Think back to the time when the Internet became mainstream. If you’re like most people, this is close to the start of the new century. However, it actually became mainstream among undergraduate students as early as the 1993 when the web browser Mosaic made the web easy to access.
Now the world is becoming aware of another technology, Blockchain Technology; however, it actually came into existence around 2009 when Bitcoin, the first cryptocurrency, was introduced. The blockchain made it possible for Bitcoins to be validated during a financial transaction.
The reason this technology is going to change the world is because it works remarkably well.
What is the Blockchain?
Although there are many possible uses for the blockchain, the most popular use case for it is finance. While there is yet to be large-scale implementation, the general market overview of blockchain is that awareness of the Distributed Ledger Technology (DLT) is growing.
This is due to the fact there is a refreshing absence of formal legal frameworks and a burgeoning collective effort toward standardization. DLT has been proven to work well in regions of the world where the political regulatory environment is uncertain.
Here are some reasons indicating why banks, including Centrals Banks, governments, and corporations are looking favorably on the blockchain to solve many of the problems associated with the traditional banking system that have been solved by DLT:
Governments and traditional banks are freed of the burden of acting as middlemen for financial transactions. For instance, the biggest problems banks have to contend with is being fined for money laundering due to corrupt or negligent officials within these organizations.
Transactions online are secure because they are based on identity verification. The use of GUI wallets is a highly effective method of identity management.
The blockchain is designed to work as a decentralized technology. Any transaction is part of the network as a whole. This method is so quick, easy, and effective that it will make the traditional ways of eCommerce verification obsolete.
Transactions are transparent because they are jointly managed by a global network of computers. A cryptocurrency like Bitcoin, for example, is managed by this peer-to-peer (P2P) network. In essence, it’s a process of mass collaboration. In his book, The Business Blockchain: Promise, Practice, and Application of the Next Internet Technology (2016), William Mougayar, commented, ““Online identity and reputation will be decentralized. We will own the data that belongs to us.”
How the XYO Network Will Impact the Real World
Still, the blockchain isn’t just about what happens online. Nor is it about the smooth facilitation and verification of financial transactions alone. The XYO network is changing all of that, giving the technology for record keeping and cryptocurrency transactions a larger, more expansive role. Through the use of Proof of Location oracle that use over 1 million beacons for verifying locations, the blockchain can be used in supply chain management, record keeping, and electronic contracts.
Here are some use case examples of how useful a location-verifying technology can be:
It can be used in supply chain management by a retailer faced with a produce food recall to figure out where the spoilt produce came from.
It can be used by airlines to figure out what happened to an angry customer’s lost luggage. Speaking of airlines, it can also be used to maintain accurate data on flights, identifying where incorrect information is appearing on travel websites, customer apps, airport monitors and gates.
It can be used by companies who want to share the provenance of articles they are selling to customers. For instance, at a health food store, shoppers may want to know where the store is getting its GMO-free, organic produce.
It can be used in combination with the Internet of Things to understand how effectively people find a new device in the marketplace.
In conclusion, it won’t be long now before this technology will also have an impact on you, your finances, and your business transaction.
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