Blockchain application beyond money
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Blockchain application beyond money
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Content:
- Blockchain usage beyond cryptos: From money transfer to tax filing
- Bitcoin and Beyond
- Beyond Bitcoin: Non-Cryptocurrency Blockchain Applications
- Applications of Blockchain Technology in Fintech
- 10 Use Cases of Blockchain Technology in Banking 2022
- Beyond the Hype: Cryptocurrency and Blockchain Technology
- Banking Is Only The Beginning: 58 Big Industries Blockchain Could Transform
- Seven Trends at the Frontier of Blockchain Banking
- Blockchain Beyond Bitcoin: How Blockchain Will Transform Business in 3 to 5 Years
Blockchain usage beyond cryptos: From money transfer to tax filing
We are at a unique moment in history: our society is in transition from an industrial economy to one defined by a new set of technologies, ranging from digitalization to nanotechnology. Among the latest waves of digitalization is blockchain—a technology that many say promises to redefine trust, transparency and inclusion across the world. Blockchain, however, is a relatively immature technology and can create as many problems as it solves.
What it has offered so far is a series of key insights into emerging technologies and how we can approach them in a rapidly changing world.
We are now in a liminal period for digital technologies. Nearly all the benefits of having access to computing power were previously kept inside corporations. Information technology was primarily about following the same business processes in place since the s but doing so faster, more efficiently and more securely.
With the broadscale distribution of computing power across the globe, however, something shifted. Many of the technologies driven by the distribution of computational capacity are about radically redefining how those business processes, our economy and our society are defined in the first place.
In effect, placing the power of digital into so many hands is having a significant impact on all aspects of human existence. Blockchain is one of the technologies enabled by the worldwide distribution of computing capacity. Put simply, blockchain is a digital ledger in which transactions, e. It is the public aspect of this exchange that is the most interesting.
Now, having moved far beyond its original application within cryptocurrency, the underlying technology of Bitcoin is being applied in a variety of situations, from incentivizing the inclusion of renewables in energy networks, thus reducing emissions in the global shipping industry, to enabling banks to perform remittances faster and at a lower cost. There is a significant amount of hype about blockchain, as well as misconception, driven in part by the fact that it is extremely new and in part by greed, as people have realized that they are able to make money from blockchain as a new form of asset class.
Blockchain, however, does not exist in a vacuum and it indeed functions within a political economy, like every other technology. Moreover, the idea that a currency can exist without Governments getting involved is a fallacy; there is nothing more political than money. What can blockchain give us, then?
Blockchain is still new and will evolve many times before it can be fully integrated into society. We have seen similar trajectories before in the technology industry; examples include the Internet of things, mobile telephony and even the Internet itself.
Every one of those technologies went through various iterations before it was fully integrated and used within society. Many technical, social and political obstacles had to be slowly but surely overcome. It is often useful, therefore, to approach emerging technologies with some depth of thought—not by expecting them to act immediately as a fully functional solution but rather as a lens on the possible.
Such an approach allows for a broader discussion, one in which we can challenge our preconceived notions. Blockchain has already illustrated the power of individuals connected via the Internet with sufficient computing power at their disposal. Far from merely tweeting, or taking and sharing photos or videos, such people can also create an entirely new economic structure.
The power of blockchain thus lies not in the technology itself but rather in how it has reframed many discussions across various parts of our society and economy.
Blockchain shows us that there are options, that we can organize society differently. It has launched 1, different thought experiments but the resulting solutions, which will be delivered a decade or two from now, may or may not be based on blockchain or cryptocurrencies. The discussions that started from this point, however, will have been important contributions to the progress that society makes around digital technologies and what they can mean for humankind.
For these reasons, it is important that everyone, including the United Nations, engage with these technologies to understand and learn from them. At its most basic level, blockchain speaks to a deep, human need, one of being able to trust other people, organizations and companies in a world where most of our interactions are mediated and stored digitally.
It is arguable how well it captures that notion of trust, or whether any technology can ever actually replicate what a human being thinks, feels and acts like when they trust and are trusted.
