Blockchain is a public ledger providing access to everyone providing that nobody controls it. It allows companies and individuals to collaborate with an unprecedented degree of trust and transparency. It’s an open-source code: anyone can download it free, run it and use it to develop new tools for managing online transactions. The evolution of Blockchain for Transparency is the future of the financial system.
History of Trusted Protocols
1981
In 1981 inventors were attempting to solve the internet problem of privacy and security by using Cryptography. David Chaum developed an eCash system for digital payments in 1993 that made it possible to transact payments securely over the internet anonymously and safely. It was so perfect that Microsoft and others were interested to include this feature in their product. But back in 90’s nobody cared about privacy so David Chaum Company went bankrupt.
2008 Onward
In 2008 while the Global financial industry crashed a new Protocol was outlined for peer-to-peer electronic cash systems using a cryptocurrency called bitcoin. Digital currencies are not controlled or created by countries. It’s a set of rules in the form of distributed computations that ensures integrity for data exchange in billions of devices – without involving any third party.
Creator of the first commercial web browser, Marc Abdereessen said “Oh my God this is it. This is the big breakthrough. This is the thing we’ve been waiting for. He solved all problems, should get a Noble Prize, such a genius. This is the distributed trust network that the internet always needed but never had.”
The dark side of Blockchain
Silk Road dark web market for illegal drugs, peak 2013, the listing of 13756 priced in bitcoin
How Blockchain Works
Bitcoin or other digital currencies are not saved in a file, rather than it’s represented by transactions recorded in a Blockchain-kind of global spreadsheet or ledger, which leverage a peer-to-peer network to verify and approve each transaction. Run-on computers are provided by volunteers around the world; there is no central database to hack. Encrypted with a heavy-duty system involving public and private keys. Just like World Wide Web information, it’s a World Wide Ledger of value- everyone can download and run on their computer. Every ten minutes all transactions are verified, cleared, and recorded in a block that is linked to the preceding block, creating a chain.
- Peer to peer transactions logged all blocked in the chain of proofs
- Distributed Ledger: No coin moved, instead of knowledge of ownership passed & transfer
- Centralized: One person has all knowledge of coins, if mishandled Fraud Alert
- The distributed Hash function for Cryptography
- Blockchain: Run by all to validate transactions
- Dot Com Practice: As of now reference point of Trust is central DataBase
- In Blockchain all have the same copy of Contract: Block Validated by everyone before and after making chain
The evolution of Blockchain for Transparency will solve the biggest problems of mankind in a historical way.
DotCom to Trusted & Distributed Revolution
Investing in Blockchain Start-ups is taking off – as did in Dot Com in the 1990s.
Marc Andreessed said, “when we are sitting here in 20 years, we’ll be talking about Blockchain the way we talk about the Internet today.”
As Blockchain technology is transforming in this digital era regulatory bodies exploring new ways to regulate according to emerging technology, some countries have banned and some are investing in this technology to understand the potential benefits of powerful Transparency structure. This technology is bigger than just being associated with assets and currencies.
Ownership of Records and Role of Governments
Governments use the internet to monitor, manipulate, spy, change public opinions and undermine the freedom rights of citizens. Identity is yours whether given by family or other institutions but the data that comes from its intersection in the world is owned by someone else. Virtual Avatars are managed by organizations to represent projections based on the history of intersections, companies use this information to monetize, now imagine you are the owner of your data, and you control which information to share with others depending on the situation. In the physical world, reputation is local but this Technology can provide Portability of Trust and Reputation.
Bairbnb vs Airbnb: Evolution of Blockchain for Transparency
Applications based on Blockchain technology will be owned by members all revenues except overheads will go to its members, who would control the platform and make decisions.
- Reputation: With transparent reviews systems.
- Identity Verification: No third party involved
Blockchain-Based Startup Ideas
- Banking: Ending Remittance Fees
- Cyber Security
- Supply Chain Traceability
- Forecasting & Predictions: Betting
- Networking & IoT
- Peer to Peer Transport DApp
- Online Data Storage
- Charity: Track Donations
- Blockchain Voting: To Avoid Tampering
- Government: Blockchain-Based Documents for Efficiency
- Healthcare: Store Data with Transparency for Analysis
- Energy Management: Peer to Peer Exchange of Electricity
- Music Lover Want to Pay Their Artists: Per Person & Per Second Stream
- Retail Systems: Connect Buyer & Seller
- Real Estate: Transparency, Fraud, Bureaucracy, Tracking and Transferring
- Crowdfunding: Trust for contributors
- Insurance: Undisputed Reference Document
- Start a Blog Without Intervention of Regulatory Bodies
- Complete Trail of Leaders; For Transparency
- Owner of Your data on Digital Platforms
- Feeding the Creator by Protecting Intellectual Rights
- Apps to DApps
- Airline Industry To Speed Up Processes Regarding Identity and Transparency
- Judicial process online by using Crowd-sourcing & Blockchain
- Filing Complaint and Charge
The evolution of Blockchain for Transparency is revolutionizing industries and empowering the low tail contributors, one example is artists working in the NFT space.
Note
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Ehted Risi working on Blockchain-based solutions for Transparency in Fashin and Jewelry sector.
