A BLOCKCHAIN-ENABLED FUTURE Empowerment Autonomous Trustless

Posted by Deb Williams on May 15, 2020 - 12:35am Edited 5/15 at 12:38am

A BLOCKCHAIN-ENABLED FUTURE
Empowerment Autonomous Trustless

Blockchain technology is becoming a tidal wave of innovation and practical blockchain applications are becoming more mainstream. It’s moving beyond the hype of a couple of years ago and now bearing fruit, bringing real benefits to individuals and organizations. 

Blockchain can be a tricky concept to get your head around, but to put it simply it is a tool that offers industries the ability to increase productivity and revenue, cut costs, ensure transparency and reduce wasted time and paperwork. It’s a new foundation underpinning our everyday tasks. 

The pivotal advantage of blockchain is that there is no central hub. It has the transparency of a distributed ledger combined with the cryptographic security of an immutable data chain that makes this technology an ideal instrument for any business to exchange and validate information. Blockchain is a baseline technology that can be configured in various ways to suit different purposes and accommodate individual businesses across the board. 

 

The Business Value With Blockchain

There are a few key areas where blockchain can add value to businesses and individuals, 

Cost Reduction
Businesses no longer have to pour profits into logistics, intermediaries, and administrative paper trails. The blockchain can streamline supply chains, cutting out the middleman and banishing processes that slow efficiency and eat profits.

Revenue Creation
The blockchain does away with administrative and collaborative boundaries, allowing for innovative strategies that simply weren’t viable before the advent of Blockchain technology. This is a new freedom, where distributed ledgers and cryptography pave the way for new infrastructure and revenue models. 

Consumer Impact
New business models provide the opportunity to meet the previously overlooked needs of consumers and communities. In the medical field, for example, where remote patient care and record-keeping may have been an issue in the past, blockchain advances provide ways to overcome those barriers using synchronized records and smart care devices on the network.

Freedom And Equality
Entrepreneurs, writers, and all types of creative artists are able to attain recognition, financial sovereignty, data privacy, and autonomy now that Blockchain has been utilized and is what drives the next generation social market network. Working online is at an all-time high and with the rise in social media and online marketing activity, blockchain makes it more equitable bringing true freedom for the individual. 


Blockchain Disruption

Blockchain is already making waves in financial services, tech companies, healthcare, social market network, and digital media. Below are two infographics from Visual Capitalist that were inspired by a McKinsey study researching a combined industry analysis with more than 90 distinct use cases. 

The Problem with Centralized Infrastructure

Today on the Internet, we must constantly trust one another with sensitive data, transactions, and records. Most of our interactions on the Internet run on centralized web servers, and massive amounts of user data often exist in a single database. Current databases are designed to be controlled by “trusted” admins who can read, alter, block, and even delete data. The centralized architecture of the Internet today is not only inefficient but vulnerable to censorship and targeted attacks by both hackers and internal bad actors.


The Value of Decentralization

The decentralized architecture of a blockchain is a global network of computers simultaneously running the software and validating the chain of transactions is what ensures that the transaction record is never compromised. Decentralization is critical as an architectural principle. It makes a blockchain network less likely to fail, harder to attack, and harder for bad actors to game the system.

As blockchain adoption spreads, it can become a driving force for promoting equitable societies, solving complex economic issues, and transforming how we live and work every day.

 

 

Two Practical Applications Of Blockchain


1. Smart Contracts
Blockchain and smart contract technologies function well in instances where legal contracts are required to maintain ownership rights and data privacy laws. These customizable, self-executing smart contracts on the blockchain can be easily managed by all parties. Smart contracts allow the decentralization of trustless transactions, worldwide and on a large scale. These can encompass different kinds of interaction, not only human-to-human but also human-to-machine and machine-to-machine.

 

Issues with ownership rights and royalties are commonplace within the entertainment industry. To navigate these issues, blockchain technology offers an unchangeable, traceable, real-time distribution, and reporting network for all involved. Ujomusic is one such application that is helping artists track their royalties worldwide. In the music industry, blockchain technology can bring artists and fans closer together, allowing listeners to pay micropayments to artists for listening to their songs directly.

