Blockchain has been described as the technology that can revolutionise the world economy and transform society. We have previously covered blockchain in our blog and how it can be used with smart contracts, and the challenges and opportunities GDPR will bring to blockchain. In this blog post we will go through a few of the innovative uses of blockchain.
Blockchain is a technology that allows suppliers and consumers to connect directly without the use of a centralised third party. It is a distributed and transparent peer-to-peer system for exchange that uses cryptography to keep these exchanges safe.
Blockchain and the environment
The World Economic Forum listed the 5 biggest risks that will have an impact on the world in their Global Risks Report. Most of the risks are environmental and blockchain can absolutely be utilised as a tool for more sustainable technological developments.
Just with increased transparency blockchain can have a positive environmental impact. It can transform traceability and certification of commodities by tracking a product from production to consumption. Blockchain has, e.g., already been used to tackle illegal fishing and human rights abuse in the Pacific Islands tuna industry, where one scan of a tuna package reveals when, where and how the fish was caught.
Blockchain can also be used to track carbon footprints, which could help establish appropriate carbon tax levels, enabling consumers to make more environmentally friendly choices.
Blockchain and Cyber security
Cybercrime has many times been described as the biggest threat to companies, and some have pointed to blockchain as a way to fight hacker attacks. Blockchain addresses the weak link, which is the human factor. By removing it from the equation there is a decreased risk of hacking. With its distributed nature, blockchain takes away the risk of a single point of failure and provides end-to-end privacy and encryption. Thus, traditional ways of hacking, for example via single point of attack and stealing passwords, become difficult.
Blockchain and Online voting
In the last few years, election tampering, fraud and corrupt voting systems have made headlines all over the world. By using blockchain in the voting process where you cast, follow and count votes, voter fraud can be minimized. Blockchain would in this case capture a vote as a transaction. This transparency of elections where you receive assurance that there hasn’t been manipulation is something that the world as a whole can benefit greatly from.