Why Blockchain matters!
Blockchain is a digital ledger that records transactions or other data over time. A blockchain can be designed to be operated by a group of companies or individuals together such that no single entity controls the system or its data.
It offers a way for people who do not know each other to create a record of who owns what, that will compel the assent of everyone concerned.
What does that mean for real life? At the moment we hear a lot about Bitcoin and cryptocurrencies. It made blockchain technology famous.
My personal focus goes well beyond Bitcoin and cryptocurrencies towards blockchain use cases which serve the needs of people; which create an added value for the society, a #ReturnOnSociety
Where will we see blockchains in real life?
The blockchain can be used to create a type of universal record for patients with a timestamp, a library that enables data retrieval across diverse databases. This will become valuable as precision medicine and the explosion of data, sensors, wearables proceeds. Take Medical Data Management
MedRec, one prototype using blockchains, is intended to improve electronical medical records and allow patients’ records to be accessed securely by any provider who needs it solving the waste of time, money and duplication in procedures, confusion and sometimes even life-threatening issue of records being distributed across many different facilities and providers.
Medicare fraud caused more than $30 million in losses in the United States in 2016, and blockchain-based systems could help minimize it. In addition, it could reduce admin costs for billing by eliminating the need for intermediaries with automated activities and more efficient processing.
#ReturnOnSociety: focusing on better health care for people
The most mature plans for using blockchains aim to cut costs for financial institutions in tasks such as settling transactions involving bonds or other financial instruments. Which means in future we will be able to transfer money from A to B only over the blockchain without knowing A who B is and B who A is. We will trust in the blockchain technology to make that transfers happen. We trust the technology. And here I am very convinced. We will see banking systems on blockchain.
Peculium.io is a French based ICO. The idea is to manage people´s savinges with the help of Artificial Intelligence. It is a revolutionary savings platform developed specifically to benefit from managing a superior cryptocurrency portfolio with the help of artificial intelligence based decision making. It shall assist people with a smaller income to still allow for growth of the savings they put at the bank. In this case it will be Peculium.io. Definitely a type of innovative social banking.
Hada-dBank Islamic banking is another very nice example of a way to introduce sharing economy into financial sector.
There are two basic principles in Islamic banking. One is the sharing of profit and loss; and two, significantly, the prohibition of the collection and payment of interest by lenders and investors. Collecting interest or “Riba” is not permitted under Islamic law. In the case of profit, both the bank and its customer share in a pre-agreed proportion. In the case of a loss, all financial losses will then be borne by the lender. In addition to this, Islamic bank cannot create debt without goods and services to back it (i.e. physical assets including machinery, equipment, and inventory). Hence savings, deposits and investments with our Hada-DBankwill be backed by physical assets such as precious metals and gemstones. This project has a clear #ReturnOnSociety.
#ReturnOnSociety: focusing on making crypto world safer.
There are several very nice initiatives on Charity, Refugee registry and UN Programmes.
BCharity (Article) has the idea is to collect funds for less privileged people, ICO will soon be launched. Another example is refugee camps in Kenya and Myanmar using a blockchain to help residents establish a financial identity through their dealings with aid agencies.
#ReturnOnSociety: focusing on making banking fairer.
Blockchains can also be used to create so called distributed contracts which can be used for keeping track of Internet of Things devices, which were the main weapons used in a DDoS attack, and hence it can be seen as a step towards making the internet a secure place for everyone. I am cofounder of the initiative HackerTracker, we work with crypto and cyber security experts to make ICOs and crypto world less vulnerable.
#ReturnOnSociety: focusing on making crypto world safer.
I personally was involved in energy blockchain. It is possible to register not only currencies but any units on the blockchain. In the energy sector it can be kilowatt. There are several ICOs focusing on developing energy blockchains which will distribute energy but not rely on the services of utility companies but only on the blockchain technology it self.
#ReturnOnSociety: supporting green energy to fight global warming
Internet giants like Google and Facebook contributed to a total centralised cyber world. Startups like Blockstack want to change that. They plan to release software, based on blockchain, that will enable your regular browser to explore a parallel universe to the Web where users have more control of their data.
#ReturnOnSociety: getting your personal data back, making data management more fair
And there are 1000s of applications possible like putting the land registry on blockchain to make it safer. Writing ideas on blockchain to help inventors proving that an idea came to their mind at a certain time.
And have a look at Blockchainforscience.com which postulates a new way how scientific publications are stored, and a new way of research is funded: not only a report at the end of a project but continuous publication and also funding!
Such a rich world of blockchain
use cases for #ReturnOnSociety
Let´s make it happen!