{"id":15661,"date":"2018-03-23T09:12:37","date_gmt":"2018-03-23T09:12:37","guid":{"rendered":"https:\/\/watsonlaw.nl\/the-blockchain-iceberg-youve-seen-the-tip-but-how-about-what-lurks-beneath\/"},"modified":"2019-03-14T15:51:40","modified_gmt":"2019-03-14T14:51:40","slug":"blockchain-technology-uses","status":"publish","type":"post","link":"https:\/\/watsonlaw.nl\/en\/blockchain-technology-uses\/","title":{"rendered":"The Blockchain Iceberg. You\u2019ve Seen the tip, but How About What Lurks Beneath? Exploring the Technology&#8217;s Uses"},"content":{"rendered":"<p id=\"ab2f\" class=\"graf graf--p graf--hasDropCapModel graf--hasDropCap graf-after--figure\"><span class=\"graf-dropCap\">M<\/span>orning, afternoon, evening! Regardless of when you\u2019re reading, we\u2019re glad to have you on board again!<\/p>\n<p>After having <a class=\"markup--anchor markup--p-anchor\" href=\"https:\/\/medium.com\/watson-law\/blockchain-all-your-transactions-for-everyone-to-see-except-they-wont-understand-a-thing-573f67ad43a3\" target=\"_blank\" rel=\"noopener noreferrer\" data-href=\"https:\/\/medium.com\/watson-law\/blockchain-all-your-transactions-for-everyone-to-see-except-they-wont-understand-a-thing-573f67ad43a3\">our first introductory piece on blockchain<\/a> we will be descending deeper into the trench to explore the technology\u2019s possible, if not already present, real life applications.<\/p>\n<p>And no\u2026 it is certainly not just digital money, you\u2019ll find a lot more laying in the deeps.<\/p>\n<p>So much that we don\u2019t even know where to start.<\/p>\n<p>Ah, well, who am I trying to fool, it is probably the all-time favorite and currently most trending anyways. Hate them or love them, chances are you\u2019ll have to embrace them very soon.<\/p>\n<h3 id=\"cf04\" class=\"graf graf--h3 graf-after--p\">That\u2019s right\u200a\u2014\u200acryptocurrencies.<\/h3>\n<p>&nbsp;<\/p>\n<p>Crypto at its core is essentially <strong class=\"markup--strong markup--p-strong\"><em class=\"markup--em markup--p-em\">a way for new businesses to faster raise capital<\/em><\/strong> with the issuance of their own <em class=\"markup--em markup--p-em\">tokens<\/em> on the blockchain through an <em class=\"markup--em markup--p-em\">Initial Coin Offering (ICO)<\/em>. These tokens or also <em class=\"markup--em markup--p-em\">coins<\/em> are digital assets that grant their owners a particular set of benefits or rights based on their intended application. Some coins enable access to a startup\u2019s new service or platform, others bear security-like characteristics and have cash flow and voting rights attached, similar to corporate stock. The main benefit of blockchain fundraising is the availability of a worldwide pool of investors\u200a\u2014\u200avirtually anyone with internet connection is able to participate in an ICO.<\/p>\n<p>The numbers are surely not lying\u200a\u2014\u200aalmost $6 BILLION was raised through ICOs in 2017. Interest does not seem to fade away either as the above number has been surpassed this April already despite the overall shakiness of the coin market.<\/p>\n<h3 style=\"text-align: center;\">&#8230;<\/h3>\n<p><em class=\"markup--em markup--p-em\">Have a great ICO project, but need legal assistance? <\/em><a class=\"markup--anchor markup--p-anchor\" href=\"https:\/\/watsonlaw.nl\/\" target=\"_blank\" rel=\"noopener nofollow noreferrer\" data-href=\"https:\/\/watsonlaw.nl\/\"><em class=\"markup--em markup--p-em\">Contact us at Watson Law<\/em><\/a><em class=\"markup--em markup--p-em\"> for advice!)<\/em><\/p>\n<h3 style=\"text-align: center;\">&#8230;<\/h3>\n<h3 id=\"8195\" class=\"graf graf--h3 graf--leading\">Digital payments &amp;\u00a0clearing<\/h3>\n<p>&nbsp;<\/p>\n<p id=\"4866\" class=\"graf graf--p graf-after--h3\">The use of cryptocurrencies paves the way towards digital payments worldwide. Contemporary means of transacting, especially in a cross-border environment often come with cumbersome extra costs. In addition, it takes on average two business days for an international transaction to be completed with the help of an automated clearing house. Via the use of blockchain <strong class=\"markup--strong markup--p-strong\"><em class=\"markup--em markup--p-em\">transaction costs are brought to a bare minimum and the average waiting time is reduced to mere minutes<\/em><\/strong>. To illustrate, a Litecoin transaction worth roughly $99 million was completed just last month. It cost $0.40 and took under three minutes to complete. This is no joke,<a class=\"markup--anchor markup--p-anchor\" href=\"https:\/\/insight.litecore.io\/tx\/30393d5c265ab46731bfb9642e295f2e9661dbfd95cea0e501cedc02745bdc83\" target=\"_blank\" rel=\"noopener nofollow noreferrer\" data-href=\"https:\/\/insight.litecore.io\/tx\/30393d5c265ab46731bfb9642e295f2e9661dbfd95cea0e501cedc02745bdc83\"> see for yourself<\/a>!