BLOCKCHAIN: The Forever Ledger

The blockchain the engine on which Bitcoin is built is a new kind of distributed consensus system that allows transactions, or other data, to be securely stored and verified without any centralized authority at all. - Jon Evans

Where do we start? If this is the first time you've heard of blockchain, bear with me and don't be afraid to ask away! Blockchain, in the simplest form, is a decentralized structure of data (this variable allowing for many use cases) distributed among a peer-to-peer network of computers, which creates a digital forever ledger. This ledger indefinitely records transactions (data) in a secure & impossible to change way, once transactions take up permanent residency on this ledger any proposed change or modification creates a digital fingerprint. This general structure creates a shared peer-to-peer network that has to communicate with specific algorithms and either accept or decline proposed changes or transactions, rather than a central authority determination. Well, this sounds fancy but what does it mean? It means the data that is added to the blockchain stays there forever, in a public ledger that can be verified by anyone at anytime. This has captivated a massive audience with its innate ability to transform a wide variety of business processes, democratic movements, digital currencies, and anything else where accountability is key. As we go into various emerging blockchain uses & developments it is important to note that although Blockchain is sometimes synonymously used with Bitcoin they are in fact independent of each other. Blockchain (the ledger) is the infrastructure that Bitcoin (the digital currency) utilizes to process & record transactions.

What can blockchain technology be used for? Bitcoin is only one of a multitude of practical applications for blockchain technology. If you want to know more about Bitcoins innovative payment network serving as a new kind of currency read our last blog (What is Bitcoin)!

Deloitte professional services firm wrote an insightful article outlining their predictions of blockchain.

Blockchain for currency: Any peer-to-peer (P2P) electronic cash system or lending system which can be decentralized. Most of these give any person the ability to transfer or exchange money worldwide instantly and securely and with little to NO FEES! If you have a smartphone or access to the internet the power is already in your hands!

Currency examples: Faircent MicroGraam i-Lend FinTech Bitcoin ABRA Align Commerce Bitspark Rebit (Bitcoin related) Coins.ph (Bitcoin related) CoinPip HelloBit (Bitcoin related) BitPesa Volabit (Bitcoin related) Ethereum (Build your own cryptocurrency WITHOUT CODING) Plus many more!

Blockchain for VOTING: That is accurate, blockchain is being implemented in Australia through an app called FLUX, with the idea that in the 21st century democracy is not what it's supposed to be and instead of a new government, we need a solution to fix a broken system. With this app, you first register, then can vote directly on your phone, or choose a representative who votes on your behalf and can be changed at any time. Flux lets voters trade their votes on different issues which ultimately lets their communities self organize, and the rest falls into place! Simple, straightforward and easily accessible & all built on top of blockchain technology, secure & reliable!

Blockchain technology in secure digital voting: FLUX (AU voting app) DemocracyOS Follow My Vote VoteWatcher (New York based Blockchain Technologies Corp startup project) Moscow Govt Officials & Dept of Information Technologies are looking for ways to incorporate blockchain technology to combat voting fraud and ways to involve citizens in local decision making!

These are barely scratching the surface, as this technology expands our practical applications of it expand as well! If you're looking for a tech startup opportunity, don't blink!

Digital assets currently using or indicating early stages of utilizing blockchain technology: Stocks Bonds Frequent flyer miles/ loyalty points exchange Coloredcoins Counterparty NASDAQ Australian Securities Exchange Deutsche Borse Japan Exchange Group Korea Securities Exchange New York Stock Exchange TMX Group

Blockchain for your digital identity: First off, what is a digital identity? A digital identity is an online, or networked identity. Digital identities are created or claimed by individuals, organizations, businesses, celebrities & impersonators, artists, musicians, etc. Since individuals or anything with a digital identity can take up or create several of these identities through multiple communities or avenues, privacy and security are of substantial concern. Is social media my digital identity? Social media sites are one of those communities or avenues individuals and businesses use to express their digital identities. Sharing information such as who or where you are, what you're doing or going to do, thinking or discussing. Connecting with family and friends, creating social circles of common interests, groups, etc. Everyone manages their digital identity through social media outlets, we decide how searchable we want to be, what people can or cannot look us up by. In managing our social media identities we decide who sees what, when and how, theoretically. How would blockchain make my digital identity any different? A digital identity system built off of blockchain technology would enable multiple separate entities or business’ to access and rely on shared, secure and auditable information. Remember, this is the same blockchain technology we were just discussing being used to combat voting fraud and bring democracy to the 21st century. As described by Blockstack;

The main difference between blockchain identities and accounts on any other service is that blockchain-based systems have strong ownership. Blockchain identities can't be confiscated by any service because the system defines ownership according to ownership of public-private keypairs, just like ownership of coins on Bitcoin. This is in direct contrast to Twitter or Facebook usernames, which could be confiscated or censored at any time by the respective companies that they belong to.

Blockchain services for your digital identity: Steemit: "Steem is a blockchain-based social media platform where anyone can earn rewards" ShoCard: Identity for a mobile world Gem: California startup for companies to share information within industries via blockchain. Onename (Built on Blockstack)

Secure blockchain messaging systems: Topic # SB162-004 SBIR/ STTR: DEFENSE ADVANCED RESEARCH PROJECTS AGENCY (DARPA) Blokcom Krzysztof Okupski messaging tool

Blockchain for open peer-to-peer marketplaces: OpenBazaar: A different way to do online commerce. It's a decentralized peer to peer network of people looking to buy and sell services or engage in trade/services directly with each other, it is not controlled by any company or organization.

Can you or I create a blockchain? MultiChain: Open source platform for blockchain applications

Existing Blockchains for app infrastructures: Ethereum:

Build unstoppable applications.

Tierion:

Tierion turns the blockchain into a global platform for verifying any data, file, or business process.

Blockstack:

Blockstack is a movement to build the decentralized web - a movement of hackers, designers, and entrepreneurs from around the world deeply committed to the future of the Internet as a bastion of innovation, freedom, and economic inclusion. Blockstack is about pushing power to the edges with decentralized applications and allowing users to be in control of their data, identities and software.