September 13, 2017

Blockchain beyond Bitcoin

Bitcoin is great, although I have some weariness about its future and its validity long-term.

I do think that one decentralised global currency is a fantastic idea, but for now, I think there are some other uses we can apply blockchain technology to.

Because blockchain tracks unique transactions, and doesn’t allow duplicate transactions, one of the greatest tools I believe blockchain could be used for is voting.

If someone [trustworthy] in the world developed a blockchain system that combined biometrics with the ability for each person to have one verified transaction (vote) per election, vote-rigging would be pretty much impossible.
There are certainly questions with digital links between your identity and who you voted for, but that issue could quite easily be overcome by some encryption and code tricks.

Other than that, I’m sure there are many other ways we can apply biometrics and blockchain beyond Bitcoin while Bitcoin finds its place in the world.

The main reason I believe Bitcoin hasn’t found its place yet is because it’s still linked to another currency to determine its value. It needs to be entirely independent and easily accessible for the global community before it can be adopted as a peer to peer currency, which will be tough when it’s just seen as a token that’s worth X amount of dollars.

If I were to make a prediction, I think Bitcoin and the other crypto-currency platforms will be precursors to a real peer to peer global currency that does not lean on a trusted third party – and I can’t wait for that day.

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