The world is full of good people and bad people. If you are reading this, chances are you have been taken advantage of somewhere, sometime, in your lifetime. In fact, many of you have probably been cheated of your inventions and millions of potential dollars. Many of you wanted to fight for what was right, but that handshake deal didn’t hold up in court and memories fade to who really agreed to what.
Blockchain promises to solve this problem.
On a larger scale, technological advances in blockchain are being made to make it possible to dramatically increase the accountability and transparency of public financing to reduce corruption. For example, in the state of California, “Public school funding is the largest program in the state budget, receiving more than 40 percent of the state’s General Fund resources. The 2014–15 state budget includes more than $45 billion in General Fund resources for kindergarten through grade twelve (K–12) education and child development. Overall spending for California public schools is about $76.6 billion when federal funds and other funding sources are added.”
Billions of dollars are going into public education, yet California children are ranking 49th out of 50 states in reading and 47th out of 50 in math. Where are the billions of dollars going to help improve those scores? How is it possible that 42% of the state’s budget goes to education and we are failing our children so badly? If a government decides to revamp and build a new curriculum or construct new facilities, it can now track how each dollar is being spent, identify all the users of the funds, and ensure that only those authorized to spend money do so on originally intended expenses within the permitted time if blockchain controlled the process. Blockchain is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.
Why is this? Blockchain’s decentralized, open foundation is built on tracking contracts, transactions, and records them in a transparent and unchangeable way that protects assets and holds organizational boundaries. Blockchain can establish and verify identities and record and store events. Blockchain even has the power to govern interactions among nations, organizations, communities, Fortune 500 companies and individuals. In a digital world, the decentralized blockchain changes how we regulate and maintain administrative control for a more honest, transparent and non-manipulative platform for better commerce, better business. Put simply, with blockchain, we can envision a world where all contracts are transparent in shared databases, and protected from deletion, tampering, and revision. In a blockchain world every agreement, every process, every task, and every payment would have a digital record and signature that could be identified, validated, stored, and shared. With blockchain we can imagine a world where people are held accountable to perform ethical transactions.
It lessens the need for lawyers, brokers, and bankers. Individuals, organizations, machines, and algorithms would freely transact and interact with one another with little friction. This is the immense potential of blockchain.
To understand how blockchain can help your company, Bright Apps and our blockchain partner, Dispatch Labs would like to hear from you. Contact us today for more information!