Blockchains function decentrally. This means that a decentralized is never stored on only one computer. Rather, the digital account book is stored and managed by a large number of computers that are connected to each other. Furthermore, no single computer can change the protocol of a system alone. Decentralization also means that systems are particularly secure because malicious actors are immediately excluded.
systems also have a fixed, programmed control system, which cannot be changed without further agreement. This makes systems not only particularly secure but also trustworthy. In addition, blockchains are transparent. On the , for example, everyone can see publicly who transferred how much to whom and when. If one abstracts the principle on blockchains, which document in securities, every authorized person can see at any time which security was sold by whom to whom. This fundamentally increases the confidence of users in the respective block chain, because important information can be viewed at any time.
systems are extremely efficient. A transaction in a crypto currency takes a maximum of a few minutes, whereas a transfer from one bank to another can take several days. Transactions in crypto currencies cost almost nothing and are irreversible. Another advantage of systems is that they can be accessed worldwide by anyone with Internet access. Apart from that, technology can represent almost any imaginable value. This does not only count for crypto currencies or securities. Fundamentally, technology can be programmed for any imaginable value, making the Internet of values possible.
Examples for the Internet of Values
Blockchains offer a technology that enables the Internet to and exchange a wide variety of values, whether for private or commercial purposes, securely and transparently. This includes the following sectors.
Crypto currencies and the FinTech industry
At the latest since the establishment of (What is ?), it has become clear that digital currencies hold the future of money. Crypto currencies have the advantage that they produce and distribute their own in the sense of a DApp and provide a simple P2P transaction system via the . In general, technology offers the potential to enable global, cross-border, fast, efficient and cost-effective transactions within the industry.
Logistics
In the logistics industry, it is very important to be able to trace supply chains. technology offers the advantage that all involved parties, such as ports, customs authorities or forwarders, can gain an insight into the current delivery status of goods. Companies can also save themselves tedious bureaucratic documentation work. Maersk, a shipping company, has already worked with IBM on a project to track container shipments. For example, the transport of pineapples from Columbia to Rotterdam could be traced.
Creative Content
The use of technology in Creative Content generally implies the management of the intellectual property. Musicians, artists, writers, but also journalists can use technology not only to make their own works available online, but also to decide what they share, how much they charge for it, and who they grant access to it.
Quality of information
At a time when the term fake is making the rounds, technology can ensure that the quality of information is guaranteed. It is conceivable not only that information about the technology is checked for its quality, fake is excluded accordingly, but also that information is not spread twice.
Social Media
In the social media sector, technology can ensure that users can decide for themselves who is allowed to view shared content and who is not. This also applies to companies behind social networks. In addition, users can decide which information they see and which they do not. For the commercial use of social networks, this means that information can be shared across multiple networks simultaneously.
e-Commerce sector
The e-commerce sector, i.e. online , forms an interface between the logistical and financial application areas of technology. Basically, online merchants can offer goods via the technology, can create their own profile based on the and place orders. On the basis of the , vendors can see directly who ordered what and when and thus send the ordered product very early. Customers can pay directly via crypto currencies.
The Internet of Things (IoT)
The Internet of Things can find a programming environment in technology that cannot be hacked. This plays a particularly important role with regard to a self-propelled car or a smart home.
Gaming
The gaming sector is an essential economic factor. In the gaming sector, in-app purchases and the storage of purchased items can be handled via a block chain.
Digital identities
It is conceivable that states will no longer issue identity cards, but create unique, digital identities of citizens in order to identify them on the Internet. This would not only have the advantage that citizens could see at any time what information is collected about them, but also that administrative procedures could be shortened. It would also be conceivable to hold elections via a system.
Digital contracts
It is already possible to conclude fully digitized contracts via the . This means that several parties from different regions can conclude a contract, whose contents are automatically executed when the contract is fulfilled.
Further application possibilities
Other areas of application for technology include insurance, invoices, licenses, documents, and proof of ownership.
The Internet of Values offers the infrastructure of tomorrow’s Internet
Conclusion on the Internet of Values
The Internet of Values offers the infrastructure of tomorrow’s Internet. The term describes the Internet as a transfer and storage space for any conceivable value. technology, in particular, can make the Internet of Values a reality because it ensures that values can be stored and shared securely, decentrally, efficiently and transparently. It is difficult to predict the consequences that this will have in the future. Nevertheless, there are already a few examples today that testify to the Internet of values.
Published at Fri, 24 May 2019 01:41:00 +0000
