the Blockchain enthusiasts to speak of the technology, a revolutionary potential for change in all areas of life. As we were able, however, in the course of the ICO-hype last year, is the use of technology is not always useful. Because processes on a Blockchain to map like to create confidence; it makes the processes but at the same time sedate. Therefore, it turned out, in many cases, the classical database would have been the better solution. Five areas that can revolutionize the Blockchain.
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At the 1. December 2018 share Facebook Twitter LinkedIn xing mail
The implementation of the Blockchain technology, a compromise between efficiency and trust. The Integration of a Blockchain is useful if there is a sufficient need for automated, tamper-proof processes, which justifies the waiver of the speed of data processing. The areas of application are nevertheless diverse, the potential is large.
How the blockchain wants to radically transform the economy | Bettina Warburg
watch This Video on YouTube.
time to take a look at the areas of life in which the use of the Blockchain technology seems to make sense.
The financial sector
Of crypto-currencies, apart, the Blockchain technology has the potential to revolutionize the financial system. In particular, the so-called Token Economy could ensure that the trading of Assets is becoming increasingly digitized. Examples of Security Token Offerings (STOs). In contrast to the discredited ICOs STOs regulated financial products, are „Securities“ as defined by the stock exchange regulators.
The advantage over traditional securities is obvious: Through the use of a Blockchain, the transaction costs are reduced significantly. The trade will be easier, and contracts can theoretically come within seconds.
if you want to learn more about the topic of Token Economy and 45 minutes of time brings, the this Talk of Shermin Voshmgir was.
Money Talk #2: Token Economy, The Future of Currencies?
watch This Video on YouTube. Policy
elections, health, the fight against corruption. The list of the application areas of Distributed Ledger technology (DLT) in the political area. Finally, the Blockchain-a Narrative of the anti-counterfeiting security of data when used in the policy can be shown to full advantage.
electoral fraud is no longer block – chain based voting systems – if properly implemented-simply not possible. This has in turn a positive impact on the political legitimacy of the claims of democratically elected governments.
South Korea has been testing such a block-chain based voting system is currently.
identity management
The use of a Blockchain in identity management is one of the most promising use cases for the technology. Because entries on a public Blockchain is tamper-proof. Thus, any contract can ensure that their counterparty to be trustworthy. Furthermore, the data stored in its own Hand. Everyone can decide for themselves which personal data to disclose.
An example of the technology was already so well-received that the Swiss Federal Railways. Rail workers can place data on a Blockchain. In the case of a change of employer, the Migration of the data is considerably simplified, and the data will not remain on the servers of the employer.
supply chains
the so-called Supply Chain Management can be from the gain in confidence through the use of DLT benefit. Manufacturer conflict-Laden goods such as Gold or diamonds can lend their efforts to ethical production processes by using the DLT expression.
consumers can view the various stages of the value chain on the public Blockchain. Since subsequent Changes to the Protocol and block chain, noticed according to are counterfeit excluded.
A large Problem for the penny! „the Blockchain in Supply Chain Management“ remains as before: The data may be stored in a tamper-proof on the Blockchain. If an entry has but also factual accuracy, you have to prove otherwise. It is the danger of the abuse of technology, since certain data can be tampered with prior to Upload in the Blockchain already.
The legal system
Hardly an Organ of the legal system is more institutionalized trust, such as the notary office. Sworn notaries notarize legal transactions with high-volume, manage discounts and authenticate the evidence and facts. In short: notaries are obliged to independence, and must leave no doubt as to their integrity.
the Same Level of security and trust in the integrity of the data can also achieve a Blockchain. Finally, it can be stored on it also wills. Also conceivable is an automated Testament to the opening by means of a Smart Contract is also.
The actual implementation of such a system is, of course, the music of the future; the technology will not replace the venerable profession of notary in the foreseeable future. However, companies such as Ubirch what is possible.
but Above all, this use case is an exemplary example of what makes the DLT in the core: the creation of automated, indisputable truths, without the aid of a trusted the entity to be verified to be dependent.
This is the fundamental value of the technology promise. To say it in the words of TED Keynote Speaker Bettina Warburg:
„I think we need to prepare. Because we are about to encounter a world in which distributed, Autonomous institutions have a very important role to play.“
