Blockchain technology is generally associated with cryptocurrencies. However, its uses go well beyond decentralized financial transactions.
When the world first heard of the Bitcoin, it felt like it could revolutionize the financial world. The possibility of cutting the intermediary was something that tormented a few and gave hope to a lot.
Nine years on, and with thousands of new cryptocurrencies, the volatility in the crypto market has proven that it may take a while before everyone can have full control over their money. Yet, the Blockchain revolution has a lot more to offer in very different fields.
Politics
Whether by empowering the people or by changing the way we vote, the Blockchain technology has the potentiality to improve the way our democracies work.
In countries where the political system has consistently failed populations, this new decentralized and non-regulated alternative is making way for their emancipation. Some believe that the greatest impact of this technological revolution will be felt in Africa, not in the West.
The Blockchain can also lend one of its most important features to solve underlying issues with the electoral system. The transparency of the chain is a powerful tool to fight errors and fraud. This would be a safe alternative, as it is virtually impossible to hack a Blockchain. Yet, processes that can detect and deal with external threats could be implemented.
Businesses
This is probably the field where the technology has had the biggest effect. New businesses that provide services entirely based on the Blockchain are showing up every day, and existing businesses are looking for ways of incorporating this innovation into their activity.
One major asset for enterprises can be found on the Ethereum-based smart contracts. A tool that guarantees that contractual obligations are met by all the involved parties.
The Blockchain is also being used to simplify very complex procedures like supply chain management or logistics. So far, we’ve seen this innovation being used in businesses as diverse as matchmaking, advertising and sports betting.
Education
Although there has never been a time where more people have a higher education, there is still a great prevalence of inequality. Universities are maintaining a system that benefits the elite, be it because of the admissions criteria or due to high tuition fees.
Even more so, those who can afford a higher degree are frequently let down by inadequate and outdated programs that are out of touch with the real-life necessities of the evolving markets.
That is why companies like ODEM are using the Blockchain to provide better education services. The on-demand education marketplace solution is using the Blockchain to run a smart-contract platform where students and professors can connect with each other and create a more meaningful learning experience.
Since there are some limitations to what can be achieved through online education, ODEM is providing short-term in-person classroom experiences for international students and executives that can be customized to fit their needs. Its crowdsale launches on February 17th.
The Future is Now
The Blockchain is facilitating the creation of new companies that are coming up with long needed solutions to old problems.
It has already changed the way we think about money, and it might be changing our democracies, the way companies operate, the products and services we buy or how we access education.
Who knows where it might go next?
next