BLOCKCHAINSAVIOUR OF HUMANITY?

BY JULIAN MOORE, DIRECTOR OF PUBLISHING AT THE MALTA A.I. & BLOCKCHAIN SUMMIT

Blockchain, the newly established rock star of the technology revolution 2.0, is permeating society on every level to mix reality with technology for positive outcomes. The future uses for distributed ledger technology (DLT), which blockchain facilitates, will likely bring significant change for our society through adoption of encrypted smart contract data and decentralised tokenomics models.

There are many who say we’re in desperate need of a reboot - so could blockchain be the answer?

One obvious area ripe for change and innovation is our own identity - I’m talking about digital IDs, not how interesting you are. In a world where election hacking seems to have become normalised, blockchain’s ability to secure an individual’s digital ID on a global scale could yet save the fate of democracy. One person, one digital ID, one vote - simple right? But it’s not just about voting and elections - digital ID offers a whole universe of positive change for protecting our personal data.

Your personal ID credentials make your digital self unique, but it all becomes worthless if compromised. Blockchain’s inherent security benefits can provide a secure digital ID which could be used in areas such as voter registration, medical profiles, KYC signups, property conveyancing, login processes and much more. That’s one in the eye for corrupt politicians and scam artists right there, no?

Alongside new digital IDs, the healthcare sector could see radical improvements in administration and efficiency by implementing blockchain strategies. Patient records could be linked to decentralised digital IDs, while savings of up to 40% could be made on healthcare costs by cutting out inefficiencies in logistical areas. Smart contracts could advance research activities with better data collection and analytics, while drug prices could be reduced for the end user through A.I.-powered analysis and collaborative projects on a global scale.

With our IDs and health all straightened out, we can turn our attention to our daily digital nirvana, and as our online activity becomes increasingly decentralised, dApps will offer unhackable applications distributed across a global network of nodes. They will make the internet a fairer place, with less downtime and more productivity. With dApps working on a peer-to-peer basis behind the scenes, the experience for the user will be unchanged, except for provision of service - dApps are “unstoppable applications” (according to the Ethereum Foundation) which will run “exactly as intended without downtime, censorship, fraud, or third-party interference”. No more buffering circle of doom then… Another win for blockchain!

Back in the real world, we will still need food, clothes, and all manner of products that are manufactured across the planet. Managing supply chain logistics in the commercial sector has become an increasingly weak link for global companies who need to move products from one place to another. To the rescue come blockchain-powered shipping solutions, offering unprecedented transparency, trust and collaboration to global supply chains.

This already adopted blockchain solution means that any unforeseen changes in the shipping journey can be updated to everyone in one step, and while the information is stored ubiquitously on blockchain, admins can specify who has permissions to view individual documents and data at certain points of the journey, allowing for efficient data and information distribution amongst all parties involved. Often with more than 100 points of contact along the shipping route from start to end, this approach makes the logistical element of product distribution a breeze, streamlining both administration and costs. Plus, cheaper shipping costs should put more money back in the pocket of the customer.

Talking of money, we all know that cryptocurrencies using blockchain technology have set in motion a profound change in the world of finance, but that’s just the tip of the iceberg when it comes to how blockchain is revolutionising the banking and finance sector. From banking the unbanked to streamlining the money transfer market, blockchain is now making a tangible difference to the world’s population in general, offering far greater cost-efficiencies to end users than ever before.

Cutting out the middleman is something that blockchain does impeccably well, due to its zero-trust protocols which promote reliability of information and data while removing the need for trusted partners to complete transactions. Smart contracts take up the mantle and will make us all richer!

So, yes, it’s safe to say that blockchain could indeed be the saviour of humanity, and in so many different ways. Over the next five to ten years, we can expect blockchain to be implemented across a plethora of sectors, including those critical challenges to humanity such as energy, environment, and equality, leading to a better world for everyone. Perhaps we’ll see blockchain technology receiving the Nobel Prize for Peace? Steady on old chap...