Artists are not always paid in a reasonable time by major players who control the music industry, sometimes even waiting years to receive their earning for their work. By utilizing smart contracts, artists and studios can ensure that intellectual property agreements are met by other parties and smart contracts could be implemented that instantly pay artists once certain requirements are met.


Image credit Disruptor Daily

 

Data privacy issues, massive scale surveillance, also known as dataveillance and lack of freedom of speech in the social media realm have become a distinct problem. Markethive, a social media, and inbound marketing platform have not only addressed these issues to empower the individual, but it has also utilized smart contract technology.  

This is in the form of the Markethive Coin (MHV) which is a fungible cryptocurrency consumer coin, and the Incentivized Loan Program (ILP – Smart Contract). This enables all users to generate an income by just using the platform and the first-mover advantage of share acquisitions consisting of 20% of the company’s net revenue.  Markethive is a collaborative decentralized platform where its Entrepreneurial members can achieve viability and self-sovereignty. 

 

The Framework Of A Smart Contract 

Smart contracts help you exchange money, property, shares, or anything of value in a transparent, conflict-free way while avoiding the services of a middleman. Built upon the blockchain, a smart contract is usually:

  1. Pre-written logic in the form of computer code
  2. Stored and replicated on the blockchain
  3. Executed and run by the network of computers running the blockchain
  4. Can result in updates to accounts on the ledger (i.e. payment for an executed contract)

Using the Ethereum platform, smart contracts can be programmed using basic logic. On the most basic level, they can:

  • Perform calculations (i.e. calculating interest)
  • Store information (i.e. membership records)
  • Send transactions to other accounts (i.e. payment for a good or service)

But most importantly, it is important to know that smart contracts are autonomous. They are not controlled by anyone – instead, they self-execute based on a set of instructions that two parties have agreed to, which is the code.


Image credit Visual Capitalist

 

Benefits of Smart Contracts

Smart contracts are appealing for a variety of reasons:

  • Autonomy: There is no need to rely on third parties, which could be biased or not have your interests at heart.
  • Trust: Your documents are encrypted on a shared ledger, and all parties can have access to them.
  • Redundancy: Documents are duplicated many times over on the blockchain, and can’t ever be “lost”.
  • Safety: Documents are encrypted, making them near-impenetrable by hackers.
  • Speed: These contracts automatically self-execute, saving you precious time.
  • Savings: Smart contracts save you money by taking out the middleman.
  • Precision: Smart contracts execute the exact code provided, ensuring zero errors.
  • Transparency: For organizations like governments, they could add another level of transparency to dealings. Blockchain technology can set up a decentralized system that prevents any form of voting fraud or suspicious movements in the network.

The blockchain is already a disruptive technology, and with these benefits, the potentiality of smart contracts is an amazing step forward for fairer, faster, more lucrative, and trustworthy systems for the companies, organizations, and individuals who embrace it. 


2. Digital IDs
Reportedly, over 1.1 billion people worldwide still have no way to prove their identity according to the World Bank. Simultaneously, companies and financial institutions in both traditional and digital markets are being required to follow more stringent know-your-customer (KYC) initiatives.

Despite this, many providers are still not sufficiently meeting these standards; to further complicate things, regulations vary widely from jurisdiction to jurisdiction. Companies like IBM, Microsoft, and Markethive have migrated to the blockchain to securely and privately verify users. 

Blockchain’s multi-factor verification process eclipses the levels of security that traditional password protection offers. Identities are secured for the decentralized web, for example, data sharing by third party companies has resulted in intrusive advertising. Blockchain-based identification means that no third parties can access your personal data without your consent.   

The thing to be aware of is companies and platforms that claim to be blockchain-based but have a centralized identification protocol. There will be resistance from these entities that profit from the current system where people have no control over their personal data. Big companies manipulate data, so they are not very interested in decentralizing that type of information.  

