The Blockchain Economy — Rewriting the Society
https://s18.postimg.org/x212gxdp5/1_h_RYPZUCGo_ZIhr_ZHfnat_Ot_Q.jpgBusinesses across the globe have acknowledged that digital is the way to go especially in their day-to-day processes. With numerous changes coming up in the business world, major industries in the world have embraced cryptocurrency as the future. Throughout 2017, Bitcoin alongside other cryptocurrencies took the world by storm. Blockchain, the technology behind Bitcoin, impacted the world equally. Blockchain involves carrying identical copies of a transaction ledger throughout a network. Therefore, members of the network access the same entries through their computers. Here is a look at some of the industries that are being revolutionized by blockchain technology.
Finance
Blockchain has undoubtedly changed how the world operates. In 2015, OMX Group and Nasdaq joined Chain, a blockchain startup,to test the trading of shares in the Nasdaq private market. Blockchain increased the accuracy of trading while reducing the settlement process. Blockchain also sped up payments especially across borders while reducing the cost significantly. Additionally, Blockchain has brought about smart contracts where commercial transactions and agreements can be conducted automatically. Blockchain technologies have not only increased efficiency but also reduced the operational costs for many businesses. In addition to digital currencies such as Bitcoin, businesses can operate across borders without challenges.
“Blockchain has so much potential… there are thousands of blockchain use cases.”
Chris Huls, RabobankKnowledge Sharing
As noted earlier, blockchain technology is quickly expanding beyond bitcoin through the concept of decentralization. What may ultimately occur is that peer-to-peer protocols, rather than companies, will disrupt major web services created in the last decade.
Centralized systems represent single points of failure controlled by central authorities. Individuals relying on these systems must trust that authorities will not abuse their power to forward self-serving agendas. Yet, resisting the temptation to abuse power is difficult in practice for even the most respected authorities. Knowledge sharing is one domain in which decentralization will disrupt existing web services.
There are various blockchain-based platforms that seek to reinvent the knowledge sharing space, and one such platform is the Lunyr platform. The Lunyr platform is built on top of Ethereum and is therefore decentralized, censorship-resistant, and autonomous. No single point of failure exists. No central authority or middle man owns or can corrupt the information. The rules in which people interact with the knowledge base and with one another are mutually agreed upon and enforced through smart contracts, which are publicly verifiable on the blockchain. Through the Lunyr API, decentralized applications will be able to tap into the knowledge base and grab accurate data on real world events and information. This leads to immediate benefits for Artificial Intelligence, Virtual Reality and Augmented Reality applications.
Ethereum enables the creation of app tokens, which can be used in an incentive system to replace intermediaries. In Lunyr’s system, tokens play a key role in providing economic incentives so that the rational behavior of individuals results in a common good. Contributors are rewarded for their work and are incentivized to continue increasing the value of the ecosystem.
I never sold it. because the project deserves better prices.
