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5 Blockchain ideas that improve our world

Blockchain has big potentials but how can this technology improve our world? Here are five blockchain ideas that make our world safer and easier.

5 Blockchain ideas that change our world - Ceyhun Yakup Özkardes-Cheung

Everledger fights Blood Diamonds

Everledger has put over 2 million diamonds on a blockchain to combat theft, fraud, counterfeiting and blood diamonds. The origin and way to the shop becomes completely traceable and should a diamond be stolen, a buyer can verify if the seller is actually the owner. A prospective buyer can also be sure that he does not buy a blood diamond. This concept can also be extended to many things: Food, medicines and also art objects.

The aim is to engage all industry participants including manufacturers, retailers and consumers to know a diamond’s story from the origin to the end customer. This has been developed from understanding that consumers have a keen interest in the lifetime journey of their diamonds and jewellery, as well as the industry desire to demonstrate authenticity and transparency. Through Blockchain, a decentralised distributed database that maintains a continuously-growing list of records called ‘blocks’, are created. The core characteristics of blockchain, immutability, speed and security, create the ideal platform for tracking and protecting high-value assets and critical data.

Everipedia helps to create an uncensorable world

One of the founders of Wikipedia is now working on a blockchain-based Wikipedia called Everipedia. The difference to the “normal” Wikipedia is that the information exists decentrally on many nodes simultaneously and no state can block or censor so easily anymore. Contributors receive monetary remuneration for their work on the basis of tokens.

Everipedia is built to make sure that government doesn’t interfere in the publications and the contributions of the writers. In order to guarantee this the data is not stored on a single server. Everipedia is using Inter Planetary File System (IPFS) technology. This means that anyone can take an IPFS domain and rehost articles and it is uncensorable by government censors.

Digital identity with Blockchain on refugee camp Za’atari

The refugees in camp Za’atari in Jordan use Iris Scan for digital identity on a blockchain basis. The camp saves millions of costs, which then are used for better support of the refugees. In early 2017 the World Food Program (WFP) had a problem: they had a shift from delivering food to transferring money to refugees worldwide. The main idea: if they transfer money instead of food, they can help more people. But transferring money means transaction cost and fees, which means that the refugees get les money for their own needs. Using blockchain meant 98 percent reduction in fees and millions of meals that are saved.

Refugees on Camp Za’atari pay with an “EyePay” which is an Iris Scan. They head to a black box and gazes into the mirror and camera at its center. Information of the person who wants to pay are saved on the blockchain and automaticaly delivered cashier’s screen. More important than paying money without a wallet is that refugees have an digital identity which means that governments can easier integrate refugees into their society. Digital identity with blockchain means less bureaucracy and quicker legal identities for refugees.

Protection of intellectual property through blockchain

Vaultitude uses the blockchain to protect intellectual property. The managing director Dominik Thor explains that in the 21st century ideas are more valuable than mineral resources and therefore have to be protected.

In the globalized world of the 21st century, ideas are more valuable than natural resources or manpower. Intangible assets, such as intellectual property, have long been the most important asset class. Over 85% of the value of the companies listed in the S&P 500’s is based on this form of asset. Industrial espionage is responsible for billions in losses every year and is also a door opener for counterfeiting and illegal trade. The protection of intellectual property, which also includes trade secrets, is an indispensable prerequisite for the commercial success of innovative companies. This importance has led to the introduction of new laws, such as the EU Trade Secret Directive, which came into force in 2018. However sensible these laws may be, they also define the legally impeccable proof of sufficient efforts to protect intellectual property as a new task for the company. Once uploaded at Vaultitude, data is more unaltered and generally accessible. Blockchain technology is therefore ideally suited to document the existence of an idea, a work, a brand or a trade secret (in this case encrypted), its own authorship, any transfer, sale or mere communication of confidential information.

Tracking of mineral chain supply by blockchain

Minespider enables a mineral producer to issue certificates for the amount of raw material it produces. When they sell the material, they are also able to sell the data and get paid for it. The data is in a public blockchain so that the company that buys the metal can prove that it really comes from a responsible producer, but it is encrypted so that the company’s competitors cannot read the data.

The blockchain is most useful if you cannot trust a third party to keep a record for you. Supply chain data is very sensitive data. When a company controls the entire supply chain of the world, it gives it enormous power to manipulate the world economy. As a result, companies can’t trust a single company to keep track of their supply chain. Blockchain is very useful in this case as it allows companies to prove the purchase of responsible raw materials without having to trust a third party who keeps track of it all.

Blockchain has big potentials but we’re just starting out and can’t yet imagine all the transformations. If you have to measure the age of Blockchain than you have to admit it is still a child. You can compare blockchain with the early days of the internet. Back on these days some people were not interested either they said that this is “just a trend”. Today we of course know that this thinking was naiv. Today many people think the same way like on the early days of the internet. The important thing is to learn more about blockchain and think about how to implement it into your own industry today. This will bring you an competitive advantage if you strategically think how to integrate blockchain into your own business.

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