Blockchain has entered our lives with recently popularising cryptocurrencies. We learned about the blockchain system with Bitcoin which is the first cryptocurrency. Although almost everyone has heard of cryptocurrencies, people don’t have a clear definition of the blockchain system. Blockchain can be summarised as a transparent decentralized distribution system.
Blockchain is used for storing value and trading assets and it is one of the largest assistants in technology trade in recent years. The assets status of blockchain varies depending on usage areas. Similarly, the privacy conditions are determined according to the usage area of the transactions. The public or private status are determined based on your transaction type. The use of blockchain increased to facilitate storing and monitor your transactions. The assets on this immutable system can be tangible or intangible. Since all the transactions will be monitored on blockchain and the value increase or decrease can be followed on the blockchain, the monitoring cost for the transactions decrease.
The importance of blockchain use is due to easier transaction and value monitoring on your tangle or intangible assets. This flow is achieved by acquiring accurate information. The transparent processing of the instant data in the system lies from accurate information flow.
Since it has an immutable structure with data storage and instant data sharing, it is extremely important to use and present the information. Blockchain can monitor numerous value cycles such as payments, calculations and productions. Since it contains all the details about your transaction, the graphics store all changing values instantly at each stage of the transaction. Thus, the changes in values can be stored openly.
Blockchain has been included in our lives with a new system to manage money and attracts attention with its usage conditions and securer and more advantageous structure than the traditional system. At this stage, one of the positive aspects of this system highlighted with its advantages is to have a structure that minimized error rates. It is protected with a large, secure infrastructure and cybersecurity elements. It has a securer structure than the other systems in terms of data, personal data and access. Another plus is to execute the transactions faster and with lower costs than banks.
The system attracts attention since the transactions are executed fast in the digital environment and due to low costs. The system especially enables transferring money or goods to different locations around the world without any mediators and with high speed and low cost without spending too much time on the transactions. This is highly important in the developing global ecosystem.
In addition to these advantages, there are certain disadvantages on the user side. The terms such as advanced software world, cybersecurity and the importance of data are included more in our lives every day. The users have various drawbacks against these terms and lack of knowledge about which problems they will face in the digital system. But when these drawbacks are considered, it is clear that the blockchain system has a stronger cybersecurity infrastructure than other systems. The data and system are protected with systematic protection built on a digital system with a large network infrastructure to prevent malicious system penetrations.
Blockchain systems are included in our lives with digital banking and digital transactions for the traditional systems to keep up with the technology. This cybersecurity is in fact a threat against all previous systems not just for the blockchain system. At this point, it can be seen that the blockchain system rather than the banks or other systems have the best precautions and infrastructures against these threats. Another disadvantage is the private key problem. Blockchain uses private keys which are the user passwords for the users to access the system. The users who forget their private keys which are their passwords cannot access their money or investment since they cannot access the system and everything will be locked. This means they won’t be able to use the money in their accounts.
The blockchain system not only has a cryptocurrency-based transaction volume. In addition to cryptocurrencies, it is possible to use this system for various transactions. These are global payment systems, supply chain management, creating digital IDs and registration. Individuals or companies show high interest around the world and especially in Turkey in transparency, reliability, low cost and fast transactions for global or local transactions.
Blockchain is known for its transparency and decentralized structure. Therefore, it offers a space for a more reliable and freer system. For this reason, it has the power to make fundamental changes in various sectors. Although we have started with Bitcoin, blockchain is now a separate system used in different fields. Companies can take them forward by using a blockchain system. Entrepreneurs fill the gap in different sectors with interesting and beneficial start-ups. Here are some blockchain-based start-ups!
Brave is a highly attractive start-up in the blockchain field. This is because it is one of the first blockchain browsers. It brings user-friendly properties as a browser. Blocking the data collection software and ads is one of the advantages of Brave. Additionally, it offers an extension called Tor to take your privacy forward. Most of the other browsers are designed not to store the browsing history only in incognito mode. Brave claims that this doesn’t entirely ensure privacy and hides your location as well. Thus, you get more advantages in terms of anonymity and privacy.
Above all the properties you look for in a browser, Brave is free but also has a system that makes payments to users. The majority of the browsers have a negative impact on user experience with a lot of advertisement and collect data at the same time. Brave enables you to choose your ads. With that, the platform offers tokens called Basic Attention Tokens (BAT) for the ads viewed by the users. This application shares some of the ad revenue with the users and you can turn these tokens into cash at the end of each month. In short, Brave emerged as a user-oriented and helpful browser that used blockchain technology.
