As the world’s attention gradually shifts from Bitcoin to the blockchain, it’s time to ask how this technology can change our lives. Whatever the fate of the first cryptocurrency, the underlying method of storing and transmitting information is already beginning to take root in various areas of our lives.
The main idea of blockchain technology is a chain of blocks with information about each transaction (the transfer of something from one user to another) stored in each unit of a network of computers. Banks in Europe and the US are already using blockchain technology in financial transactions. This allows you to make the process of transferring money easier, safer and faster. But what else could change in the near future?
A provably fair algorithm is a concept with which you can check the results of various games. This particularly applies to online casino slots where any user needs to make sure that the results are completely random. Blockchain will be a step forward in this direction as well.
Since a small amount of data can be added to a transaction record within a blockchain, using blockchain technology as a notary service becomes simple and inexpensive. You will be able to certify the date and time of publication of this text.
Also, a photo or video taken with a smartphone can be instantly verified. This can be useful if you need to prove that an event took place on a certain date and you have proof of it that cannot be edited or changed.
Communications Within the Supply Chain and Proof of Origin
Most of the things we buy don’t come from a single source. They come from upstream suppliers selling components to a company that assembles and sells the final product. If one of the components is broken or damaged, it is the brand that takes responsibility, in fact, is responsible for the entire supply chain.
But what if a company can provide a digital record of the state of a product at all stages as parts and components are added? With various apps for example a wine-producing company will be able to reliably state in which region and in which year a given drink was produced.
The power of the blockchain is not only in the record of all transactions in the chain but also in logic. In practice, this means that with the use of the blockchain, we will be able to enter into digital contacts with the so-called seamless transactions, and their execution will be able to take place in a semi-automatic mode.
One possible scenario for smart contracts involves the use of GPS data – upon reaching the final destination, the sender receives an automatic payment from the recipient for the cargo. Similar services can be provided thanks to the Ethereum platform.