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The blockchain, a decentralized public ledger that records transactions across many computers, has the potential to disrupt many industries beyond the financial sector. But before we discuss some of the major industries that have the potential to be transformed by blockchain technology, let’s review how it works.
It’s easiest to think of blockchain as an open ledger system. The ledger is distributed, existing on many computers in many locations at once, updated in real time. Because there’s no central repository, it is hard to hack the blockchain, and because of the way it works mathematically, it is also nearly impossible to commit fraud. Blockchain is revolutionary because of its ability to prevent bad apples from claiming ownership over something that isn’t theirs or from erasing transactions.
Each transaction on the blockchain has a unique identifier attached to the one that came before it and is linked to the one that comes after. Because the blocks are linked in this way, the identifiers cannot be erased or moved backwards. At the same time, users on the blockchain simultaneously confirm the transaction, meaning the same information lives in several places at once, and any alterations are immediately identified. Because it is transparent and hard to alter, blockchain is the pinnacle of trust.
The peer-to-peer network of the blockchain, allows people in all parts of the globe to exchange goods and services with one another in an unprecedented way. One startup company, Storj, lets people rent their unused cloud storage to others elsewhere who need it. That means there’s no wasted capacity in your storage, and people can recoup the value of the asset they are not using.
In Brooklyn, users of solar power have developed the capability of selling excess energy to their neighbors. They do this through the use of blockchain technology, which tracks and exchanges the units of power in a secure, open and fair system that benefits all participants.
Perhaps no asset is as fluid and coveted as art and entertainment. Despite the technology that allows anyone to download a piece of work and make a copy, it has been challenging to track and recoup royalties. That constrains the ability of artists to make a living and to crack down on unauthorized use of their work. The startup BigChainDB attempts to solve this problem by putting music on the blockchain. That way, the artist can track their sounds as they go through elements of technology, retaining some measure of control over their livelihood.
This is only a small sampling of the ways new companies are using the blockchain to solve real social, economic and environmental problems. The potential applications for blockchain technology are vast, from helping nongovernmental organizations to ensure aid gets to the right recipients without interference, to reshaping the state of retirement.
To learn more about BitcoinIRA.com, the world’s first and largest cryptocurrency IRA conduit that allows customers to purchase Bitcoins and other cryptocurrencies for their retirement accounts, call an IRA specialist today at 877-936-7175.
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Bitcoin, Blockchain and cryptocurrencies have opened up a new realm of possibilities by accelerating and innovating traditional prospects. Amongst many prominent fields that was impacted by the internet’s analogue towards the first decade of the new millennium, trade finance and financial services are major beneficiaries. Cryptocurrencies made investing easy, hassle – free and low cost. This resulted in the advent of newer features like crowd funding and token sales that are now propelling businesses with new found innovation. One such case is ‘Apptrade’ where you can invest on the potentiality of applications. Let’s look into the details of Apptrade and the ongoing crowd funding:
‘Apptrade’ is a platform which enables you to have apps in your portfolio and to trade in them like stockmarket. Hence it has been branded as the “Stockmarket of Apps” by Forbes. When linked, a portfolio of apps has the potential to become a competent asset whose value changes over time. By securing revenue streams, collaborative funding provides a financial innovation that facilitates access to value on a Decentralized Exchange. A value that can be bought and traded in the form of tokens that represent the growing value of the apps. Hence this leads to the creation of app portfolios backed by digital trust whose value increases once the app hits high levels of user base.
Apptrade is powered by OpenLedger, as its parent company. Apptrade LLC is a part of OpenLedger Decentralised Conglomerate (DC). It is the world’s first blockchain powered conglomerate that allows its platforms to share resources and benefit mutually from network-based cross promotion. Ronny Boesing, CEO of OpenLedger believes that Apptrade is a simple way to buy, sell or invest in apps. Each portfolio consisting of apps, is designed to ensure that regular updates are being factored and the quality is ensured.
The start-up will offer its own token for their ICO called ‘APPX’. The token entitles investors to 20% of the net market value and revenue of the Apptrade portfolio ecosystem. The crowd sale was launched on February 28th 2017 and understanding the value of the platform, OpenLedger decided to invest $100,000 themselves so as to own to show their belief in the project and reap profits out of its impending success. The Crowdfunding is set to end on 30th of April and with the amount of potentiality the project has to offer, the ‘APPX’ tokens are getting sold out in quick time.
“After carefully studying the gift card industry it has become clearly evident that it is time that new technology be utilized to enhance the customer experience. Perhaps the biggest change in gift-giving is the rise of the virtual gift, in the form of e-gift cards. These transactions will all be conducted online and new forms of delivery and security will need to be implemented as recipients find new ways to use the gift cards.” Centz President, Swen Swenson
The Gift card industry has traditionally positioned itself as another marketing channel that merchant’s use to increase sales at very little expense. They are often sold to consumers, offering them different denominations and promoting them as great gift ideas. Most gift card holders do not pay enough attention to the stored value on their cards and many times vendors count on consumers to either lose them or not use the full amount, leaving the retailer with increased profits and the consumer with diminished value. This is why Centz is launching a multi-faceted disruptive business model that will radically change the gift card issuing and redemption marketplaces.
