What would our world look like if it were genuinely blockchain-powered? This piece by Coin Geek invites us to think about where we could be in say 15-30 years. What could be possible with massively scalable public blockchains, and what could change for individuals as well as companies? It certainly seems unanimous that a blockchain-powered world would be empowering for marginalised groups the world over.
In the article, four key areas are highlighted as being important focuses:
From supply chains to computer networks to government departments, so much can be stored and monitored on a public blockchain. And this transparency means increased efficiency and less corruption.
‘The most stable, prosperous nations in the world are the most transparent,’ according to Coin Geek, with a domino effect of booming GDP and a rise in living standards.
Currently, computer network data is collected and stored in large databases that are easy to hack. On the flipside, there’s no central point of failure in blockchain-powered networks, making them impossible to undermine and therefore much more secure.
Blockchain technology can transform inequality. Marginalised groups would be able to own NFTs and digital coins, receive ongoing streams of micropayments for projects they collaborate on, and build digital identities and reputations, accessing credit markets and the wider economy for the first time. It would also empower whole nations, allowing folks to stay living where they are, while competing for salaries and contracts anywhere in the world – thus growing the wealth of their communities.
The bonus of tokenised everything is that it allows for the real-time tracking and tracing of goods globally. Anything you’ve ordered, the amount of things in your warehouse – you can easily look up on the blockchain with a few clicks. No data loss, no accidental deleting of information – easy.
From our point of view at ByzGen, all these areas are powerful when looking at the use cases in applied enterprise blockchain that our FALKOR platform has already supported.
From transparency in how SME data is being used in manufacturing, to empowering users to take control over when their identities are being used, to using tokenisation to run accreditation and reward programs – these have pushed our FALKOR platform into a capability rich solution that can be deployed in both the data and tokens (asset) space.
Our view at the moment is that we still require a hybrid approach to public versus private blockchain transactions. The flexibility to transact certain data or assets within a private network of users, and then being able to broadcast some status or result into the public blockchain, has been a key development area for ByzGen. And this was proven with our work to integrate IOTA into our FALKOR platform. In the future however, this can be opened up more, to push to the full realisation of how integrated blockchain will be in our daily lives globally.
Here at ByzGen, our consulting service means we can solve complex and critical challenges for companies large and small, including areas around data security, tokenisation, trust and transparency.
If you want to know more about our enterprise blockchain platform FALKOR SI and what it can do for you in this area or any other, please don’t hesitate to get in touch.