The Financial System & Blockchain Technology: Could It Be the Solution?
Our current financial system serves tons of people every day, and moves multiple-trillions of dollars. While it may be our current system, it doesn’t mean it’s necessarily the best system. Not surprisingly, its wrought with issues. These issues include, but certainly aren’t limited to
Want to learn more about blockchain, but are tired of reading about it? We’ve got the just the thing for you! Our A to Z blockchain video will leave you with tons of awesome information.
Of course, we all know the alphabet. A, B, C, D…so on, and so forth. Think The Alphabet Aerobics by Blackalicious (if you haven’t heard or seen anyone rap it, it’s very impressive. Look it up!), except specifically about blockchain technology. Watch it below! (Or get the letter-by-letter breakdown underneath the video :))
Digital governance is the act of establishing set roles, rules, and regulations within the digital space. So, it basically means setting up the rules of online activities. In this particular case, it’s the implementation of agreed-upon rules within blockchain technology.
A blockchain is fundamentally created without a single entity controlling the system. In order to complete any given task a decentralized network relies on a number of computers. Because of this, people more-or-less can run rogue. The accountability that exists within the community is the glue that strengthens the inherent benefit of the technology. (For more in-depth information, read our What the FAQ? Guide!)
So, you’ve come to Blockchain.WTF to learn, well, WTF is a blockchain? (Or for the less crude, what is a blockchain?) You may also be wondering, how does blockchain affect me? We’ve got you covered. Just watch this video, to get a quick introduction into what blockchain is, and we’ll begin the journey towards helping you navigate the world of blockchain technology!
Watch this video to learn what a blockchain is! If you’re more of a reader, though, and prefer to take in text, read our awesome What the FAQ? Guide!
Are you one of those video junkies? Well, we’ve got you covered. So if you’re interested, check out our awesome collection of videos about blockchain!
Energy Sales – Giving Power Back to Consumers With Blockchain
Energy sales are a heavily regulated market, with both local and large companies occupying the space. These big enterprises are in for a real shock: they’ll no longer be able to manipulate energy prices as heavily as they are currently. Of course, this isn’t right around the corner, but it’s coming! What’s going to drastically change the landscape of the energy market, you may ask? Blockchain technology.
Quite literally, it’s bringing a new wave in the energy revolution, in which both utilities and individuals alike play economical roles as producers and consumers of a certain commodity. In this case , the commodity is electricity. Today, electricity is sold through a facilitated dealer. People can buy and sell energy directly to one-another via blockchain, eliminating the need for a middleman entirely. Basically, it makes a peer-to-peer energy trading system a reality.
Digital identity is the term for a set of attributes that specifically demarcates an entity online. In layman’s terms, it’s the data that makes you, you on the Internet. Naturally, that type of data is sensitive. You don’t want it to end up in the wrong hands. What better way to protect your digital identity than to record it on a distributed ledger known as–you guessed it!–a blockchain!
So, it’s becoming pretty darn clear how safe and secure blockchain technology really is. It provides a level of encryption no centralized platform could even dream of in its dreams…..in its dream’s dreams. A peer-to-peer (P2P) network has many different systems working in tandem. As mentioned before (but if you didn’t catch it, read about P2P networks here), if a hacker is interested in breaking into a decentralized network, he must get into all of the the participating computers simultaneously. No small feat, even for the most skilled nefarious hackers.
The healthcare industry is currently set to face a massive overhaul. With change knocking on the doorstep, it really begs the question: how will technology have its hand in shaping this transformation? While many answers have been asserted none look more promising than blockchain technology. This new technology has professionals excited about how it can revolutionize data stored by healthcare providers.
Currently, the flow of information within the industry is largely controlled by middlemen. These middlemen often come in the form of insurance providers, who take a profit for their services. Thanks to the addition of a go-between, inflation exists in the cost of healthcare for consumers. Oftentimes, it doesn’t provide the highest quality services, or really even quality services.
Joseph Lubin, Founder of ConsenSys and Ethereum, recently spoke at Rice University about business and blockchain technology. He covered a number of topics regarding how Consensus and Ethereum came to life. In addition to his business successes, he discussed how he believes blockchain technology can help improve global digital identification and reputations.
Ethereum, of course, is considered the next version of blockchain. (Learn more about Ethereum!) The company was founded in late July 2015 as an open-source blockchain, featuring smart contracts. (For more information regarding smart contracts, head here!) ConsenSys, on the other hand, seeks to create dApps (decentralized applications), to facilitate peer-to-peer transactions. Its focus is to devise Dapps that will ultimately change the way we do business, interact on a human level, and our current economic channels. (Click here to visit ConsenSys’s website.)
Blockchain Provides Huge Strides in Healthcare Data
When it comes to healthcare reform, only one thing is certain: it’s going to be a tall task to complete. The recent change in administration has led to examination of current insurance healthcare data systems. Healthcare is poised to change, thanks to both the White House and Congress. This leaves the industry left with the question of how it is going to adapt to the rapidly changing healthcare environment.