These concepts are deeply human, as are the power structures within which digital solutions are built. Blockchain is often discussed as removing intermediaries or creating democratic solutions to problems, but it may merely replace existing analogue power structures with digital ones, and cause decision-making within such contexts to become more brutally binary.
Context is critical for the development of any technology, as is the political economy within which it exists. Those who have tried to use blockchain, however, have quickly realized something: it forces a new level of cooperation. It requires partnerships and deep discussions of what transparency and inclusion truly look like. In the same way that the technology of the Industrial Revolution was a response to the changes in society during that period, so too is blockchain a response to ongoing changes in our own era.
Blockchain appeals to many people as a viable solution precisely because it is about applying a counter-intuitive approach to problems; despite the often technology-deterministic manner in which it is discussed, it is important to listen to the underlying message.
The call to inclusion, trust and multilateralism that blockchain attempts to address from a technical perspective is one that will continue for many decades to come and one to which we must find new ways to respond via Governments, civil society, academia, non-governmental organizations and international organizations such as the United Nations.
A key issue that needs to be approached multilaterally is the regulation of digital technologies. Although several initiatives have been developed worldwide to establish such regulation, we must broaden the understanding of those efforts as well as the principles of human rights across the digital industry.
Blockchain, for example, is truly cross-border; it knows no national boundaries as either a currency or a technology and it demands a unified, multilateral approach to regulation. It also requires that those working in the civil services across the world be more than just technically aware; they need to understand how their regulations may be interpreted in code. Smart contracts and their ilk require diversity of thought and thus inclusion.
We cannot leave the codification of social norms into smart contracts to be handled solely by start-ups or by young men, since the manner in which they are implemented has an impact on a large number of people and therefore needs to be managed across society. More importantly, code written in one country under a certain set of laws may have an impact on the citizens of another country. How these situations will be handled has yet to be defined. Education is critical, not just for civil service or government leaders but for everyone.
In the same way that we learn the rules of the road before driving, we need to be taught how to manage the data highways upon which our society is now being built. Research has shown that only about one third of the population can understand the data and statistics that form the outputs of the open data movement. Blockchain goes much further, requiring that citizens accept a completely new approach to data management, and have some understanding of cryptography and key management principles, or face losing their money or government services.
To transition to a fully digital economy without updating our education systems is a sure recipe for disaster. It is by creating appropriate multilateral solutions that we can address our current emerging technologies and have reasonable frames of reference for ones that have not even been thought of yet. Rather than accepting or rejecting such technologies outright, we must give them careful consideration and work together to assess and address their impact.
It is likely that the key legacy of blockchain will be that when computing power is handed to a large part of the population—rather than solely housed in corporations—completely new solutions to old problems will emerge. In the case of blockchain, it began with a desire to see a new form of banking system, one that was truly native to the digital world we are all starting to inhabit. It may or may not overcome its technical and environmental challenges, but the concept of citizen-led and citizen-owned solutions to global problems has been unleashed.
The established international system ignores that message at its peril. The new museum will not only deal with the history of the Holocaust proper, but it will also show the enormous effect that it had on Dutch society, Jewish and non-Jewish alike. Only through collective action between governments, the private sector and civil society can we achieve a future where people can discuss societal issues online free of abuse, regardless of their gender. Now is the time for the United Nations and similar entities to make funding and capacity-building support available so that more scientists and even ordinary people can invest time into developing creative solutions.
Skip to main content. Toggle navigation Welcome to the United Nations. Previous Waves of Digitalization We are now in a liminal period for digital technologies. Decentralization and Blockchain Blockchain is one of the technologies enabled by the worldwide distribution of computing capacity. Taking Control of Our Right to Read.
Bitcoin and Beyond
Blockchain technology has moved past the hype — and hysteria — of cryptocurrencies and become a technology adopted by industry and governments as a solution for securing and streamlining processes across a variety of sectors. China has been a developer and rapid adopter of blockchain, particularly in areas such as finance, medicine, energy, and supply chains. Emerging technologies such as blockchain, a subset of distributed ledger technology, are not limited to a single region or use case. In pursuit of global competitiveness, China is a significant player in testing blockchain technology as well as implementing legal frameworks, regulations, and government initiatives around it.
