The new blockchain opportunities
As the history of currency like Bitcoin movement demonstrates, this distributed database contains highly secure and immutable transactions that are carried out without conflict because they are indisputable, have no central authority, and can only be modified if all participants agree. By extension, a wide range of financial transactions can be carried out using blockchain technology, just as it is done with Bitcoin.
Stocks and other financial assets can be managed in this way. Financial institutions took it for granted and are one of the industries that experience the blockchain. However, as we know the underlying advantages of blockchain technology, what other situations could benefit from this model? In addition to financial transactions, it is an interesting field.
the difficulties of proving the copyright of a digital product
Consider, for example, how easy it is to acquire, store and move digital products, such as photos or music files, from one device to another. This same beneficial feature makes it easier to copy and steal these files. Artists and producers have had to accept this misfortune with the potential loss of millions of dollars in value. If you are the legal owner of a digital product, it is very difficult to prove it. If we could register our creations and ownership of a digital product with a blockchain, we would have immutable proof. For example, if you are a professional photographer and record your photos on a blockchain, it would be harder for someone to claim that this photo is hers. Your record is stored on the network and it would be practically impossible to change it. The blockchain would also allow the digital ownership transfer mechanism to be more reliable.
Let’s look at another use a little more complex. In ports around the world, ships load and unload their products.
The loading of a ship with containers for export is done at full speed, especially in cases such as fruit, when the loss of time affects the quality of the product. However, the biggest waste of time occurs with bureaucratic paperwork. A fruit container can take up to 30 people to sign and seal documents. Customs, tax authority and health inspection, for example. In addition to this difficulty, it is very easy to manipulate these documents and allow a part of the products to be diverted or incorrectly cataloged in order to obtain a superior price. Let’s imagine that instead of paper documents, we have digital transactions and changes are made to the blockchain.
It is virtually impossible to manipulate the data. Subscriptions can be managed more efficiently and there is a historical record of every step the fruit takes during its journey. Solves many problems IBM and Merck, the container shipping company, have just tested this pilot system. There is a risky proposal from the port of Dubai, in the United Arab Emirates, for all transactions to be carried out with blockchain technology in the coming years. It remains to be seen whether they will succeed. A notable feature of the blockchain is that it offers reliability in cases where it is difficult to establish trust. For example, identification on the Internet is based more than desirable on individual identification, although it gives food for thought. Identity on a system is usually established by a username and password. It’s a shame we all know that a password can be stolen and end up compromising our virtual identity. It would be possible to store our identification in a blockchain and for all identity validation mechanisms to accept it. All of our credentials can be stored, such as passwords, debt history, driver’s license, birth and marriage certificates, title deeds, etc. Safely and tamper-proof, we could eliminate many of the traditional authorities that make it difficult and expensive to access our own documents to modify them.
This idea will make some happy and distrust other Finleys. Finally, with a trusted digital ID, we could fulfill the deferred dream of online voting that would allow citizens to vote using their phones. If we start envisioning these possible uses, we’ll quickly recognize that blockchain technology can transform everything. However, it is still on speculative ground and at best we are talking about ongoing experiments.