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Other Possible Uses of the Blockchain that can Change the World

 
Blockchain

Looking at the blockchain technology, it is important that we determine its potential as a threat and its use in boosting the efficiency of communication – ultimately making a better world. It is a networked approach to an open, decentralized and very difficult to steal, hack or counterfeit transactions. It promotes digital trust through radical openness. For the first time, we will be able to reimagine how our world transacts without the need for intermediaries.

The significance of blockchain was recognized even before; however, it took a while for the broader market to understand what a big leap it is towards transparency. Here are potential uses of the underpinning technology of Bitcoin that can change the world.

  • Electronic Voting
    With the election just around the corner, it is a relief that there is a technology that can verify a machine’s accuracy during recounts. Automating the paper vote counts will not only save time and cost, it will also improve accuracy. Since blockchain is composed of blocks that contain a hash from previous blocks, changing one vote requires altering millions of votes before another one is cast.

    The election has been a primary target of hackers; thus, political parties have turned to blockchain for internal voting. A hacker would need more computing power to rewrite multiple of votes quickly – something that he cannot do. This eliminates election corruption in the undeveloped world.

  • Unbreakable Contracts
    The blockchain replaces the role of a third party in resolving legal disputes among suppliers, customers and partners. Changes in agreements would not require the services of an expensive lawyer anymore. Instead, companies would create a token that can be used to represent an asset with a self-executing contract, which eliminates dependency on a third party.
  • The End of Patents
    Every now and then, we read news about patent disputes between large tech companies like Apple and Samsung. The blockchain replaces patents by barring replication of a transaction hash associated with a unique document. Gone are the days when companies need to file a publicly-known patent. Blockchain can prove the existence of ownership through date-specified internal documents linked to a transaction hash.

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Charlie Alsmiller

Throughout his career, Charlie Alsmiller has focused on customer problems in difficult industries such as Energy and Telecommunications. Prior to starting Appterra in 2005, Alsmiller was VP of Global Operations for Allegro Development, a leading provider of software for the energy sector. He has also served as president of OmniSpace Technologies, a leading SaaS provider that he founded in 1999. He spent over 10 years in the consulting world with Price Waterhouse and Deloitte Consulting, where he participated in a wide variety of projects for very high profile clients. Mr. Alsmiller holds a BBA from Baylor University in Management and Information Systems and a MBA from the University of Dallas in International Business. Specialties: Technology ventures, Enterprise Software, Contract Negotiation, International Operations, Private Equity, Product Management, Strategic Alliances, Software Implementation, Software Development

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