Smart contract != block chain != crypto currency
Bitcoin may be a hype; the underlying technology, known as Blockchain, could disrupt many industries. As long as you are dealing with transactional data, Blockchain can help.
Blockchain is a decentralized ledger system, which would provide secure and permanent records.
- no downtime, no error or lost records. On traditional server architectures, if a single app is compromised or goes offline, many users and other apps are affected.
- no censorship, transparent, safe, auditable, no fraud: multi-source identification
- no third-party interference. By tokenizing the process and eliminating any middlemen
Or the industries that may be disrupted by Blockchain
blockchain solves https://en.wikipedia.org/wiki/Two_Generals%27_Problem
Whenever an Intermediary is Needed
Banking and Payment
Now money transfer needs to go through the banking systems. Problems: fees, time to clear the transaction.
Blockchain can provide a low fee and instant solution to money transfer.
Blockchain can store all the documents and transactions
- reduce the paperwork required
- reduce the cost of the transaction. Deedcoin reduces the agent commission rate from 6% to 1%.
- secure: release funding only when the conditions are met.
- send money cross-border
- Abra: bitcoin-based remittance
- blockchain can take care of voter registration, identity verification
- count only the legitimit votes, no changes or removals.
- securely storing medical records
- accurately and safely transferred to and accessed by the doctors and people who are authorized.
- Blockchain will aid in the authorization and identification of people.
- Legal documents, like wills, can be securely store in Blockchain. Any changes to the documents will be authenticated and stored.
- inheritance: easily pass down digital assets
- Pitch Ventures: startups pitch investors live in a secure manner.
- reduce cost of video traffic by decentralizing video encoding, storage, and content distribution
- reduce time and cost on monitoring, avoiding human errors
- track origin to verify authenticity(e.g. fair trade)
Analysis and Forcasting
Networking and IoT
- eliminate need for centralized servers to handle communiacations
- manage trust, ensure identity
- peer to peer ride sharing
- avoid comprimise and missing data
- track donations
- transparency in operation, reduce corruption
- Energy producers and users trade through public grids
- Buy/sell peer-to-peer
- Electric cars, solar, home energy storage can sell electricity during peak hours
- trust is created through smart contracts and online reputation systems.
Digital currency reading list
coinbase master plan: https://blog.coinbase.com/the-coinbase-secret-master-plan-f4d644443301