Home Market News Crypto All About The Blockchain And Its Influence On The World

All About The Blockchain And Its Influence On The World


Elections really are susceptible to human error and even fraud as well. The blockchain has been often referred to as being the solution to try and fix all of this. A huge number of trials have happened all across the world and one of them happened in May for the Virginia primary election. Voters had the chance to select their votes and they could even do this from their mobile app as well. So that raises the question, how does blockchain voting work in a situation like this? People voted via a mobile application and this was the equivalent of the ballot paper. The mobile ballot was in fact a token and this was a potential vote. This was tied to the candidate and it could not be transferred or even duplicated. The voter then would make their decision and it is verified by a number of servers. This again, helps to keep the whole thing very secure. The computers used were known as validating nodes and when you look at the process you will see that it is all validated and automated. This ultimately means that one person can vote twice and this is great because it shows that the blockchain cannot be tampered with at all.

China has been coming down hard on cryptocurrencies and even ICOs as well. They have been focusing heavily on the idea of DLT and the president has even stated that the whole thing is a breakthrough. This is especially the case when you look at the applications and this is a fantastic movement so far. Of course, the Chinese government have been working so hard with various blockchain companies and they have also been working hard for credit scoring. One of these many companies are known as Points and they have partnered up with the Ministry of Industry. The KYC product has removed the need for various institutions and they are also going to conduct the process manually. So it’s time to look at the partnership for the Chinese government. It’s important to know that Points has the ability to access criminal records and they also have the ability to verify IDs as well. So when you look at the blockchain protocol l you will see that it all comes down to the time consuming KYC process and this can be done manually. Of course, if you do it the other way then this would increase the efficiency of the institutional partners. It does this by reducing the institution’s need to store their data on various servicers and this is because they can verify identities through the Blockchain. The process could be used around the world but it does require the data to be opened up so that the verification can be done properly.

Supply chains are incredibly complicated to say the least and this is because several parties across different countries need to take part. Goods are often passed between several parties and you also have to involve a lot of contracts to do this. Of course, when you look at things from a government level you will soon see that the UK’s watchdog has carried out a pilot and they have also done a blockchain technology in a slaughterhouse for cattle. When you look at the pilot you will see that the FSA and even the slaughterhouse in question all had access to the data. They were also able to share a ton of information on the supply chain and they could also work from a single ledger as well. They could do this with ease rather than working in various documents. This made it much easier for everyone to work together and it also made everything much more convenient for everyone who was involved.

So what is supposed to happen next? Sure, the blockchain is quite possibly the highlight of the year for those who work in technology and so many people are working in the industry to try and make sure that they have a silver bullet solution. Sure, it isn’t going to be that and there are trials underway as well. That being said, everything has a long way to go before it becomes mainstream and there are also a number of competing blockchains that range from Hyperledger to Ethereum and they are all working hard to try and become the dominant player. The main problem for DLT is the fact that it is not too scalable. This means that it is going to be very hard for it to be used on an international level. Hileman has stated that with the price of cryptocurrency rising all the time, developers of the blockchain may have taken their eyes off the only thing that matters. They are going to do a lot of work in the future to try and find out what is going to happen in the next year or so. There are going to be various  solutions tested and they are also going to work hard to try and deliver on the promises that they have heard about in the past. Sure, there are some questions that are yet to be answered but a lot of people are confident that the questions will be in the future. There are smart people out there who are confident that the whole thing will be super efficient and this is good news to say the least. After all, the brain is there, but only time will tell if the whole thing can be brought together.


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