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Kindle Notes & Highlights
by
Mark Gates
Read between
February 2 - February 2, 2019
Blockchain technology is rapidly being adopted by the finance industry and central banks, but it is also becoming more popular with institutions outside of finance.
process trades with the Nasdaq already implementing a working blockchain.
In the future, the health records on the blockchain could be updated with information such as whether a person was fit to drive. Government departments would have access to this information and systems would automatically issue renewals based on the information in the blockchain health records.
Individuals will have a more transparent and accurate view of their medical records and health data. No government or company can change this information without the patient, along with everyone on the network, being aware of it.
Estonia has set up a patient portal, where citizens have full access to their medical history, prescriptions, referral details and insurance information.
Peertracks, Uio Music, and Mycelia are just a few start-up companies that are working on blockchain-based platforms for artists to sell their music directly to their fans without the need for a record label or intermediary.
How Music sharing is affected by Blockchain.
several start-ups providing an alternative by combining cloud storage with blockchain technology.
Companies: Storj, Siacoin, Filecoin
Visa and DocuSign have already entered a partnership to develop a blockchain-based system for car leasing.
Car leasing System with ViSA and DocuSign
The medical records of many citizens in Estonia are already digitized and passed to the Road Authority to automatically renew licenses. This linking of blockchain information and digital identities could also be used to automatically approve car rentals in the future.
renting cars can be without paper work in the near future.
Start-up company La’zooz is currently working on a blockchain-based decentralized ride-sharing platform. Ride-sharing is an industry that would be an easy adjustment to replace existing platforms with a blockchain.
Ubiquity is a start-up currently building a blockchain-based property platform for banks, financial institutions, mortgage brokers, and regular people to track documents related to property transactions.
Webjet is currently working with Microsoft to develop a blockchain-based system for the travel industry; however, there is currently no timeframe on the release.
Microsoft and Webjet are working together to create blockchain travel industry.
Deloitte published a paper titled “Making Blockchain Real For Customer Loyalty Rewards Programs” that examined how blockchain-based loyalty programs could benefit companies and customers.
Deloitte - Blockchain Loyalty Rewards Program.
It’s not just gambling on sporting events that is set to change but the entire predictions industry, including predictions on financial markets and forecasting.
Ethereum is a blockchain with a programming language that allows applications and smart contracts to run on top of the underlying blockchain.
The primary difference between Bitcoin and Ethereum is that Bitcoin is mainly used as a distributed ledger for financial transactions, but Ethereum is designed to be used as a distributed computing platform for running applications.
DIFFERENCE between Bitcoin and Ethereum
The Ethereum platform also has the Ethereum Virtual Machine and Solidity programming language. Solidity can be used to create decentralized applications or smart contracts that are then compiled by the Ethereum Virtual Machine and run on the blockchain.
Creating Smart Contracts and Decentralized apps from Ethereum platform.
Smart Contracts Smart contracts are contracts that are written in computer code and operate on a blockchain or distributed ledger.
The contracts execute automatically, exchanging value and payments between people without the need for lawyers or courts to enforce them.
The blockchain network removes the need for third-party intermediaries for managing the contracts.
Ascribe is a start-up in the art industry
UProov is a legal and media company that provides verifiable, real-time stamps on any and every video and picture
BitProof, another company that uses a blockchain to create timestamps, has an app that is easily downloadable onto a phone.
Warranteer is another company that already has ties to GoPro and LG. They use smart contracts to move product warranties onto a blockchain where it is easily accessible, transferable, and preserved.
Peertracks, Mycelia, and Ujo Music are separate companies all focusing on using blockchain technology within the music industry. All three companies are using smart contracts in different ways with the main goals of removing intermediaries such as record labels, making it easier for musicians to sell directly to fans and get paid for their music.
Microfinance has lifted millions of people around the world out of poverty, helped by Mohamed Yunus,
Decentralized apps along with smart contracts take the capabilities of blockchain technology to exciting new levels. The future of the blockchain will revolve around smart contracts and dApps. Blockchain 2.0 could potentially have an impact on the world exponentially greater than the impact Bitcoin and the original blockchain technology have had.
Blockchain 2.0 is the future of the world dapps and smart contract
Decentralized apps (dApps) have no single server or entity controlling them; dApps run across a network of computers.
Smart contracts are contracts that are written into computer code and operate on a blockchain or distributed ledger.
The Ethereum platform is the next step in the future of blockchain technology that includes smart contracts and decentralized apps—this technology is often referred to as “Blockchain 2.0.”
There does not appear to be a clear winner that blockchain-based systems will take between open sourced decentralized and closed source distributed/centralized blockchains. There is significant development work and funding for both methods as each has benefits that suit different requirements, organizations, and communities.
Blockchain can be both open and closed sourced - Ethereum vs Ripple
The R3 consortium of major financial institutions is another direction that companies are taking.
While the R3 consortium distributed ledger has many of the benefits of the blockchain, it is not a blockchain.
Most development work and start-ups are blockchain-based however distributed ledgers not based on the blockchain could be a trend that emerges in the future.
the future might not be blockchain for distributed ledgers
Tokens are like cryptocurrencies as they are exchanged on the blockchain for purchases. However, they run on top of an existing blockchain, with the token representing value issued on top the currency of another blockchain.
Governments are now encouraging Financial Technology (FinTech) companies to do business in their country, accepting cryptocurrencies as a new form of payment and ensuring it is regulated correctly within the country.
Fintech = Financial Technology
Many company and government databases using outdated spreadsheets or manual ledgers will be replaced by blockchains.
Storj and Siacoin are companies that are creating decentralized cloud-based storage on the blockchain.
Companies that deals with cloud storage with Blockchain tech
Distributed ledgers: Distributed ledgers that do not use a blockchain but have many of the benefits of a blockchain is a trend that may compete with blockchain based ledgers in the future.
What is distributed ledger??
part of every life through distributed ledgers, payment options or software alternatives for existing options.
There are other methods such as “proof-of-stake”, “proof-of-capacity”, “proof-of-activity” and “proof-of-burn” that can be used instead. These methods won’t be covered in further detail, but it is important to be aware that there are alternatives to proof-of-work that are used by other blockchains.
This disagreement creates a fork in the blockchain where some of the users split off and allocate their computing power to running a new blockchain that is separate from the original blockchain.
Major forks in blockchains have occurred with Ethereum and other cryptocurrencies. “Ether” and “Ether classic” are two separate blockchains there were created out of the original Ethereum blockchain,
