When we think of blockchain technology we often think of cryptocurrencies. It’s true that blockchain is the driving force behind cryptocurrencies but this distributed ledger technology, which provides immutable records of all transactions has the power to revolutionize other industries too.
The public sector: When it comes to identification blockchain has the power to solve some current issues. For example, the public sector requires identification for things like voting, travel, citizenship records, and more. If we start to record all this information and store it in a blockchain, individuals will no longer need to hold on to paper documents. They will simply have an access code to their records and a seamless method of performing all of their activities.
Insurance: Since blockchain is an immutable way to record information it has the power to help stop fraud in the insurance industry, which is a big problem currently. When claims, payments and other documentation are recorded and stored in unalterable ways, much of today’s fraud will be eliminated and this help both companies and consumers save money.
Blockchain technology will also be useful for Asgardia as they set up habitable platforms in low-Earth orbit. From using it as a healthcare platform for Asgardians to the support of Asgardia’s cryptocurrency SOLAR, blockchain has many helpful applications.
In fact, last week, at the Future of Space & Astronomy Summit in Moscow, blockchain was a central topic of discussion. According to the conference organizer, Alexander Shulgin, "Blockchain can become a trigger and a serious assistant in the development of almost any industry, most especially space. "This particular technology, based on decentralization, can significantly shake up the hegemonic order that has become the status quo of the space industry.
Moreover, the real estate industry is another example. Recently Block66 announced the creation of a platform whose goal is to decrease mortgage fraud by injecting the mortgage origination process with a heavy dose of transparency and tamper-proof controls.
Block66’s blockchain technology will be used as a mortgage hub, serving as a one-stop shop where parties who need they can access borrowers’ pay stubs, financial information, tax documents, and personal identifiers.
By procuring these documents from their original sources and storing them on the blockchain, the platform will represent an immutable, trustworthy, and interoperable resource that is far less vulnerable to those wishing to commit fraud.
What’s more, a new car-sales platform backed by blockchain technology has been created by an automotive company based in London, England. It boasts an exchange and a marketplace that offers a detailed history of each car in addition to information on trading and insurance risks associated with specific countries and cities.
The new platform is called Auto Block and they hope to develop a new market force, where car dealers can access the global cryptocurrency market with little effort and low cost via a decentralized marketplace — with free listings, free advertising and low transaction costs.
Finally, Cryptic Labs is the leading commercial research lab committed to solving fundamental security problems as a way to expand the growth of blockchain technology. Recently they have announced the addition of two Nobel Laureates in Economics – Dr. Eric S. Maskin and Sir Christopher Pissarides – to their Economics Advisory Board.
These new board members will offer insights into incentive mechanisms, game theory and macroeconomic policies, strengthening the institute’s goal of addressing the lack of blockchain industry expertise in both fields.
Do you believe in the power of blockchain technology to improve our lives? Do you believe leaving the borders of Earth to live in space will be possible in the future? Then join Asgardia today and connect with forward-looking people to turn that dream into a reality.