Source - pixbay.com
A Blockchain Technology in which digital transactions occur without a central authority offers the ability to record and verify transactions to virtually everyone with a smartphone.
More than a billion people around the globe are estimated to be connected to the internet for the first time. Of those, 20% could already be using the blockchain for transactions, the industry group the Blockchain Initiative recently said.
At first, it’s unlikely anyone blockchain technology will ultimately surpass traditional payment networks, such as Visa and Mastercard, for payments.
But both sides in this market see opportunity and are moving aggressively, betting they’re creating a new kind of digital payment system that won’t be eclipsed by technology that emerges in the decades ahead.
Payments Through Blockchain Technology
Payments, though, aren’t the only oppurtunity Blockchain’s applications could soon extend far beyond payments.
One of the example is Internet voting.
You can already use technology similar to blockchain to maintain transactions on a public ledger of transactions for voting. But blockchain could offer more security, speed, and privacy. For example - the blockchain could be designed so that anyone can prove they voted with 100% certainty.
Shawn Pittman, a partner at venture capital firm Crossbridge Capital, told VentureBeat he thinks blockchain “will move from ‘trustworthy’ to ‘trustless.
Blockchain can also create unprecedented real estate transactions. Each step of a sale would require a secure transaction, which would happen only on a blockchain.
After a property sale, the blockchain would instantly transfer the title of ownership. The new owners would also be able to track every room on a property.
That’s already the case in the sharing economy.
Use of Blockchain technology in industries
Source - flickr.com
Blockchain could also boost other industries, from logistics to social media.
“We believe the main role of technology is to improve processes, to improve efficiency,” said Gregory Keyserling, vice president of blockchain technology development at Oracle Corp.
If you look at industries like that of energy, for example, people can’t verify their transactions is a major problem.
Transactions on the blockchain are verifiable. However, other transactions are still somewhat difficult to verify.
That’s true in the real estate market, as well. It’s the transactions between real estate agents and real estate brokers that are still subject to many kinds of fraud.
Once a real estate transaction is validated then blockchain could offer that same technology to the buyers and sellers.
They would keep their entire transaction —from purchasing the home to moving into it on a secure blockchain ledger.
The blockchain would also help track rental payments from a tenant to a landlord. That’s the process that’s involved with Airbnb.
But it’s a complicated process. The blockchain, which connects digital transactions, may help do it.
And the next step is to develop a real-time system for online transactions.
Clay Mowrey, a partner at Samsung Venture Investment Corp., told VentureBeat the technology may help businesses keep on top of this market.
In particular, blockchain could help lower the cost of sending money through online transactions. It could create a decentralized platform that can help people receive payments quickly, and keep their transactions secure from fraud.
The most compelling use cases are in financial services, but it’s possible other industries will develop similar ideas.
Finance and Blockchain Technology
Blockchain Technology is the next big financial disruption, said Jun Hasebe, chief strategy officer at PwC Japan.
Using blockchain’s distributed ledger technology to streamline the process and regulators will be able to verify all the transactions, verify that funds are being used properly.
This will ensure that customers have access to all the financial services they want.
“As people rely more on decentralized, big data-based, and smart technology, these digital transactions will begin to accelerate at a much quicker rate,” Mowrey said.
Mowrey says blockchain technology may still be used for bitcoin, but the future is bigger than that.
He says that In the future, blockchain technology is going to be used for financial services, payments, financial security, and other types of transaction.
Our blockchain series explores how the technology could impact consumers and businesses.
This story originally appeared on VentureBeat.
TDV Group provides industry-leading embedded technology products and solutions
IT provides industry-leading embedded technology products and solutions and this industry is a global provider of key infrastructure and embedded software solutions for the automotive, transportation and telecommunication sectors.
Blockchain technology could help speed up real estate transactions.
It can help financial transactions.
Blockchain could improve the customer experience for real estate transactions.
Blockchain can make it easier for real estate agents to confirm a transaction.
Mitch Ritterman, President and CEO, Kinestral Technologies
Cryptography, blockchain, and voting
Our blockchain series explores how the technology could impact consumers and businesses.
This story originally appeared on Techlynx.
This technology is constantly changing.
It’s the technology that provides the framework for most of the internet’s transactions.
but it’s constantly evolving.
Blockchain can improve the customer experience by enabling real-time.