5 Blockchain Innovations Influencing Everyone in 2018

By CIOReview | Wednesday, November 22, 2017
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Blockchain technology has the power to restructure society for the better. Hence, without paying heed to the current value of tokens underlying them, it is imperative to go over some important blockchain innovations everyone needs in 2018.

Securing Identity: Today, the possibility of faking information and identity theft is emphasizing the importance of secure identity management. Estonia already has a digital citizenship programme. Gradually, all private and public bodies requiring some form of identification will opt for a decentralized encrypted database that will be difficult to access without permissions and Crypto-based identification will provide access to people’s remote credentials.

Trustworthy Records: Factom is utilizing blockchain to keep records of real property. Blockchain can also keep record of marriage and health documents, title deeds and voting. For instance, Votem has created a blockchain voting system which can serve as a solution for possible electronic vote rigging.

Tokenization: Blockchain technology is set to transform the way people borrow and lend money. There has been an increase in ICOs aiming to monetize assets. The practice of raising money by selling shares of valuable assets instead of selling them whole would be a noteworthy development. Currently SALT offers loans on clients’ crypto-holdings. Decentralized students’ loan funding projects are also a possibility. Also, Cryptonaughts will be able to sell shares in their individual cryptocurrency holdings.

Advertising: There are a certain startups like AdToken and AdEx attempting to devise ways to make advertisers more honest. BitClave is seeking to create a whole new economy around the sale and purchase of individual retail data. In the near future, when people make a purchase after receiving an advertisement, they will be able to receive small token rebates. This way, blockchain is being used to solve digital advertising problems.

Taxation: According to Cryptocoin, though the increasing involvement of Fiat regulators and government bodies in Bitcoin and similar blockchains (via Chainalysis) encourages the future of opaque cryptocurrencies, it could also exhibit an upcoming transformation in the way that finances are done, generally. Governments will eventually rely on blockchain technology to handle tax malpractices, with the emerging cashless society.