Blockchain which “provides even greater transparency into
Blockchain I. Ten Important UseCases of Blockchain: 1. Blockchain-based Voting systems In 2015, a new project revolving around ablockchain-based voting system was launched, which “provides even greatertransparency into the voting process, with every vote being recorded on theblockchain”.
Very relevant in the Indian context, avoter could actually check whether his vote has been cast for the intendedparty/candidate or not.Building upon the transparency andconsensus inherent in blockchain technology, voting systems -wherein every votewould be recorded under a securely and vaidated by the nodes.However, since its initial testing inDenmark, this technology has not enjoyed much progress. 2. Smart Contracts Smart contracts would effectivelyeliminate the need for middlemen in legal agreements, effectively making eachnode on the blockchain a notary. Being irreversible and trackable, it would beimpossible for any of the concerned parties to backtrack and deny signing thecontract. It does not require any third party and can be triggeredautomatically depending upon certain activation conditions.
It is a computerprotocol that can digitally enforce the negotiation or performance of a certainaction stated in the contract and saves paper, energy and resources, bothnatural and human 3. Digital Identity These days, identity theft has become ahuge problem globally. By implementing blockchain, tracking and verification ofidentities can become far easier. Be it banking, healthcare, online retail,travel, govt. Services, identity is one aspect which is mixed with all of them.There have also been various instances in the recent past, some of which comeinto the public eye, of data theft and breaches into databases, compromisingidentities of millions of people annually. I believe that Blockchain couldprovide a solution to this menace. It is based on verification through digitalsignatures and for identity authentication, the only check is that the correctprivate key should be the signatory and it is inferred that the person with theprivate key has to be the owner.
4. Distributed Cloud Storage As of now, cloud storage services arecontrolled by someone i.e, they are centralised and they control all youronline assets.
If blockchain is implemented, the wholesystem can become decentralised. Already there is a company called Storj whichis beta-testing blockchain powered cloud storage which can boost security andtransparency and reduce dependency. You can store your data in anyone’s machineif he/she has surplus space at a pre-decided rate and anyone else can storetheirs in yours. The data is encrypted and completely tamper proof. 5. Property We have all experience in our own contextthe middlemen involved in property dealing – the property dealers – who chargea fat commission from both ends to facilitate the transaction.
What if we coulduse a completely trustworthy method to do the same and that too, free ofadditional cost?That is where blockchain comes into the picture. Using the distributed ledger,payments can be validated and any two people can have a transaction withoutknowing each other and can trust each other blindly, thus eliminating the needfor the property dealer. 6. Internet of Things (IoT) And object that we come across can becalled a thing, be it a car, an AC, a TV, a door or a shower. If that thing canbe connected to the internet and hence to each other, they form what is calledthe Internet of Things, commonly known as IoT.It is predicted that by 2020, there willbe 26 million things connected to the IoT. Internet will not just be apeople-people connection but also a people-thing and a thing-thing connector.You can control your devices even whenyou’re not at home, program them to take a certain decision on their own andmuch more.
Now blockchain in this case helps to encrypt the appliance andprotect identity of the owner and enables transferability. 7. Blockchain Music There are some huge problems in the musicsector as of today. Be it ownership, royalty distribution or transparency.While the industry has focussed on making money, ownership is one aspect oftenforgotten about and this can lead to scuffles at a later stage.
Usingblockchain and smart contracts, we could create a distributed and decentraliseddatabase of music rights. This would also enable easy and smooth transfer ofroyalties to the singers and performers and they could be paid in digitalcurrency as stipulated by the smart contract, thus eliminating all ambiguityand payment issues. 8. Government While this may come as a surprise,blockchain could also be used to run a government! Let’s see how. Theblockchain could help in forming a self management platform that could helpcompanies, govt agencies, NGOs, and academic institutions interact and exchangeinformation on a global and transparent scale.Also, through smart contracts, it can beensured that the elected candidates function the way they had promised to, andare supposed to. There could be a clause that the payment would only be madeonce the promises are fulfilled and the public is happy with the performance. 9.
Blockchain to counter corruption Continuing on the previous point,Blockchain can aid in effective governance by curbing corruption as well if theglobal economy were to move completely towards digital cryptocurrency, which isone of the foremost implementations of blockchain. Since these transactions are100% trackable, any and every transaction that happens would have to beexplained and that simply eliminates corruption. 10. Electricity What if the electricity usage was writtendirectly to the blockchain? Would it not save huge amounts of paperwork andeffort? Yes, it would.
The electricity sector is mostly based on centralised power plants thattransmit energy over massive distances. Nowadays, many distributed powergenerators and storage systems, like rooftop solar panels and electric-vehiclebatteries, have been connecting to the grid. However, most of these systems arevery inefficient. Mostly, it take about two months for the payment to reach theproducer. However, using a blockchain-based system, producers can get paidimmediately. Neighbours can also trade and sell electricity to one anotherrather than selling it to the grid and then the grid selling it forward, thussaving a lot of time and energy. II. Blockchain and the ERP We have all had ourshare of struggles with the ERP and always keep wishing that there was a betterway of implementation of the same.
Right now, the ERP keeps crashing wheneverthere is heavy traffic at the time of course registration. Since it is a centralisedsystem, it has a single point of failure, something which most definitely needsto be changed.Sometimes a studentmay try to register and not be able to because the server was down but someonewho comes after her may be able to when the server is back. This is where thefirst come-first serve theory falls flat on its face. I feel blockchain could helpsort out both aspects as the system would not crash when the ledger isdistributed to everyone on the network.Also, as of now, wereally do need a system of smart contracts to be implemented into ERP as,currently, we have to manually add even our core and compulsory course, whichmakes the task unnecessarily hectic for us when the process could very well beautomated. Depending upon the student’s major, he could automatically beenrolled into certain core courses and he should be required to only choose theUWEs and the CCCs.
Using blockchain,the nodes could validate that the student who is trying to register should be astudent of SNU and the validators should all themselves be students of SNU, andtherefore we should be implementing POS algorithm in this case. III. Blockchain and a Water Purifier The use ofblockchain in a water purifier could be the implementation of smart contractsto ensure that the faulty parts are replaced on time and the regular cleaningis carried out. This can be done by programming the RO unit to send a messageto the company whenever a certain condition is met. The validators could beusing POW algorithm to ensure that the triggered message is a legitimate oneand goes to an authorised dealer only. In this way, we would be able tomitigate health hazards that come with using faulty or old parts in the waterpurifier such as the candle stick or the filter. If the ater level falls belowa certain level or the supply is cut off, a notification can be sent to theowner’s phone to remind him to look into the matter and ensure the properfunctioning of his device. III.
Blockchain for a Hitchhiker Coming to the lastpart of this assignment and one which seems highly relevant considering thetitle of the course, we could implement blockchain. A hitchhiker could send arequest for a ride and any user who is going on that particular route couldaccept the request after it has been duly validated as a genuine one. Thepayment for the ride could be made in digital currency or the person who gavethe ride could get some HH Tokens which would enable him to easily get a ridehimself when he wants to, in the future. Also the identity of the person who ishitching the ride should be made available to the person offering the ride andbe validated to be authentic. This would enable the offerer to be comfortableand choose whether he wants to offer the ride or not.Also, when he getsto his destination, the hitchhiker might want to get accommodation and the bestway to do so would be to be able to get a room at a hotel directly withouthaving to pay a middleman. OR for that matter, he could even ask to stay atsomeone’s house at the place he is travelling to, after following a similarprocedure that was followed for hitching a ride.
It seems that such ablockchain application could even replace intermediaries like Uber and Airbnbin the future and is an extremely important of blockchain.