7 Things You Can Do With Blockchain That Will Radically Improve Our World
Blockchain technology is a secure way of passing information from one party to another without the need for a middleman.
#1 Blockchain Will Protect Your Identity
Identity theft is currently a massive problem. A lot of information, such as personal habits and security numbers, falls into the hands of criminals through third-party data breaches.
Blockchain technology would allow people to control their information and only share the necessary details. This would be achieved through encrypted data stored on a decentralized system instead of one central hub, such as a bank.
#2 Blockchain Will Allow You To Own Your Social Media Data
Social media is currently ruled by large corporations such as Facebook and Instagram. Many companies don’t allow their customers to take their data with them should they leave.
When users stop using a platform, the information that they have posted will still be stored on that company’s servers.
Blockchain would allow people to take their data with them. The information that has been posted would then be available for download and could be used on another social media platform if the user desired.
Blockchain technology can also motivate users to receive tokens when they post content that other people want to see. You can check bitcoin-storm.live for more information.
#3 Blockchain Will Increase Transparency In Politics
Political voting is currently a game of smoke and mirrors. The votes are counted by big corporations such as Diebold, who have an incentive to give their clients favourable results.
This problem can be seen in the 2016 US presidential election when it was speculated that voting machines in crucial states were rigged against Democratic candidate Bernie Sanders.
Blockchain technology can revolutionize how you vote and potentially end this perceived corruption. The votes would be encrypted and recorded on a decentralized ledger which is extremely hard to hack.
#4 Blockchain Will Allow Refugees To Receive Aid
The individuals often struggle to receive necessities such as food and medicine. Usually, it’s unclear whether an individual has access to the necessary funds for living expenses.
Blockchain technology can make it possible for aid to be sent directly to a refugee, regardless of whether they have a bank account or not. This would save time and money as intermediaries – such as banks – who charge fees wouldn’t be necessary.
#5 Blockchain Will Allow People To Control Their Data
In recent years, there has been a shift towards big corporations owning people’s data. This information is often used to target advertising at the consumer and generate revenue. But unfortunately, it also allows these organizations to manipulate elections – as seen with Cambridge Analytica – and sell users’ sensitive information to the highest bidder.
Blockchain technology would allow people to see what information is being stored about them and then decide whether or not they wanted that data to be shared. A decentralized system would ensure transparency and security and prevent these large organizations from taking advantage of the individuals who use their services.
#6 Blockchain Will Allow Artists To Own Their Work
Artists often struggle to profit from their work because of copyright issues. This would mean that artists could upload their content onto a decentralized website which is difficult to hack. People who want to view this content would then have to pay in cryptocurrency, which would go straight to the creator.
#7 Blockchain Will Stimulate The Sharing Economy
The sharing economy is quickly becoming a popular way for people to make money without renting out offices or storage spaces. This means that barriers between nations are also coming down, as it’s now possible for someone in Australia to share a ride with someone in New York.
The problem with the sharing economy is that it’s hard for people to trust each other, as the transactions are typically not transparent. Blockchain technology can make these exchanges safer by recording them on a decentralized ledger which would be extremely difficult to hack. In addition, this would open up the sharing economy to a global market.
The future of blockchain technology is uncertain, but it’s clear that the potential applications are wide-ranging. This revolutionary system can facilitate transparency and even democratize industries that have traditionally exploited their user base. You may not know what the future holds for decentralized ledger systems, but these seven points highlight how they could change the world for the better.