The blockchain technology, as identified in most of our blog posts, has an infinite number of potentials or applications which many people are just recently uncovering its surface. We believe 2020 holds yet another opportunity for greater discoveries in the world of blockchain.
2019 in Quick Review
2019 has been great, it revealed that blockchain technology is different from cryptocurrency and its prices. Though the prices of cryptos such as BTC, ETH, XLM, XRP, BCH, etc. may go up and down, they have relatively been higher in 2019. And the blockchain technology itself has known adoption by different people and governments. The Chinese president endorsed blockchain technology this year and news has it that they are looking into ways in which its applications could be of help. Just a few days ago, it was reported that:
Nike, the Shoe manufacturer, has received a patent to tokenize the shoes on Ethereum. The document has been posted on December 10, 2019, at the U.S. Patent and Trademark Office. Nike will be generating unique IDs and will be creating ERC 721 tokens for some shoes. People will be able to unlock the tokens by purchasing physical shoes. These tokens will be linked with unique owner IDs to signify their ownership.Source
These reports represent the most interesting things about blockchain to assure its adopters that everyone will soon be using the blockchain technology in one way or the other in their daily lives. This great news would not be complete if we didn’t mention Wunbit‘s innovative ideas. Though the idea started earlier than 2019, the private sale opened in 2019 to usher in early birds. Wunbit is utilizing the blockchain technology to make games more interesting, incentivizing, transparent, and probably fair for all users. Built on the Ethereum blockchain, Wunbit online arcade games will give a thrilling experience and empowering profits to its users. MVPs will soon be out to give people a foretaste.
Blockchain Technology and Governments
We stated in the previous article that Bitcoin, which is the father of Cryptocurrency and the first Astronaut on the Blockchain moon, was created by a person or group of people under the pseudo name Satoshi Nakamoto, whom we like to call Satoshi Mysterious Nakamoto. He created Bitcoin with the aim of making peer to peer (P2P) transactions without intermediaries and their huge fees. One major breakthrough for Bitcoin and blockchain technology that stood out is that it could prevent inflation and do a lot of good for the world governments in many areas today. We have gathered a few areas where the blockchain could prove useful for governments:
1. Retaining the Monetary value
The blockchain Technology through cryptocurrency could curb inflation by putting an end to increase in the total number in circulation. It can be used to even reduce the cash in circulation- as deflationary. When coins are created as legal tender in a country, governments can only determine how many will be in existence from the on-set and after that, they can’t do anything about it. This will at some point increase it’s worth. Governments can even decide to auto burn a certain amount at an interval as they do with used or damaged physical cash. This will speed up the worth or value of the money. In this case, it means every physical cash will have a digital footprint on the blockchain. This will also greatly prevent the creation of fake money because fakes won’t have a digital footprint. When taken to banks and it is scanned, computers will definitely find them out. This innovation will prevent double-spending as explained in the previous article on this blog.
2. Blockchain Voting
Different blockchains today have shown that it is possible to conduct a free and fair election. This can be adopted by countries to have more truthful election processes. People can make their choices via the blockchain and the records will be public instantly, with the positive feature that no one will be able to pinpoint who voted. The votes will be like blockchain transactions: permanent and unchanged. Voting cards or National Identity cards could be created and linked to the blockchain under a string of letters and numbers (public key) which will serve as their public identity. These cards will be smart just like your blockchain cold storages. It is beyond saying what this kind of innovation can do for a country’s economy.
3. Transparency and Immutability
Transactions will be more secure if governments adopt the blockchain technology in its banking system. It will greatly reduce transaction fees and waiting time, especially for cross-border transactions, and will make them immutable and irreversible.
Pseudo-anonymity will protect the identity of anyone making transactions. But the details of their transactions like time and amount transacted will remain public.
4. Transparent Recording and Tracking for Different Sectors
Different blockchain technologies have shown their usefulness outside the financial industry. Blockchain has been found to be of great advantage in other sectors like agriculture and land registry. People can get their names written permanently on their lands through a digital land registration done on the blockchain. Blockchains can also be used in tracking goods sent overseas through courier services either by sea or air. One basic potential challenge all courier services face today is the risk of data loss, especially in terms of tracking. By employing a blockchain, postal services can track and secure goods making sure they are delivered to the real owners. Goods can have their digital footprint on the blockchain. For example, someone could send a good marked with a code or hash (or the use of NFC tech), and this hash will be sent via the blockchain to the receiver. On arrival, the recipient can use the hash to confirm that he is the right person. The blockchain removes the risk of mistaken/misplaced waybill numbers, codes, or hashes, since the blockchain ensures no intermediaries or centralized bodies are involved in transactions.
Data losses will be a thing of the past since blockchain technology uses multiple data stores or nodes scattered all over the world. Even if a data centre shuts down, others still remain intact. Decentralization will prevent hacking and save a lot of money used in data protection today. We have only seen the tip of the iceberg with the blockchain technology and its applications for 2020. In what other areas do you think blockchain technology could be of help in your country? Let us know your comments!