Blockchain enthusiasts attribute a revolutionary potential to the technology, which can change all areas of life. However, as we saw during the ICO hype last year, the use of technology is not always meaningful. After all, mapping processes via a blockchain may create trust, but at the same time it makes processes sluggish. Therefore, it turned out in many cases that a classic database would have been the better solution. Five areas that the blockchain can revolutionize.
The implementation of blockchain technology is always a compromise between efficiency and trust. The integration of a blockchain makes sense if there is a sufficient need for automated, forgery-proof processes that justify the renunciation of the speed of data processing. However, the areas of application are diverse and the potential is great.
The Financial Sector and the Bitcoin formula
Apart from crypto currencies, Bitcoin formula technology has the potential to revolutionize finance according to onlinebetrug. In particular, the so-called Token Economy could ensure that the trading of assets is increasingly digitized. Examples are Security Token Offerings (STOs). In contrast to ICOs, which have fallen into disrepute, STOs are regulated financial products, i.e. “securities” as defined by stock exchange regulators.
The advantage over traditional securities is obvious: the use of a blockchain significantly reduces transaction costs. Trading becomes easier and contracts can theoretically be concluded within seconds.
If you would like to learn more about the token economy and have 45 minutes, this talk by Shermin Voshmgir is recommended.
Elections, health, anti-corruption. The list of applications of Distributed Ledger Technology (DLT) in the political field can be continued. Finally, the blockchain narrative of data forgery protection can come into its own when used in politics.
Election forgery is simply no longer possible with blockchain-based voting systems – if implemented correctly. Conversely, this also has a positive effect on the political legitimacy claims of democratically elected governments.