Everyone says Blockchain, the technology underpinning cryptocurrencies such as Bitcoin, is going to change EVERYTHING.
During my 4+ years involvement in a Blockchain project i learned that development teams are true tech wizards, visionary and can create fantastic Blockchain technology. But if no one is using it for the purpose created, the incentive model for stakers, that secure and validate transactions, is non existent. In this case commercial usage of the Blockchain requires payment of transaction and data fees which in return get redistributed to stakers.
Education is key for the success of Blockchain Last months i gave “what is Blockchain and what can you do with it?” presentations to companies from different industries. They were all very impressed about the Blockchain Basics and technical capabilities. Mainly for “verification” and “distributed storage” purposes.Yet when i was talking them they all had a hard time figuring out the possible use case of Blockchain for their industry and more specifically for their company.
Technology itself is not the problem; it is the way technology is used and integrated
Use case 1: Tokenisation of real world assets
Tokenisation of real world assets (like master paintings, real estate) will be the next phase in Blockchain and crypto global usage. Forget payments as single solution.
You can be co-owner of a Rembrandt, co-owner of an old timer car or co-owner of a building. This will be an industry on its own in a — 260 trillion — market.
Blockchain will facilitate easy accountability, ownership registration, dividend / rent distribution and even selling your share of that beautiful painting or house. This will change the business model of intermediaries, legal firms and many more. New companies will be created and employees specialised in this ecosystem are welcomed.
Use case 2: Secure identity storage
As the number of data breaches soar with each passing year, it becomes increasingly difficult to store and manage user and non-user identities securely. Digital identity theft runs rampant in our society, negatively impacting millions of individuals. To this day, individuals do fail to have full control over their online identities.
A Blockchain-based digital identity management system provides a unified, interoperable, and tamper-proof infrastructure with key benefits to enterprises, users, and IoT management systems.
Use case 3: Healthcare
Misinformation, no control over your own private data and the lack of communication between patients, hospitals, and doctors plague the healthcare world.
Blockchain-based data sovereignty and permissioned exchange scenarios will lead to faster, more efficient, and more secure medical data management and drug and medical device tracking. This could significantly improve patient care, more privacy and control over your personal medical data, facilitate the advancement to medical discoveries, ensure the authenticity of drugs circulating global markets, and more.
Use case 4: Secure communications
Your personal privacy is important. Everyday personal and business communication relies on centralised parties. Your data is controlled (and possibly viewed) by companies or governments you don’t know. These centralised systems can not fully meet the concept of transparent, reliable, fast and uninterrupted communication. Distributed, decentralised, secure and also transparent communication is possible with the blockchain technology. This can be open communications: like a decentralised Twitter or Facebook, or closed person2person communications. If you are sending messages to another user you want to make sure the conversation is private and secure. You would also want to make sure the person on the other side of the line is the user you think it is. You want verification. With the I/O Coin (IOC) Blockchain it is possible to invite another user with your public key. The other user accepts your public key and sends theirs as well. A secure handshake will be made and a AES256 secure tunnel will be set up.
Use case 5: Gaming in Blockchain
What if you could trade your achievements from Battlefield or Minecraft with other users? You would have to have a mechanism where you could send your achievement and ask a “payment” in return. First of all in the current gaming industry you think you own everything you paid for… but this is all stored on the game company servers. They control it. Secondly if you are going to trade your achievement you have to trust the other gamer to send the “payment” in return. Blockchain can facilitate all the above.
In data-enabled Blockchains, the game company could store every achievement you made. The achievements are attached (ownership) to your key which you control. Blockchain smart contracts can be used to initiate and facilitate the value exchange between gamers as well without using services provided by the game company. Your game tag and achievements exist in a Blockchain that is maintained all over the world.
The community of I/O Coin made a special Unity3D development package to easily integrate Blockchain technology into the Unity3D based game. https://assetstore.unity.com/packages/tools/integration/i-o-coin-blockchain-unity-3d-package-134482
I/O Coin since 2014
I/O Coin (IOC) started in 2014 with a vision to be able to store data in a blockchain. The team knew this would be the best use case for Blockchain technology outside the accountability and transactions of (micro)payments.
Ahead of time
Sometimes Technology is ahead of time and the markets are not ready to embrace it. Yet. The I/O Coin team had envisioned the above use cases in 2014 when most projects only focussed on cryptocurrency as payment & accountability solution.
In 2014 the IOC team embarked on a journey to make this happen. After years of working on their Blockchain (non-ICO) the IOC team managed to launch the upgraded Blockchain. Since late 2017, the I/O Coin Blockchain can facilitate file storage through a custom wallet system or through API. Create your application, connect the IOC Blockchain and use the decentralised file storage capability for your business. With this data storage solution IOC can facilitate this 260 trillion market to store the ownership of an asset in a proof of stake Blockchain.
The IOC Blockchain can do more than just file storage:
- AES 256 encrypted messaging though Blockchain
- Decentralised Alias system
- Stealth / shade payments
- Identity storage
The next phase is global usage with the capability to use Ledger technology for super fast transactions. Current solutions can not facilitate multi million transactions a day without stepping a way from true decentralisation. Centralised / off-chain scaling is thought of to be a solution for this.
Our team is now in progress of creating a new type of ledger technology that still takes care of the decentralised characteristics but also will provide a solution for high transactions per second. This is called a Molecular Ledger.
The project is called “Chameleon”.
A SCALABLE DISTRIBUTED CRYPTOGRAPHIC
INFORMATION AND VALUE TRANSFER ARCHITECTURE — Molecular Ledger
Chameleon is the Interoperabel, side chain technology enabling and smart contract handling molecular ledger that will facilitate multi million transactions per second. With Chameleon the development team will introduce a new technology called “Molecular Ledger”.
The form of ledger used in Chameleon is distributed with redundancy so that no single peer holds the entire ledger. Transactions are validated by multiple randomised graphs over the network. Given the statistical nature and thermodynamic parallels, the Chameleon ledger is termed, The Molecular Ledger, for short. The ML will be able to handle transaction volumes in the order of several million per day. The existing Blockchain based ledger replication scheme per node will not scale in terms of data volume.
The above diagram is a logical depiction of how ledger data can be shared among nodes without the need to replicate the entire ledger and also that there is sufficient redundancy such that the ledger remains completely with a tolerance of nodes either disappearing or misbehaving.
Chameleon will be embedded within the IOC Blockchain vice versa where the IOC Blockchain will be used — through interoperability — for messaging, encrypted storage, staking, alias system and micro payments. Other projects with specific features can interconnect with the Chameleon Molecular Ledger and interchange features across ledgers.