8 things you didn't know about Blockchain

We've already heard how blockchain solves a lot of problems for the payment and cryptocurrency sphere. Like decentralized worldwide peer to peer money transfers, etc. But let's move on to more exciting topics.
What other problems does Blockchain solve? Here's a short video to get up to speed:

Let's run through some things the blockchain solves that you may have not known.

1. Smart Contracts - This is part of the Ethereum blockchain. Smart contracts can be programmed to perform simple functions under conditions met by both parties. For instance, a particular dea in a contract can be be paid out when one side of the deals work meets criteria. Then the deliverable would be delivered to the company and the payment would be delivered automatically as soon as the deliverable would be received. Now with the blockchain and cryptocurrency all this could be automated.

2. The sharing economy - Services like Uber, Lyft and Airbnb are already a proven success. But both parties are reliant on the third party for the exchange who gets a cut of the deal. But with blockchain powered peer to peer payments a direct link would be made between both parties establishing a true peer to peer sharing economy.

• Checkout this free app OpenBazaar. It's a free online marketplace with no restriction where you can buy and sell anything with no fees. It accepts about 50 different types of cryptocurrency. This is a perfect example of a "sharing economy" in action.

1. Crowdfunding - Crowdsourced venture capital funds become possible. You can become a part of a venture capitalist firm.

2. Elections - since blockchain transactions are publically accessible, distributed databases powered by blockchain brings total and complete transparency to elections and or any kind of poll taking. It's the ultimate method of maintaining accountability with our most important decisions.

3. File storage - Decentralized file storage would prevent files from being hacked or lost. No entity or person could invade your privacy.

4. Prediction Markets - leverage the "wisdom of the crowd" and get paid when future predictions happen. Research shows if you ask enough people something, their average answer is usually more accurate than any expert.

• Check out Augur who is already utilizing this. Buy into a certain prediction using cryptocurrency and earn money if that prediction actually comes true 🤑

1. Neighborhood Microgrids - Solar power can be distributed equally and redistributed saving money and the planet.

2. Title Registrations - Automate an entire field that has been stuck in the past. This could help eliminate fraud, shrink the margin for error on title registrations and speed up the entire process.

I hope this has opened your mind to the powerful implications of blockchain. It has the potential to disrupt every corner of every market. If these idea's have sprouted in such a short amount of time, imagine where will be in 5-10 years.

If you want to start developing on the blockchain head over to Devslopes and get on the waitlist for our upcoming blockchain course with the release of Devslopes 2.0 February 1st. Cool things are happening!

Leave a comment below and let me know what you think about the future of blockchain.