Blockchain May Change the World - Forbes

Blockchain technologies can improve everyday life

by Marina Ovcharova
10 February • 2 min
In News

At the beginning of February a US SEC/CTFC Senate Testimony on Cryptocurrencies was held. According to Forbes, this discussion may have been historic. The senators talked about the new trends that become more and more popular, with interest and integrity, distancing themselves from the storm that the theme has brought to society. The discussion seemed to put the foundation of the coexisting of crypto and fiat currencies that can function together for a better system.

Since Bitcoin's recent crash is a widely discussed theme that provokes both support and rejection, the Senate's Testimony may have even stronger impact than initially expected.

The blockchain technology has a much wider range of application than cryptocurrencies, Forbes points out. It can be used in humanitarian missions, healthcare, resolving refugee crises, electronics' modernization, banking, and could change the whole way the world sees and uses data.

  1. Blockchain potential is virtually unlimited

According to Forbes, many people are already working for this positive change. An example is 22-year-old Indian Evan Luthra, who is an accredited angel investor, interested in start-ups, creating both services and products. Luthra is participating in several revolutionizing blockchain companies such as Gazecoin. The project is a platform, processing the time a user gazes (hence the name) at a screen segment. Luthra and his associates hope that the undertaking will radically change the way users perceive the technologies on one hand, while on the other hand it will impact the marketing strategy area and will enable developers to achieve new highs in the VR/AR field.

Luthra believes that the blockchain technology has the power to change more segments than anyone ever thought in the beginning. He points out that there already exist blockchain-based projects in the areas of AdTech, human resources, hospitality, real estate, finance and many more. In his words, governments are also turning to the technology hoping to improve elections and even create blockchain-based ID register for their citizens.

  1. Changes already happen

The blockchain technology is already being used in the area of humanitarian aid, supporting the process of recognizing and restoring identities, according to a report by G2 Crowd. For example, the Finnish government gives blockchain-backed debit cards to refugees and the World Food Programme uses the technology to identify people by scanning their irises.

Considering these examples and many more, Forbes concludes that the world is coming to a positive change, thanks to blockchain technologies.