Beyond Bitcoin: Non-Cryptocurrency Blockchain Applications
Schmid , and Stefan Bochtler. Blockchain and other distributed ledgers go far beyond cryptocurrencies. They are becoming core banking activities and offerings. These top seven DLT trends make the leading-edge possibilities accessible. Cryptocurrencies such as Bitcoin and Ethereum, which emerged after the financial crisis, have grown increasingly popular as investment alternatives. Still, the impact of the underlying technology has not yet been fully realized. Digital ledger technology DLT , known as blockchain, simultaneously enables anonymous or pseudonymous financial activities without central control and renders participants accountable for their transactions.
Applications of Blockchain Technology in Fintech
Ever since Satoshi Nakamoto published an invention he called bitcoin in , cryptocurrency has had its ups and downs. More recently, however, people have looked beyond bitcoin as being a controversial currency used for nefarious black market activity and into the endless possibilities that it presents. At the forefront is the public ledger that records every bitcoin transaction known as a blockchain. The blockchain is now an exciting new alternative to traditional currency, centralized banking, and transaction methods that is not only changing the way we handle financial transactions, but also alternative uses that will change the world. In short, blockchain is a distributed ledger that maintains a continuously-growing list of every transaction across every network distributed over tens of thousands of computers.
10 Use Cases of Blockchain Technology in Banking 2022
Blockchain technology has potentially vast implications for countless aspects of the economy and society. Bitcoin and other cryptocurrencies are just one of many possible applications of this technology. Technological developments in this area could completely transform transaction systems as we know them today. After all, the existing financial infrastructure fails to move money and information at the same speed, leading to complexity and inefficiency. The failure points in many financial-transaction systems are broadly relevant across industries.
Beyond the Hype: Cryptocurrency and Blockchain Technology
Blockchain is best known as the technology behind cryptocurrency phenomenon Bitcoin, but its potential applications extend far beyond the realm of finance. Developed by an elusive figure known only by the pseudonym Satoshi Nakamoto, blockchain is an electronic database which chronologically records a series of transactions or exchanges. All nodes in the chain have access to all transaction data, allowing its validity to be established by consensus. Thus, attempts to tamper with the data will be rejected by other nodes in the chain. Blockchain transactions provide transparency, as all transaction records are available to all users accessing the system. The ability of blockchain technology to provide transparent, accurate and up to date records has direct implications for the protection of human rights. Giving consumers access to data tracking the source of products provides them with the tools to make ethical choices and provides brands with the impetus to ensure they do not perpetuate human rights abuses. This article will explore how industries such as food, garment and natural resources are working to implement blockchain technology to combat human rights abuses in their supply chains.
Banking Is Only The Beginning: 58 Big Industries Blockchain Could Transform
To solve the double-spending problem associated with digital currencies, Satoshi Nakamoto devised an immutable ledger of transactions that chains together blocks of data using digital cryptography. While the idea works extremely well for Bitcoin and other cryptocurrencies, there are loads of other useful applications of blockchain technology. Here are 15 of them. The original concept behind the invention of blockchain technology is still a great application.
Seven Trends at the Frontier of Blockchain Banking
Bitcoin, the digital currency, has attracted both attention and controversy. But the most potent innovation is not the currency itself. This infant technology could change the financial system; think the Internet before browsers. It could reduce the cost and increase in the speed and accuracy of financial transactions; it could truly disrupt the banking business.
Blockchain Beyond Bitcoin: How Blockchain Will Transform Business in 3 to 5 Years
Robert Kaluza, e-money CEO of the Billon Group based in the United Kingdom and Poland, fills us in on how far their technology has advanced and their most exciting recent developments. They successfully obtained licences to process e-money transactions in their native Poland the first to do so as well as the United Kingdom, and won several major industry accolades because of their blockchain technology. But how are they doing now? This allowed couriers to deposit cash anywhere, receive funds instantly and have an immutable audit trail. Kaluza does admit though that the pandemic has delayed some projects. Last update: 7 October Record number:
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