The Gift Card industry is huge and is estimated to have a market cap of around $160 Billion. Last year alone, over 2 Billion gift cards were purchased in the USA, which tallies it to 6 gift cards per person. With an estimated $435 million in transactions forecasted for gift cards every day, the coming year looks promising for the industry. Historically the industry counts on 20% of gift cards (roughly equivalent to $34 billion) to be left unused.
Understanding the potential of this market, Crypto startup Centz is looking to provide gift card holders with the option to make them fungible. The average US household has $300 in gift cards that remain unused owing to various constraints. Centz aims to give the consumers complete control over their gift cards by letting balances be transferred.
Roger Aitken, a Forbes contributor recently had this to say about Centz technology in his piece titled: Disruptive ‘Crypto’ Startup Centz Eyes $160Bn Gift Cards Market
The start-up firm’s patent-pending technologies include a multi-stage security system, which is part of their ‘secret sauce designed to eliminate gift card fraud, and a gift card mobile wallet. By combining these technologies Centz provides consumers what it touts as “control over their gift cards”.
Effectively, the Centz gift card multi-stage fraud and security system takes control of each and every credit and employs digital encryption for security. On top of that, Centz utilizes what is dubbed a unique “machine learning layer” as part of the protocol.
As regards Centz developing a digital wallet, this will enable users to store all their digital credits in one place. More importantly, it is claimed that this ensures that the consumer never leaves their digital credits behind. Centz is pairing their “disruptive vision” with future gift-giving from day one.
Swen Swenson, President of Centz described the vision as follows:
“Perhaps the biggest change in gift-giving is the rise of the virtual gift, in the form of e-gift cards. These transactions will be conducted online and new forms of delivery and security will need to be implemented as users find new ways to use gift cards.”
Banking on the decentralized network, Centz is introducing a digital currency: Centz Gold Bucks (CGB’s) to facilitate its services. The platform enables the consumers to combine all the gift cards into one single lump that can be stored as Centz Gold Bucks (CGB’s). Through CGB’s consumers will be able to spend their gift card money easily whenever they want at places where gift cards are used. This is basically letting consumers use any gift card balance as they would with traditional currency, aka fiat.
The venture has already filed two patents around the modus operandi of the network and its security. How this unique innovation shapes up to disrupt the gift card industry will be an interesting journey to watch.
In the new age of digital currency, crowd-funding has become easier than ever before so for this purpose Centz has teamed up with OpenLedger for their highly anticipated token crowd sale. OpenLedger makes this possible through blockchain technology, smart investments and the good will of people. If you would like to stay informed or participate in the token crowd sale, you can sign up here: Centz ICO coming soon. There will be an Early Bird Special buy-in for those who do.
Las Vegas recently hosted CoinAgenda 2016. It is a conference for both the mainstream who are new to Bitcoin and Blockchain investments and experienced investors in digital and blockchain assets to come together. In this edition, Ron Boesing, CEO of OpenLedger and Bitcoin exchange CCEDK revealed the future plans for OpenLedger. From a successful career in the music industry to a switch to digital asset based investments, Ron has been relentless. Let’s look into the key takeaways from the interview:
or switchRon Boesing was in the music industry for about 25 years. The financial crisis of 2008-09 hit the music industry hard leading to the closure of Ron’s record company. After two years of contemplation, Ron went back to college to take a bachelors course in ‘Export Technology Management’. In late 2014, he actually came in contact with Bitcoin and an old friend proposed the idea of establishing an exchange. In collaboration, they launched the first Bitcoin exchange out of Denmark (CCEDK). During the course of his cryptocurrency ventures, Ron fondly recollects that the journey was a continuous learning curve.
Currently OpenLedger has completed a year slowly phasing out CCEDK as planned. The idea was to make OpenLedger the gateway for fiat and cryptocurrency making it a decentralized exchange.
When asked about how these ICO’s would differ from traditional IPO’s, Ron made it very clear that in ICO’s, the investors have an easy exit option. This means apart from investing, there is an option to move the funds from one cryptocurrency to another as a backup contingency. Ron explained that unlike other ICOs this doesn’t require a crowdfunding investment. It rather revolves around only investing in ICO’s and gaining the privileges. With the facility to the move the funds around, Ron believes it would resemble a cryptocurrency index.
Talking about the token sale of the projects OpenLedger would be associated with, Ron gave preliminary information about the same:
Beyond The Void: This would be OpenLedgers collaboration with gaming industry. The tokens can be ordered on OpenLedger or directly from Beyond The Void.
Centz: Centz enables full control over individual’s Gift Card Money via OpenLedger ICO. This would essentially allow for transfer and buying of requisite Gift Cards suitable for individual’s occasion.
Apptrade: This has an entirely new approach to developing and managing next generation of mobile apps. The underlying idea behind this is to create a ‘Stock Market of Apps’
With so many interesting prospects coming up, Ron looks hopeful about OpenLedger’s chances at enabling complete decentralization.
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