Blockchain is a novel technology that is finding implementation
in almost every area of human endeavour. Based on their particular
needs, different users are finding different ways to use the Blockchain.
What is Blockchain?
Since the invention of the first Blockchain by Satoshi Nakamoto, the technology has not relented in growth and evolution. It has grown so much in popularity that sometimes even its active users pause and ask the question - “what is Blockchain?”
From an incorruptible ledger to a transparent transaction
system, an immutable data base, a secure data storage technology; all
definitions have been correct depending on the appropriate
implementation of the novel technology.
Michael Vogel of Netcoins views Blockchain technology as a
more secure and modern way to store and organize data. He notes as a
prime example how Bitcoin payments are recorded on the Blockchain in a
manner such that all transactions are guaranteed and irrefutable; the
Blockchain allows two parties who don't know nor trust each other to
transact securely.
Having acknowledged that all applications using databases
do not necessarily require a migration to a Blockchain-based
environment, Vogel notes that Blockchain ledgers and technology allow
for perfect record-keeping and data management in ways never thought
possible, especially with the decentralized aspect where data is not
centrally controlled or possible to manipulate. Vogel says:
“Triple-ledger accounting (with the third ledger being a Blockchain-based copy) is an example of how traditional accounting and audit methods can be replaced (or augmented) with a Blockchain component. This allows for financial statements to be created (and audited!) in real-time.”
An ideal tool for community building
From his own use case, Gideon Gibson of KickCity
sees Blockchain as a tool for creating a decentralized online community
with its own rules, supported by smart contracts as well as a token
economy.
Gibson notes that most online communities are currently on
Facebook, Slack and Telegram. However, according to him, these platforms
were not optimized for community building and that is why most power
users have issues using them. He identifies problems such as lack of
trust, absence of specific governance, navigation problems and cost as
some of the weaknesses of these traditional platforms.
According to Gibson, KickCity is a primarily a
decentralized incentive-based community platform, and an ideal platform
for event vendors.
Gibson says:
“KickCity products are designed to create communities and generate revenue. We are currently attending a Blockchain solution forum in Barcelona and we already have a number of Blockchain event vendors who want are implementing the KickCity platform. The fact that we support automatic bitcoin ticket purchase is appealing to these communities.”
Financial restructuring
There is also the faculty that describes the Blockchain as a tool for payment processing, providing credit
and enabling access to the Bitcoin ecosystem. Prominent among these
class of startups is Ripio Credit Network, formerly known as Bitpagos.
Riding on the transparency and reliability of Blockchain technology, platforms like Ripio
avail individuals across the globe the opportunity to access credit and
provide loans without the limitations of geographical location or that
of banking procedures. To such innovators, Blockchain can be described
as a tool for restructuring the global financial system.
A defender
On some other platforms, Blockchain functions as a robust
security system to protect against DDoS attacks. A typical example is
found in Maryland-based Gladius
which is creating a system that would allow people to rent out their
unused bandwidth so that it can be used to absorb malicious DDoS traffic
and mitigate attacks.
The decentralized platform will provide a system whereby
pooled bandwidth can be accessed and utilized in ways far superior to
single-server centralized models, where bandwidth is limited.
The list can go on and on, however, the universal
application of the Blockchain qualifies it in so many ways as a
technology that is out to disrupt the traditional ways of doing things.
Blockchain, in its most basic sense, is “a solution technology.”
