What is blockchain?
Blockchain is like a super-secure digital ledger. It prevents anyone from sneakily copying records without needing to trust a central authority - everyone trusts everyone else. This allows you to record anything that can be listed in a secure and transparent way. It's perfect for recording ownership of property, diplomas, or even a prescription for medication. Some applications of blockchain are genuinely brilliant. For example, you can streamline a real estate transaction from 10 days to just 10 minutes, a system already in place in Georgia. In a pharmacy, you can verify a person's prescription instantly, assuring them that no regulator can revoke it, and they won't lose the paper. The pharmacist is also confident that the prescription is genuine, knowing who issued it. Employers can automatically verify CVs for certificates or diplomas, ensuring their authenticity.
Imagine buying a song directly from the artist - no middlemen, minimal commissions, instant payment to the creator, and you automatically gain the rights to the song. Everyone can verify the transaction and listen to the song. The same applies to films, books, or any creative work. No need for cumbersome intermediaries like Mikhalkov with his RAO; ownership is clear, payments are made, and everyone involved is content, except maybe for obsolete publishers.
Governments and regulators can delegate registration and verification functions, and the level of anonymity can be adjusted by consensus. Transactions are swift, bypassing traditional systems like Visa or MasterCard. A Moroccan can buy a film directly from a Brazilian, avoiding customs and banks, and no one can take it away. It's a fairy tale scenario.
Suddenly, notaries and government offices become unnecessary for document certification. Voting becomes accessible from home, and you can always verify where your vote went. Blockchain ensures transparency in various domains like patents, permits, marriages, divorces, passports, and powers of attorney - eliminating forgeries and shady dealings. No need to carry medical cards; with the right password, a doctor can access your medical history and even your genome from any hospital worldwide.
This is the true value of the technology, not just creating useless tokens to sell and trick buyers - a pitfall encountered by some major cryptocurrencies, albeit with a wink. 😉
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