Looking at the blockchain technology, it is important that we determine its potential as a threat and its use in boosting the efficiency of communication – ultimately making a better world. It is a networked approach to an open, decentralized and very difficult to steal, hack or counterfeit transactions. It promotes digital trust through radical openness. For the first time, we will be able to reimagine how our world transacts without the need for intermediaries.
The significance of blockchain was recognized even before; however, it took a while for the broader market to understand what a big leap it is towards transparency. Here are potential uses of the underpinning technology of Bitcoin that can change the world.
- Electronic Voting
With the election just around the corner, it is a relief that there is a technology that can verify a machine’s accuracy during recounts. Automating the paper vote counts will not only save time and cost, it will also improve accuracy. Since blockchain is composed of blocks that contain a hash from previous blocks, changing one vote requires altering millions of votes before another one is cast.
The election has been a primary target of hackers; thus, political parties have turned to blockchain for internal voting. A hacker would need more computing power to rewrite multiple of votes quickly – something that he cannot do. This eliminates election corruption in the undeveloped world.
- Unbreakable Contracts
The blockchain replaces the role of a third party in resolving legal disputes among suppliers, customers and partners. Changes in agreements would not require the services of an expensive lawyer anymore. Instead, companies would create a token that can be used to represent an asset with a self-executing contract, which eliminates dependency on a third party.
- The End of Patents
Every now and then, we read news about patent disputes between large tech companies like Apple and Samsung. The blockchain replaces patents by barring replication of a transaction hash associated with a unique document. Gone are the days when companies need to file a publicly-known patent. Blockchain can prove the existence of ownership through date-specified internal documents linked to a transaction hash.