Wednesday, 18 July 2018

8 ways Blockchain has been influential in our lives

You probably haven’t noticed… but blockchain has been infiltrating our daily lives. The Bitcoin blockchain is a network of computers, known as miners, that verify transactions. Every ten or so minutes the transactions are locked in place. Then another block is added, which forms a “chain” of secured and verified transactions. In short, blockchain is the basic building block that allows bitcoin to exist separately of authorities and central banks. 

Here are 8 ways Blockchain has been influential in our lives: 

  1. Diamonds: The DeBeers Group is using blockchain to track the importation and sale of diamonds. The next DeBeers diamond ring you buy is likely going to be inventoried and monitored from mine to finger using blockchain technology. 
  2. Fishing: Commercial fishing companies are using blockchain technology to provide a publicly transparent record of the exact location where they are fishing. This assures consumers and authorities the fish were legally landed and should help with sustainability efforts.
  3. Fine art: Certificates of Authenticity stored using blockchain technology are being used to reduce art forgeries and prove provenance.
  4. Music: Indie singer, Imogen Heap, is one of the numerous artists and startup companies who have created blockchain and distributed ledger technology (DLT) solutions for musicians to collect their royalties, track the creation of creative works and maintain privacy for the artists.
  5. National security: The United States Department of Homeland Security uses blockchain technology to store data from security cameras safely.
  6. Endangered species: Care for the Uncared, a non-governmental organization based in Uganda, has created a blockchain initiative to protect endangered species like blue whales, Indian tigers, Asian elephants and giant pandas. The technology is instrumental in tagging and monitoring threatened species not just in zoos and preserves but also in their natural habitats.
  7. Gambling and wagers: Skilled gamblers know the house always has a small edge – but blockchain technology makes sure everything is fair, transparent and by the book. 
  8. Voting: The town of Zug, in Switzerland, has already used the blockchain to create an eID – a single electronic identity – which serves as a kind of digital passport for municipal services for residents. The eID is encrypted and allows Zug residents to pay fines and fees and other services.

Blockchain innovation and use in our daily lives is growing – whether we know it or not. And it’s here to stay.

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