The existence of blockchain-based, yet centralized ID platforms could cause confusion among organizations and the general public. However, it's likely that the advantages of the best decentralized platforms possessing enough reach will inevitably make themselves known to the masses, so that eventually a few dominant platforms will emerge. As we move forward the majority will realize the advantages of a completely decentralized system that offers security, transparency, privacy, and gives control back to the users. 


Image credit Disruptor Daily


Conclusion

The world is waking up to the impressive capabilities of the blockchain. As a foundational technology that anything can be developed and augmented on top of it, the potential applications of the blockchain go way beyond just payments or cryptocurrencies. In fact, the blockchain will revolutionize how we interact with intellectual property, capital markets, insurance, healthcare, government, social media, and internet marketing, along with many other sectors. 

Forward-looking companies that convert to the blockchain to improve the privacy and security of their data and create an environment that is unfettered from political and nefarious agendas, will be the winners on top. 

Just about every company that migrates to the blockchain and new companies launched built upon the blockchain, will prosper, as long as they deliver and make their prime agenda to benefit their customers.


 

ecosystem for entrepreneurs

 

Deb Williams
A Crypto/Blockchain enthusiast and a strong advocate for technology, progress, and freedom of speech. I embrace "change" with a passion and my purpose in life is to help people understand, accept, and move forward with enthusiasm to achieve their goals. 

Deb, I like that you covered many of the ways that the blockchain enables real world functions that go beyond moving money only. Thanks for sharing another great article..
May 15, 2020 at 12:53am
It is completely transparent how the Blockchain Technology could be beneficial both to individuals and organisations. We are Blessed that we are part of Markethive, who has embraced technology for the benefit of all.

