Bitcoin is compared to a new internet. Experts say that it is innovative and decentralized and will change the world, but this is an exaggeration. If you want to compare Bitcoin to the Internet, then cryptocurrency is not the Internet, but the website. Ethereum is a technology that powers most cryptocurrencies. It is like the World Wide Web, and the Internet itself is not Bitcoin, but a blockchain.
Blockchain is a distributed ledger that can track the location and source of every bitcoin. This makes it impossible to counterfeit new bitcoins, and it prevents people from using the same bitcoins twice. It is an important part of Bitcoin.
But Bitcoin only represents one use of the blockchain. A distributed ledger can be used to hold a lot of different things, and companies are now busy spending millions of dollars to figure out what else they can do. Not all experiments can be successful. And most will not succeed. But there are also some intentions that will not only have a major impact on our lifestyle, but also affect the price of cryptocurrencies.
One of the most promising areas of blockchain is the sharing economy. A ledger that can track the flow of digital tokens can also follow the use of shared physical items such as bicycles, cars, and even real estate. As one of China's largest urban bicycle companies, Ofo announced in May this year that it will establish a blockchain research organization to study how blockchain technology can improve the Internet of Things and promote the development of big data.
The company was established in early 2018 with the purpose of creating "an ecosystem of rental economy." "Instead of focusing on one form of property-such as bicycles or mobile homes-any business or individual can use this service to rent out their goods." The company plans to launch an app in November, The app will allow people to find the goods they want to use and reach a lease agreement with the owner. Of course, these are protected by blockchain.
The sharing economy has changed the way we travel, allowing you to find a way home in the city (think Uber) or a place to walk on the road (think Airbnb). As for whether sharding is an application that powers economic growth, it has become increasingly clear that the blockchain can continue to track items used by a large number of users, which makes it attractive in a very promising field. Technology.
Banks and beverage companies will be built on the blockchainThe sharing economy is new and disruptive, just like Bitcoin. But traditional companies are also thinking about what distributed ledger can bring to them. Last year, banks such as UBS, Barclays, Credit Suisse, HSBC, Imperial Bank of Canada, Mitsubishi Ufj Financial Group and State Street Bank sought to develop a "utility settlement currency." "This token will be equivalent to foreign currencies and will be used to settle international transfers." Other financial institutions participating in the project include the Bank of New York Mellon, Deutsche Bank and Santander. This token is expected to be released at the end of 2018.
The connection with legal tender makes the bank’s digital currency very different from Bitcoin, which can float freely and is highly volatile. This token can only be used by banking institutions, not consumers. But this will provide banks with a fast and effective way to resolve international transactions, reduce transaction time, improve reliability and clarify audits.
Bitcoin users seem familiar with the bank’s efforts, because the purpose of Bitcoin is to allow everyone to conduct international transactions quickly and cheaply. But an experiment on the blockchain shows that the blockchain can go further.
The Coca-Cola Company is currently working with the US State Department to produce a worker register for the sugar industry. Their idea is to put the worker's contract on a blockchain built by Emercoin and Bitfury Group, so that the agreement on working conditions cannot be changed, and it is always accessible. It is hoped that transparency will increase the pressure on employers to fulfill contracts. The Coca-Cola Company said that by 2020, it hopes to provide data on labor abuse, including child labor and forced labor in 28 countries.
None of these three projects can guarantee success. In order to provide impetus to the sharing economy, it is necessary to prove that the blockchain can track shared goods more effectively and securely than the current centralized register. To find a role for digital currency in international transfers, banks need to prove that their tokens are better than fiat currencies and current mobile methods in transactions. To show that the blockchain should store workers’ contracts, Coca-Cola and the US State Department will be able to point out the reduction in labor abuse.
If these things happen, the blockchain will be able to obtain a vital vote of confidence, and this confidence may spread widely in cryptocurrencies. More than 1,600 digital tokens have been launched, but few can provide valuable services. Most people will never-this failure caused the price of cryptocurrencies to fall. The success of the blockchain, whether it is in the sharing economy, traditional banks, labor issues, or anywhere else, can help prove that the blockchain has a real purpose, not just the creation of digital currency. This will prompt people to re-examine those long lists of cryptocurrencies as they try to figure out which ones might represent real businesses. When they buy a basket of tokens, they will put upward pressure on prices.
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