Coadjute is one of the examples that shows how you can simply take the characteristics of blockchain to a further level. The UK-based company offers services in the real-estate sector. For this company, the real-estate sector is slow, complex and has a high cost for both parties. The reason is shown as the disconnection in the sector. At this point, Coadjute aims to eliminate the weak connection between the individuals in the real-estate sector. The eliminate this disconnection, the platform connects the systems that gather the sellers and buyers.
The data such as messages, documents and digital signatures as well as money can be transferred in this high-security system. Thus, full connection and full security are achieved in the real-estate sector. The main security point is the blockchain system. Since Coadjute uses blockchain, no one including the company cannot access your data if you don’t want them to. Moreover, you don’t have to give up on your existing software to use this system. You can experience the innovations by Coadjute without changing your routine.
As it is known, the use of blockchain started with cryptocurrencies. Therefore, the blockchain system especially plays a huge role in the cryptocurrency world. Chainflip aims to facilitate things for the users with an interesting approach. The users use exchanges to make transactions in the cryptocurrency world and transmission between blockchains. In fact, exchanges are far from the decentralized structure of blockchain which is the basis of this technology. Chainflip enables transmission between blockchains. Thus, the transactions between the chains can be done freely without being chained to a centralized exchange.
Chainflip is estimated to be launched in 2022 and as the official website states, the system will include Ethereum, USDC and Bitcoin at the beginning. Eligible cryptocurrencies will be included in the future to create the possible largest and most diverse ecosystem. Additionally, the start-up is assertive about offering a freer space by leaving prerequisites such as additional software that the competitors need aside. When all of these properties are considered, Chainflip is interesting and worth following as a new start-up.
One of the sectors that the blockchain has a wide impact on is health services. Genomes.io is actually an interesting and different start-up at this point. The company founded by Dr Mark Hahnel and Aldo de Pape in the UK defines itself as a genomic data security company. This start-up uses a blockchain system to store your genomic data and related reports in your special DNA entry. What can this bring you or other people?
Individuals who store the data in this system can especially share this data with various research without privacy concerns. You will receive a payment for sharing this. The system established by genomes.io enables researchers to easily access the necessary data for their needs and provide privacy to users. Thus, medical advancement can be faster and seamless. Genomic data are not suitable for random sharing due to increasing value and sensitive information content. Genomes.io provides high-level security to blockchain that provides income and even the users cannot access their own data. You can share your data as much as you like and earn money while contributing to science.
Carchain is among the blockchain technology examples with conventional occupation in our lives. Founded in Italy in 2020, Carchain offers services in the automotive industry. Carchain explains its aim as follows: “The company is born out of the idea to apply the blockchain technology to the automotive industry to ensure partner integrity, security and privacy.” To do that, they use Dynamic QR codes. Thus, someone passing your car can scan this QR code and access your car in the digital environment.
This system is especially active for classic cars and stores the car details. Since this is a new start-up, it is still unknown and the main aim of the company is to be a popular platform. The time will show whether the company reaches this goal but blockchain technology’s entrance to the automotive market is exciting for its position in the future.
Another start-up that brings a solution to a different problem by using blockchain is OriginStamp. The originality and accuracy of the ideas, products and information created by the individuals in the digital space are important. It might be hard to know who has shared a theory first or when did someone write an article. This isn’t a new problem and people tried all precautions to prevent their efforts to been stolen. The need for serious precautions increased since everything become faster with digitalisation. OriginStamp eliminates this problem by using a Blockchain-based timestamping system.
This system actually records a document with a timestamp. A timestamp is created for the document and this is sent to the blockchain system. Since blockchain cannot be altered, the timestamp of the document cannot be altered. When you timestamp your documents, no one including OriginStamp cannot alter them. This is not only a security system that prevents threats from other individuals. This service has paid and free versions. Anyone from students to content creators for companies can benefit from this system.
The blockchain system attracts more attention every day in terms of reliability, transparency, digital security and efficiency and reach a wider audience in these aspects. On contrary to common belief, blockchain is more than just a cryptocurrency transaction system and offers support to numerous individuals and companies in the supply chain, global payment systems and corporate record systems. This enables various sectors to operate by integrating blockchain systems. Finance, health, telecommunication and retail sectors are among some of these sectors. As it turns out, blockchain technology will continue to be more popular in the future. It seems certain that various sectors will leave the traditional systems behind as a permanent solution for various problems.