Blockchain: Building a Better World
Blockchain, the technology that makes Bitcoin possible, is changing our world forever. This change is a subtle technological revolution which is bringing decentralization and trust to the world of finance.
Blockchain technology is a digital, distributed, public, ledger. This ledger is incorruptible and maintains an important database of information including transactions and account balances.
Business, banking and payment services will be transformed over the coming years. Finance, however is not the only industry that can benefit from this new technology.
Developers, while building the infrastructure for a new financial system, are also seeking to build a better world, for everyone, not just the elite. Blockchain can help empower humanity in two unique ways, through decentralization and transparency. Developing nations that suffer from immense poverty are often lacking in financial services, making competing in the global economy extremely difficult.
In many of these developing nations less than 20-30% of the citizenry have bank accounts. The other 70% of the population is without access to a bank or financial services and have been deemed “the unbanked”.
Projects like Humaniq are trying to reach the unbanked by bringing isolated people into modern markets through blockchain. By leveraging a widespread ambassador program, Humaniq reaches even the most isolated regions in emerging countries, helping to reduce hunger and poverty, while giving people the opportunity to save, lend and raise money.
Just as bringing millions together via the internet created an explosion in innovation and creativity, giving millions access to a global financial system will create a new source of growth for the world economy by impacting individual lives.
Access to global payment is not the only benefit of blockchain. In fact, it is the transparency of global payments that makes the technology so powerful. One of the biggest challenges facing the world economy is a lack of trust and oversight.
Distributed ledger technology allows anyone to view transactions on the network. The ledger is incorruptible, making it ideal for logistics. Currently, Everledger is using blockchain and smart contracts to bring transparency to the supply chain for the diamond industry.
Using the blockchain, each step of the production process can be verified, guaranteeing the legitimacy of a diamond. This prevents the entry of “blood” or “conflict” diamonds into the marketplace. This same principle can be applied to a variety of goods including fair trade coffee or even natural resources.
Land rights can be uploaded to the blockchain and preserved despite political upheaval or poor information systems in the third world.
Charitable organizations that have been plagued with corruption and misuse of funds could benefit greatly from the blockchain. For years there have been stories of only small fractions of donations reaching victims, while the majority of funds go to “administrative” costs.
Transparency will help keep these organizations accountable to the public. The possibilities for this technology are nearly endless, but let’s look at one example of how blockchain is already making an impact.
Decentralized Exchange In Use
BitShares is a decentralized exchange platform using real-time, industrial grade blockchain technology. Built with super-fast Graphene tech, the BitShares blockchain is capable of 100,000 transactions per second!
Due to the flexibility and power of the BitShares platform, Bitspark, an international remittance company, has revealed a bold plan to revolutionize the remittance industry by “removing banks from the equation”. The remittance industry is an old business and one that accounts for billions of dollars of cash flow into developing nations.
Sometimes creating economic opportunity is not enough to solve deep rooted humanitarian problems. The BitShares platform is home to a new asset called the HERO, a tool to be used to truly empower humanity. The Billion Hero Campaign is going to give away $1 billion to the world’s best humanitarian causes.
The HERO is a mathematically defined asset designed to appreciate annually by five percent (5%). This means an investment of $1000 should net you, by definition, a return of $1050 after one year.
The HERO is built on and trades on the BitShares platform. Using the BitShares exchange, you must use your BitShares (BTS) tokens as collateral for a 200% loan. This creates the asset known as HERO.
This methodology not only allows for protection from inflation but it also opens the door for some very powerful solutions to problems plaguing our planet. After seeing the explosive growth in Bitcoin from a few pennies to over $4,000 in less than a decade, the creators of the HERO wanted to find a way to harness this growth for the good of humanity.
BitShares has developed a way to create digital currency endowments that can leverage industry growth to multiply a single donation into a steady stream of donations that can last for years. A million dollars donated in Bitcoin five years ago at $4 are worth a billion dollars today. BitShares plans on harnessing the power of its own growth to multiply funds in an endowment.
Currently the Billion Hero Campaign is raising three endowments for relief efforts to hurricane ravaged Houston, Florida and Puerto Rico. To donate to these campaigns or to learn how you can participate in the Billion Hero Campaign, visit https://billionherocampaign.com/.
Whenever a new technology comes on the scene, humanity is presented with a choice. Will we use the technology to increase greed, division and suffering or will we use it as a tool to build a better world and empower humanity?
Humaniq, Everledger and BitShares are just a few of the innovative projects built on blockchain. There is a real opportunity to transform industry, commerce and charity in a way that benefits all people not just an elite few. The future is what we make it, and blockchain is the tool to be used for the next great human advancement.