Blockchain – The solution to real world problems

2017 proved that Blockchain is the solution to many real-world problems which otherwise could not have been solved. Technology has developed vastly, with the internet coming into the scene by the late 2000s the world has got more connected with the knowledge available at the click of a button.

This is the era of the blockchain, with cryptocurrencies and Initial Coin Offerings (ICO) already making a huge statement. Bitcoin was the first to reach out to the public in the development of blockchain. Bitcoin changed the way people transferred money from one country to another and maintained anonymity. While ICOs helped startups gain funding from a wider investor population, and this being said a common man can invest n a startup that seems like a potential success story.

In addition to financial problems being solved such as speed and transaction costs reducing. It has also reduced the need of third parties being involved. For instance transfer of information for real estate such as land rights and property ownership could be done by linking the buyer and seller directly. This also cuts the need for storage of information in government offices. The blockchain is a result of the solution to the connection between peer to peer.

As blockchain is becoming more popular and helping the many problems faced, there are various courses now offered for the new age kids to learn how to use it. These courses are available online and are also thought in certain universities such as Stanford University. Stanford University offers a special course called Bitcoin Engineering which focuses on studying how to produce Bitcoin enabled applications. This helps beginners to learn the introduction of Bitcoin and experts to learn the computing capabilities of the blockchain.

The European Central Bank will be answering a question on blockchain and cryptocurrencies via a series of videos on February 12 2018. The ECB had even launched a Twitter opinion poll to ask if Bitcoin could offer an alternative to traditional currencies, and there was an unbelievable response from 15,500 users in about 24 hours. That shows how popular blockchain technology such as Bitcoin has become.
Now with blockchain gaining popularity, there have been end number of startups linking everyday life activities with blockchain. There are loan providers, airline ticket purchases and even online shopping which can be done through cryptocurrencies.

The latest is RegTech Startup Velix.ID which is building a blockchain platform to ease the processes of identity verification and make it more secure. Due to identity fraud, almost $200 billion is lost every year. Therefore the decentralized platform will ensure that it is stored in an anonymous manner so that no single authority has maximum control over it.

“Identity verification has been one of the biggest concerns in the last decade globally because of the costs and risks involved in the process. I started exploring the identity space in 2015 when I discovered that my email ID got hacked in a mass data breach,” said Manav Singhal, CEO at Velix.ID.

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About the Author: Jane Taylor

Jane is a 25-year-old from Kentucky that loves to share her passion for technology with others. Apart from running her own YouTube Channel (thetech2020), which uploads weekly videos that cover ground-breaking new technology, she spends her time developing enterprise software. She recently spent her summer working at BlackBerry as a software engineer, and will be returning this summer. In regards to academics, Jane studies Electrical Engineering & Computer Science at Guelph University and in her free time, she loves to watch hockey, read, and hang out with friends. To contact Jane, just click here

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