Beyond the cryptocurrencies


Original Post ElektroNiknet
All Credits to Heinz Arnold

Because the cryptocurrencies have exploded in value, they are currently the big topic. But the blockchain is much more.

An example of how blockchain can be used for things other than cryptocurrency is secure enrollment, which can be used to manage land ownership against tampering. Here, the blockchain replaced a mostly state land registry. It would not make sense to replace it in Germany at the moment, because everything works very well for tens of years. In many countries of the world, however, such institutions function poorly or not at all. There is no legal certainty, manipulations are opened the door and gate. No wonder some start-ups are taking on this topic. Blockchain-based procedures that replace land registries could provide legal certainty in such countries, which is so urgently needed for prosperity. Founded in 2014, Factom, for example, takes care of such markets and does not want to make anything less than honest and transparent to the world, and ultimately more trustworthy.

Blockchain certificates could also be used to certify the authenticity of valuables. Products could be tracked across the supply chain, and logistics could offer many opportunities. A very promising application would be smart contracts. These intelligent contracts could activate themselves when needed and then initiate certain processes.

How to trade data

An example of how small-scale trading creates entirely new opportunities has been given by IOTA Foundation. Their version of the blockchain platform is called IOTA. It was based on MIOTA, a currency similar to Bitcoin, which, like many other cryptocurrencies, has gained in value over the last few weeks and months.

But that’s not the primary goal of IOTA. Rather, the company is concerned with unlocking the potential inherent in the wealth of data collected about things in the IoT. Currently, most data is collected in closed systems. Very often, companies collect this data and they collect it to make the manufacturing smart and improve their business. Collecting the data can be expensive, the data is often valuable for the respective company and they do not want to let it come into the hands of third parties. This data remains in the silo where it was created. This may include data that is not interesting for the company, which could easily be passed on to third parties. However, she would like to charge a certain price. Unfortunately, today there is no platform that would allow this to be done conveniently and at an affordable cost.

The idea behind IOTA: To create just such a platform. The data could release the companies from their silos, creating a huge data pond from which interested parties could find and pay for data that would be of interest to their respective business models. So the real motivation behind the IOTA Foundation is to make the data accessible and tradable so that they can leave their silo limits – and that also brings their creators money. Only then can more companies use this data to create services that they can then offer on the market to earn their own money.

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