Bitcoin is recently been compared with the internet. As the internet has evolved almost every field of life, the experts claim that cryptocurrency is also going to do the same in the near future. But in my opinion it’s just exaggeration, bitcoin is nothing like the internet. And even if you the experts think that bitcoins are just like internet then most definitely cryptocurrencies is definitely not the web but the website. Ethereum which empowers the cryptocurrency is like World Wide Web but the internet itself is not like bitcoin, it basically is blockchain.
What is Blockchain?
If you’re not familiar with this terminology then it would be simple to understand that blockchain is a distributed ledger that keeps the thorough track of where a particular bitcoin is located and from where it comes from. Blockchain makes forging the bitcoin impossible and prevents from fraudulent activities like spending the same bitcoin twice.
The blockchain technology has made itself essential for the cryptocurrency. But bitcoins represents few uses of the blockchain technology. The distributed ledger built by blockchain has great scope and companies are spending millions to figure out the true potential of it. Certainly, most of the experiments won’t actually work. But a few that will work will bring a great value on the plate of the blockchain. These experiments will certainly affect our way of living and the price of cryptocurrencies.
Sharing economy the most promising Blockchain area:
Sharing economy is one of the most promising areas for the blockchain technology. As the ledgers developed by using blockchain technology are very thorough in the information and minimizes the chance of any human mistake. The thorough track of the flow of digital currency can also be used to follow the shared physical items such as real estate etc.
China’s major city bike company Ofo announced in May that they would set up a research program to look at how blockchain technology can be implemented to bring betterment in big data and internet of things.
Shared economy is a great domain for blockchain technology to thrive. As blockchain is still under a microscope and needs to be probed more and more to find more domains in which it can be put to use.
ShareRing is going even advance:
ShareRing is an online sharing economy platform where you can put your possessions like motorbikes, cars, homes on rental. This online ecosystem for the rental items was found in 2018 and is all set to move further. They are thinking of making their scope wide. Instead of focusing only one sort of possessions they are going to provide an opportunity to businesses, individuals or anyone else to put their possessions for rental purposes.
The company is also launching the app in November most probably which will allow people to find goods they need on rent. And of course, it’s also an application of blockchain.
You unknowingly are already familiar with the concept. Like sharing economy has made our travel easy. It’s so easy to find yourself a ride home through uber and a place to stay on the road through Airbnb. And now the ShareRing. They all are not just strengthening the shared economy but also is making clear that blockchain technology have a constant track of items that are used by masses and already make it an attractive area of technology.
Beverage companies are also extensively using Blockchain:
Coca-cola- a company which needs no introduction is now working with the US State Department to produce a proper registry of workers of the sugar industry. Basically, the purpose is to put all the worker’s contracts on blockchain ledgers built by Emercoin and the Bitfury Group. This would benefit the workers and the government mutually as the work conditions couldn’t be changed on the agreement and it will accessible at all times.
All the information available on the ledgers which can’t be manipulated by anyone except the experts within and can be accessed from anywhere in the world is just the result of advancement in technology through the internet. A top class internet can open new ways for you in today’s world. Comcast Xfinity provides the best internet. If you want to know more about it then visit Xfinity promotions to view the new deals.
The registry of workers will not only ensure transparency but also will build pressure upon workers to respect their contractual agreement and terms. Coca also claims that by 2020 they will be able to provide data for the labor abuses, child labor, forced labor, and other related issues in 28 countries.
Usage of Blockchain in banks:
The market of cryptocurrency is thriving and it also involves banks within it. We change out physical or saved money into cryptocurrency and put them to use. Many banks are paying head to the distributed ledger and are wondering what more it can do for them. Last year big banks like Barclays, Credit Suisse HSBC, Canadian Imperial Bank, MUFG and state street all developed a “Utility statement coin” which is easily convertible at parity with different foreign currencies. It also involved financial organizations. The coin will be soon released in 2018.
This coin will be used by banking organization and not by the customers. The sanction of this coin will make the bank’s digital currency different from the bitcoin and it will float more easily in the market as compared to the bitcoin.
Above are the most promising emerging domains of blockchain technology. These domains are highly exploring the metal of this particular technology and actually are making progress in it. Let’s see what happens in the near future.
Robert James is an MIS with a vast experience and research on personal and home security tech and gadgets. He also write on Comcast deals packages. He is an MMA Fighter and Technology enthusiast with a will to act. Tech Writer and Researcher with a flare to review the latest security tech and gadgets