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Here’s how blockchain is becoming instrumental in social change

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Records of contracts and transactions are defining structure of economic systems. They exist to protect assets, verify identities, set boundaries in organizations. These records also govern communications among organizations, individuals, and nations.  They also guide social action. But in the digital world, the ways to regulate and maintain control has to change.

Blockchain technology is the core of bitcoin and other virtual currencies. It is an open ledger that records transactions between parties efficiently and in a more permanent way. Furthermore, you can program the ledge to trigger automatic transactions. Countless applications can run on blockchain technology, from banking to employment and transportation. This technology can also be transformative in social organizations.

Most organizations are quite optimistic about the potential of these applications for social change and consider this technology a perfect method to establish trust, thereby creating potential for larger forms of social organization.

IoT and Blockchain

There’s also a link between the Internet of Things and blockchain. One of the developments in this area would include quantitative measurement of qualitative phenomena. Apart from tracking and verifying device history, an IoT powered by blockchain could provide a level of autonomy for devices, allowing them to make various transactions independently. 

P2P More Reliable

This technology can also transform how we use resources. Several applications demonstrated the ability of this technology to improve resources allocation. This technology can establish trust, making peer-to-peer transactions more reliable. As a result, a lot of the problems of the shared economy apps will become obsolete.

Big businesses, like banks and tech giants, will drive innovation. The increasing popularity of blockchain-based contracts can make blockchain a middleman in executing all business deals, legal agreements, as well as exchanges of data. Microsoft and IBM are already utilizing their cloud infrastructure to create custom blockchains for their customers. Researchers, on the other hand, explore blockchain apps for projects that range from medical and insurance records to digital identity.

The best cities for blockchain startups 2018 are also using this technology for global payments, music sharing, tracking sales, etc. In digital assets and transactions, you can base anything on this technology. But legal hurdles must be untangled first before we can see wider adoption of it. However, those who are already adopting it are making amazing progress. And within the next few years, most of your digital life will start to run on a blockchain foundation.

With this technology, contracts will be embedded in certain codes and saved in shared databases where no one can delete or tamper with them. In that case, every task and every payment would have a record and signature that could be stored and shared. In that case, we may no longer need bankers, brokers and other intermediaries.

Blockchain in real estate

Blockchain technology can create more equitable rent market. Rentberry is already using it to provide features that involve transparent rental auction. In this way, participants can see active bids and the highest bid. Tenants and landlords can negotiate prices in a secure way. The platform automates various areas of rent process, like agreements, payments.

With this technology, the real estate shifts to a peer-to-peer model. It means that you don’t have to pay agents to assist you in finding a property, banks to transfer funds and exchange currencies.

Other uses of this technology

This technology can build a digital identity. Project Amply, for instance, is creating a subsidy management system net for preschools in South Africa. The technology can help enabling children to receive services that were not available for them before.

Blockchain can also transfer digital assets without the use of intermediaries. And this what the UN Women did. The organization partnered with the Norway government to develop this system.

The post Here’s how blockchain is becoming instrumental in social change appeared first on BestTechie.

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