What is the blockchain? Beyond the term, we find lots of questions about how this technology will be able to affect certain sectors, since it is one of the most incredible breakthroughs in these last years having a great potential.
Every day, we hear about companies which have achieved new progresses and innovations due to the blockchain technology. Besides business giants have shown a keen interest in this reality. Therefore, if your business or project is in one of these sectors we set out below. Do you still what to know what is the blockchain? Explore the possibilities that this technology offers and what make it different.
Building safe communications
Nowadays, most of us use some social network. Either to search information, keep in touch with our friends or relatives, share our experiences, or even to promote and boost our business. Some of the most well-known are: Facebook, Twitter, YouTube or Instagram; each one focused on different sorts of content. It was only a matter of time for the blockchain technology to arrive to this sector. This is how Steem comes up, the blockchain in which the Steemit social network is based on.
The users of this platform can share and create visible content for the other members of the network. Likewise, they can comment and receive rewards therefrom due to their counterparts votes within the platform; let’s say it follows the dynamic of an ordinary blog.
But, how does the blockchain technology works within this platform? Its creators pursued to reward their users keeping the basic principle of decentralisation, on a fair basis and, specially, self-sustaining. When a Steemit user posts a given content and receives a vote, they obtain a value which is divided equally between the tokens of the network. 50% corresponds to spendable money, as known as Steem Dollar, while the other 50% corresponds to voting power, Steem Power, which will be used to value the other posts. Furthermore, every content remains saved in its own blockchain permanently.
It is worth stressing that we don’t need to be blockchain experts to use Steemit, we only need to be steady and creative, since the main goal of the network is for the content to be useful, attractive for the rest of the rest of the users and to keep the community active. If you are one of those people who likes new stuff, Steemit is an excellent alternative.
Transparency in the fashion industries
Like any other, fashion industry has its own challenges. One of the biggest such challenges is to prevent counterfeit products flooding the market and taking profits away from established brands while reducing the quality of items, thus damaging the brand’s reputation. Using blockchain, manufacturers and designers can protect their brands against counterfeiting. For each fashion item, its origin and ownership can be tracked all the way up to its source. Counterfeit product or replicas will not have an authentic chain of records, and can thus be easily rooted out.
These concepts are already starting to be applied in the industry. London designer, Martine Jarlgaard, in 2017 produced the first garments with smart labels that are recorded tracked on a blockchain. Each step in the manufacturing process was recorded, from raw materials to finished product complete with time and location stamps. Similarly, fashion brand Babyghost started integrating NFC chips into their spring/summer 2017 collection. These NFC tags are identifiers on the blockchain, and customers can use an app to find out everything they need to know about a specific product. The blockchain technology would be a more powerful tool not only to create ethical fashion ecosystems, but also to store and transfer data, from the manufacturer to the distributor, in a safe and transparent way.
To the rescue of NGOs!
The blockchain technology can break through this sector in very different ways, new possibilities have come along so far.
Among these possibilities, we stress one as indispensable as inaudible: transparency. For example, crowdfunding campaigns could be completely transparent and the donors could have the capacity to track where their money goes to. In this way, fraudulent behaviours, which sadly harm the whole staff, would be prevented. With blockchain, we’ll be certain that any dishonest behaviour could be exposed by anyone.
One organisation interested in this technology is UNICEF. Recently, they have begun to try out the possibilities the blockchain offers and they have funded different projects. One of them is 9Needs Pyt Ltd, they will use the blockchain technology to establish identity systems for the development of children programme in South Africa, they register the children as users within reliable databases. This is merely a specific example, but the most fascinating fact for this sector is to come up to other possibilities, knowing that with the blockchain technology they can be materialise.
These are some of the industries which have decided to implement the blockchain technology. We’ll complete this list next week, stay tuned for our next post…