Blockchain has the potential to reshape the society in innumerable ways. Lately, there has been enthusiasm and profit taking resulting in what might look like a bubble popping. In the circumstances, it is useful to go through some important blockchain innovations everyone needs in 2018, without regard to the current value of tokens powering them.
The importance of provable identity management is increasing by day in the world where virtually anything including live news conferences can be faked. Estonia has already begun a digital citizenship programme. With time, all organisations that require some form of identification will have a form of an encrypted database, preferably a decentralized one that will be difficult to modify without permissions. A shift to crypto-based identification would be a good change for everyone, once you lose your ID card, you would only need to regain access to your remote credentials.
Public Trust and Accountability
The application of blockchain technology in marriage records, health records, title deeds and even in voting will revolutionize how things are done. Companies such as Factom have experimented with keeping records of real property on blockchain. Similarly, Votem has made important milestones in creating a trusted blockchain voting system. This is significant as elections are now hotly contested with losers alleging electronic vote rigging.
We have witnessed an increase in ICOs whose aim is to monetize assets. The ultimate development of a crowdfunded sort of a pawn shop where you can use your valuable assets to raise money by selling shares in them instead of selling them whole would be a significant step. Cryptonaughts will be able to sell shares in their individual cryptocurrency holdings. It will also be possible to take loans on your crypto holdings as currently offered by SALT. Generally speaking, blockchain technology is on the way to transforming the way people borrow and lend money. It will also be great to have decentralized students’ loan funding projects.
Data Mining and Advertising
Some startups are seeking to solve digital advertising problems through blockchain based solutions. AdToken and AdEx are exploring ways of making advertisers more honest. On the other hand, BitClave is in the process of creating a whole new economy around the sale and purchase of individual retail data. Soon, people will be able to receive small token rebates for making a purchase after receiving an advertisement.
Fiat regulators and government bodies can now tell what is happening on Bitcoin and similar blockchains, thanks to methods developed by Chainalysis. Cryptocoin news believes that while this extends and emboldens the future of opaque cryptocurrencies, it could also mean that we are pushing towards a shift in the way that finances are done generally. As we head towards a cashless society, governments will rely on blockchain technology to deal with tax malpractices. However, this may not be implemented in 2018 but as a blockchain enthusiast, it’s something worth following closely.