Well explained Deb. Thank you for such a detailed info.
May 15, 2020 at 1:22am
Edited 5/15 at 1:29am
Another great article. Thank you Deb.
May 15, 2020 at 3:41am
I never before have seen such a clear explanation of how the blockchain methods function. This is a master script to study for everyone. Thanks, Debbie.
May 15, 2020 at 4:49am
A fully decentralised blockchain provides so many advantages and creates a much fairer, private, secure and efficient environment by cutting out the problems of centralised control. Excellent post Deb, thanks for sharing.
May 15, 2020 at 6:01am
Great blog Deb!
May 15, 2020 at 6:41am
Thanks a lots Deb! God bless you and peace be with you!
May 15, 2020 at 7:55am
It is just simply amazing.
May 15, 2020 at 8:19am
Wow Great information I will have to read it over Again
May 15, 2020 at 8:33am
Awesome Job as usual Deb, You continue to make sure that the readers see a full in-depth view of the blockchain technology, and what Markethive has for anyone that wants to get involved in this great company of ours that has been built for the people by the people that will continue to evolve, and grow for years to come.
May 15, 2020 at 8:52am
Wow, fantastic Deb!
May 15, 2020 at 9:44am
If you are involved with something like this, that is on the brink exploding, when 99.9% of the people you meet haven't got a clue as to what it even is, then that equals a great opportunity.
May 15, 2020 at 4:00pm
Always great and informative articles that inspires alot.
May 15, 2020 at 4:10pm
I love it. Fantastic information Deb. Thanks for sharing.
May 15, 2020 at 5:03pm
Thank you for sharing another great article!
May 16, 2020 at 2:28am
Articulate, well delineated Deb, with powerful parity in...Companies like IBM, Microsoft, and Markethive have migrated to the blockchain to...Swiped!
May 16, 2020 at 4:51am
Wow Great information I will have to read it over Again
May 16, 2020 at 4:57am
Good afternoon and have a good weekend. Deb is very interesting, but you need to read more than once.
May 16, 2020 at 5:24am
This is very interesting
May 16, 2020 at 9:21am
Blockchain is the wave of the future.
May 16, 2020 at 10:55am
Thanks Deb, I will share in my Friends.. Have a Nice weekend.
May 16, 2020 at 3:16pm
Very interesting
May 16, 2020 at 4:39pm
Great article as always Deb this is must read and share information
May 16, 2020 at 7:01pm
Good blog !!!
May 17, 2020 at 1:18am
Great article, Deb. Thanks for sharing.
May 17, 2020 at 7:22am
Awesome!
May 17, 2020 at 9:24am
Good article thanks Deb.
May 17, 2020 at 9:32am
Good article thanks Deb.
May 17, 2020 at 9:32am
Excellent article Deb. Huge validation of my efforts since mid February 2020. Thank you
May 17, 2020 at 12:03pm
Very much appreciated Deb. Very informative article. Will be reading it again to better understand the whole concept. Than you.
May 17, 2020 at 5:04pm
Good afternoon Have a good Monday спасибо.
May 17, 2020 at 9:31pm
Very very informative. I didn't really know
May 18, 2020 at 7:04am
Great information Deb
May 18, 2020 at 10:19am
Thanks so much Deb.
May 18, 2020 at 10:25am
Simply awesome
May 19, 2020 at 3:16am
Good afternoon Деб thanks good health.
May 19, 2020 at 3:28am
I'm entirelly of the same vision with the author
May 19, 2020 at 5:31am
Thanks you always share wonderful information.
May 19, 2020 at 11:46am
Awesome Blog thanks Deb
May 20, 2020 at 4:07am
Great post interesting to read thanks Deb.
May 20, 2020 at 4:47am
I love this statement. As blockchain adoption spreads, it can become a driving force for promoting equitable societies, solving complex economic issues, and transforming how we live and work every day.
May 20, 2020 at 3:10pm
This was a real lesson on how blockchain technology will change the way information and money will be interchanged throughout the world.
May 20, 2020 at 5:23pm
Great article.
May 20, 2020 at 9:50pm
Thank you for such a detailed info.
May 21, 2020 at 12:25am
Nice info, thanks for it.
May 21, 2020 at 6:59am
Thank you it is mind blowing
May 21, 2020 at 8:34am
With pleasure, a big stottya.
May 21, 2020 at 8:50am
Fantastic information Deb. Thanks for sharing
May 22, 2020 at 3:14pm
Thanks Deb, the information is interesting.
May 22, 2020 at 3:17pm
I am always seeing the of coins as a new era of world trade and business development but my concern is Africa and African trade and business,my question is that how can African small business can learn more about this new innovation?
I mean it needs collective responsibility to enlighten
May 22, 2020 at 4:55pm
Thanks Deb.
May 22, 2020 at 5:07pm
Good to know the benefits of good contracts.
May 23, 2020 at 1:32am
T hank you very much
May 23, 2020 at 2:26am
Good afternoon Deb. Have a nice weekend.
May 23, 2020 at 2:37am
Thanks for increasing my understanding of this vital subject.
May 23, 2020 at 1:33pm
Thanks for increasing my understanding of this vital subject.
May 23, 2020 at 1:33pm
Thanks for increasing my understanding of this vital subject.
May 23, 2020 at 1:33pm
Good article.
May 23, 2020 at 2:02pm
First class article thank you very much Dep
May 25, 2020 at 4:50am
great article
May 25, 2020 at 5:37pm
The global network of decentralized blockchain dapp, allows for trustless P2P transactions, which provides unprecedented opportunities for new relationships and asset/value exchanges. Thanks Deb.
May 26, 2020 at 7:02am
Good article.
May 26, 2020 at 7:05am
Absolutely amazing information. Thank you so much, Deb!
May 26, 2020 at 7:13am
Great thanks for sharing !!!
May 30, 2020 at 3:24pm
Like
June 1, 2020 at 2:24am
Thanks for the nice information.
June 1, 2020 at 4:44am
super article thanks
June 1, 2020 at 9:49am
Great and informative articles
June 5, 2020 at 2:43pm
Super article thanks
June 5, 2020 at 3:56pm
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