Blockchain, in simple terms, is a peer-to-peer digital ledger of records, which is distributed and accessible to all nodes that are part of the ecosystem. The nodes may be in any part of the world, and the data shared on the ledger can range from contracts to payments to votes to accounts to transfer of ownership. Sharing and storing of data is completely secure and private. Since the data runs and gets recorded on multiple devices simultaneously, there is no chance of tampering, making the system transparent and immutable at the same time.
As more and more aspects of our lives have been taken over by the internet, like shopping, banking, travel bookings and plethora of other services, there is need for more secure platforms since there is a lot of information exchange happening online, and the internet has failed its users several times (data leaks, hacked and modified data, etc.). Blockchain technology, with its smart codes and contracts, is the perfect keeper of that information. The exchange of data is automated and hack-proof. What you put up on blockchain cannot be changed by anyone, and again, you cannot put up just anything on the blockchain since a transaction has to fulfill certain parameters and be verified before it gets a place on the blockchain.
What makes Blockchain so efficient that it can help create a frictionless society?
For one, it offers absolute data security, complete ownership of the data and enormous savings in cost and time in conducting financial transactions along with complete transparency for all parties involved. There is no chance of fraud, no doubt about authenticity and no need of intermediaries, and the cost thereof. Smart contracts on blockchain are based on algorithms that run without human intervention, and are also error-free.
It is simple, without the need of elaborate documents like conventional institutions doing the same job, and thus, within everyone’s reach. With decentralization of data, there is no chance of bias or loss/theft/manipulation of data. This gives participants complete control of data/assets and makes the ecosystem trustworthy or more precisely, “trustless”.
Governments all over the world are entrusted with protecting their people, executing measures and plans to boost prosperity of their people and to provide a variety of services (legal and financial, for example) to their people. As the world moves ahead, business is happening between not just regions in a country but between countries too, and every country having a different set of rules and laws of doing business, more often than not, acts as a hindrance to global development.
Blockchain can help in conducting seamless transactions between individuals and businesses belonging to different countries, making the society practically frictionless.
Another divide that can be addressed with the help of blockchain is that between rapidly developing urban centers and underserved rural regions. Rural populations have little or no access to legal or financial services and as a result, are left to struggle for survival with meager means. Blockchain can help in better distribution of resources and can help the government take proactive measures to provide and deploy resources where they are needed the most.
Emergency services like disaster management can become more efficient with the help of blockchain technology. While bureaucracy has its constraints when it comes to aiding those who have been hit by natural disasters, blockchain can help overcome those constraints and gather help from all quarters with efficient monitoring of aid. Also, when people donate for those in need, they can be assured that their donations would reach the right people instead of landing up in the pockets of corrupt officials.
Cryptocurrencies can be the solution to all problems that are associated with standard fiat currency, and its now well-known salient features are making them more acceptable among people, without any interference from any government. Crypto transactions can happen based on smart contracts without any additional legal regulation. Corporates can also pay their employees, suppliers or shareholders in any part of the world without any hassle. The bank, as the trusted but not a very helpful third party, will soon become redundant and cryptocurrencies will replace more than 25% of world currencies.
Managing and storing identity records will become simpler and safer on blockchain. Once on the blockchain, they cannot be modified or stolen, and a single digital identity could be your global passport to access any service you need. Cyber security will become a reality, with authentic cyber identities.
Just as the internet brought information to our fingertips with platforms for sharing music, news, photos etc., blockchain will bring clarity and authenticity to all the information, be it about people, about money or about governments. People of the world, divided by political borders, can come together and progress together as a unified force with the help of blockchain technology, since it comprises of a global currency and honest dealings between autonomous networks of individuals.
Some broad applications of Blockchain
Blockchain is so versatile and adaptive, almost anything that can be expressed in code can be recorded on blockchain, and some examples are,
- Birth and death records
- Digital assets
- Educational records
- Medical records
- Insurance claims
- Financial transactions
If there ever was a time for the common masses all over the world to be a part of something truly unifying and empowering, it is now. Blockchain, with its numerous benefits, is capable of paving the way for a decentralized governance system that is uniform and fair for everyone, where there is no need to pay exorbitant fees for simple services, and where getting connected to the right people for your business is not a distant dream, where voting will be simple, private yet transparent, and can be verified accurately and swiftly.
The best part of it all is that you need not be a blockchain expert or a technology geek to be a part of the blockchain ecosystem. Expanse.tech has a platform ready for you for sharing and storage of data or conducting financial transactions. It is the world’s first stable fork of Ethereum and can be used to create any kind of project. If you have a vision, just hop onto Expanse and explore the endless possibilities of this revolutionary new technology.