serving as a public transaction ledger of bitcoin.

1. MONEY IS SAFE AND SECURE

We all want to keep our money safe and secure and blockchain provides just that banking would be faster cost less would have 100 accurate record-keeping and above all would be far more secure. 

Blockchain doesn't just benefit us but the banks too already 90 banks are exploring blockchain solutions as they would have up to 30 reductions in infrastructure costs and could operate on a 10 headcount reduction according to big data made simple.com. 

The beauty is that transactions are transparent there's less human intervention meaning fewer errors if any at all and it's a great banking alternative especially for people in unstable or undeveloped countries and those who are working abroad who need to send money home can do so instantly instead of waiting days for the money to clear when it's needed quickly.

2. PROVING YOUR IDENTITY

Blockchain will, of course, be able to assist us in improving our identity in the online world because as you're aware it's online that people are really good at assuming someone else's identity but it runs even deeper than that. 

Did you know that around 1.1 billion people around the world are not able to prove that they are who they say they are many reasons that could lead to this like no formal registration at birth lost documents due to natural disasters or not enough money to file the birth registration forms?

How do those without an identity get into schools find a job open a bank account it's practically impossible and that's where blockchain comes in 60% of the people who don't have an official identity do have a phone so a blockchain-based mobile identity solution would work well.

Estonia has been using blockchain since 2007 for their national digital identity scheme and it requires no paperwork and only digital signatures and has proven to be a nationwide success.

3. OWNERSHIP TITTLES

Proving that you're an owner of an item without any proof of purchase can be tricky or if you've had your Gucci handbag stolen and you spot it in the hands of someone at the club and you know for a fact it is yours how can you really prove it blockchain is here to help by recording your items or transactions on the blockchain can prove without a shadow of a doubt the item in question is yours.

In the case of high-end items like artwork, it's a great way to prove the piece has been passed on or bought legitimately and that it hasn't been stolen or resold at any point in the artwork's life.

4. I.C.O A NEW WAY TO RAISE MONEY WITHOUT GOING PUBLIC

I.C.O or initial coin offerings is a unique way that allows companies to raise money without going public on the stock exchange using blockchain I.C.O are usually reserved for companies or businesses in the crypto industry and you do need to have digital currency and an understanding of how crypto works, how a startup raises money through an I.C.O is firstly providing a white paper with details of the company it'll state the amount of money required how much the founders will keep the type of money accepted and how long the I.C.O campaign will run.

5. CHARGE IN ELECTRIC CAR

In 2016 German utility company RWE was the first to install a blockchain-powered charging station and subsequently, some of the world's largest automotive manufacturers have leaned toward developing blockchain-based incentive and data networks. 

Mobi, for example, is using blockchain technology to make transportation greener more affordable, and more efficient bringing it closer to home if you have an electric charging station at your house you could use blockchain technology and make your chargers available for others an easy way to generate a little extra income.

6. SMART CONTRACTS

Cutting out the middleman has never been easier thanks to blockchain Nick sabo developed smart contracts on top of blockchain which have made the role of a middleman null and void any contract imaginable can be automated checked regulated and self-executed on a computer program the end result will be a flawless contract done quickly, efficiently, and at a fraction of the cost of what legal fees would normally cost you.

7. BLOCKCHAIN CONNECTS SERVICE DIRECTLY WITH CONSUMERS

It might have crossed your mind that blockchain will make many jobs redundant but like the co-founder of ethereum and bitcoin magazine Vitalik buterin quoted Whereas most technologies tend to automate workers on the periphery doing menial tasks blockchains automate away. 

The centers instead of putting the taxi driver out of a job blockchain put uber out of a job and let the taxi drivers work with the customer directly if we take our point in our previous post about legal fees being too expensive. 

This would mean that lawyers worldwide would need to make their products and services more affordable so they don't lose their clients or operations like uber should maybe reconsider not taking such a large percentage of their drivers and customers fees.

8. COMPANIES WILL HAVE SEAMLESS OPERATIONS  

Besides offering their specific service another thing companies are known for are their mounds and mounds of paperwork with blockchain all of these contracts' legalities, ndas, codes of conduct, business plans, and reports all come together seamlessly to create a DAC or decentralized autonomous company.

When time is not wasted on figuring out if your employee still has two days of sick leave left or whether your new recruit has signed her non-disclosure agreement then you can start spending that time on building your business and investing your time where it matters most.

9. PAY YOUR PARKING FEES

One small step for man one giant leap for mankind okay this advantage might not change the world but it will certainly make our lives a bit easier backtrack to 2014 a new york city councilman suggested authorities allow bitcoin to be used to pay for parking fines it's unclear. 

If that went ahead or not in 2017 but it was confirmed that South Africa would allow fines to be settled with bitcoin blockchain technology would mean that governments could regulate everything traffic-related they'd be able to regulate street parking unpaid fines unroadworthy vehicles and overdue licenses there would be fewer car accidents and people would generally be safer on the roads.

10.BLOCKCHAIN AND SUPPLY CHAIN MANAGEMENT 

Blockchain has already revolutionized the way companies are keeping track of their goods and services supply chain is always being dogged with problems lack of transparency, management is ineffective more risks due to extended value chain sudden demand changes and theft.

I mentioned how accurate blockchain is which is why it's so effective with supply chain management and keeping track of everything going in and coming out the system shows every step of the product's journey from factory to customer information about the product can be accessed at any time and should anything be faulty with a product consumable or service. 

It's easy to track the root of the problem blockchain is already being used in companies like Walmart and statista confirms that 55.3 percent of logistics service providers have already invested in blockchain technology.