<\/p>\n<p id=\"c922\" class=\"graf graf--p graf-after--p\">In less developed countries people often don\u2019t even have access to a banking infrastructure in the first place. The direct transacting within a blockchain is a huge innovation for such regions as it allows their inclusion in the global economy.<\/p>\n<p><img decoding=\"async\" class=\"progressiveMedia-image js-progressiveMedia-image alignleft\" src=\"https:\/\/cdn-images-1.medium.com\/max\/1200\/1*erMA8AhXO-VQbm6_e1lvJQ.png\" data-src=\"https:\/\/cdn-images-1.medium.com\/max\/1200\/1*erMA8AhXO-VQbm6_e1lvJQ.png\" \/><\/p>\n<h3 id=\"b058\" class=\"graf graf--h3 graf-after--p\" style=\"text-align: left;\">Smart contracts<\/h3>\n<p>&nbsp;<\/p>\n<p>Blockchain enables the creation of <strong class=\"markup--strong markup--p-strong\"><em class=\"markup--em markup--p-em\">contracts that are self-executing and mistake-proof<\/em><\/strong>. Let\u2019s say you wanted to bet a $100 on this year\u2019s Champions League winner being Real Madrid. Your friend Bob is a die hard Liverpool fan and chose to bet against you. You shake hands and you\u2019ve got yourselves a contract which is conditional on who wins. Madrid, one way or the other, ended up seizing the trophy, but Bob is suddenly MIA, nowhere to be found\u2026 bugger!<\/p>\n<p id=\"2ff3\" class=\"graf graf--p graf-after--p\">In a smart contract the consequences of such a mishap are mitigated\u200a\u2014\u200aonce the game is over and there is a clear winner the system is able to self-execute by applying the available information to the contract\u2019s specifics. The result: an automatic $100 transfer from Bob\u2019s account to your own.<\/p>\n<h3 id=\"d966\" class=\"graf graf--h3 graf-after--p\" style=\"text-align: left;\">Supply chain management<\/h3>\n<p>&nbsp;<\/p>\n<p>Although there is already a variety of software to track goods from their place of origin to the end consumer, risks of illegal trafficking and fraud looms large due to limited transparency. Blockchain solves this problem with the creation of <strong class=\"markup--strong markup--p-strong\"><em class=\"markup--em markup--p-em\">an immutable record containing all the necessary data to reveal a product\u2019s true authentic source<\/em><\/strong>. For retailers this translates into massive cost savings and efficiency. Consumers in return are given a guarantee of the quality of their purchase. One concrete example of the practical application of this solution is <a class=\"markup--anchor markup--p-anchor\" href=\"https:\/\/www.everledger.io\/\" target=\"_blank\" rel=\"noopener nofollow noreferrer\" data-href=\"https:\/\/www.everledger.io\/\">Everledger<\/a>\u200a\u2014\u200aa startup building a global digital depository able to track a product throughout its whole lifespan.<\/p>\n<h3 id=\"35b1\" class=\"graf graf--h3 graf-after--p\">Voting<\/h3>\n<p>&nbsp;<\/p>\n<p>Surely you\u2019d like to cast your vote as a valuable part of society, but doing so can sometimes be a real hassle considering the voting process has not changed for centuries in most places. You have to go the urn, maybe wait in a queue\u2026 annoying, right? Next thing you know a scandal over supposedly rigged elections is all over the following morning\u2019s news. Someone had hacked the central voting data server and changed the results. Oh, voters\u2019 preferences were leaked as well and it was revealed a 15 year old had allegedly participated. The icing of the cake is a sublime 140% turnout!<\/p>\n<p><a href=\"https:\/\/giphy.com\/gifs\/vladimir-putin-11mvEA6YT6R7gI?utm_source=iframe&amp;utm_medium=embed&amp;utm_campaign=Embeds&amp;utm_term=https%3A%2F%2Fcdn.embedly.com%2Fwidgets%2Fmedia.html%3Fsrc%3Dhttps%3A%2F%2Fgiphy.com%2Fembed%2F11mvEA6YT6R7gI%2Ftwitter%2Fiframe&amp;%3Burl=https%3A%2F%2Fgiphy.com%2Fgifs%2Fvladimir-putin-11mvEA6YT6R7gI&amp;%3Bimage=https%3A%2F%2Fmedia.giphy.com%2Fmedia%2F11mvEA6YT6R7gI%2Fgiphy.gif&amp;%3Bkey=a19fcc184b9711e1b4764040d3dc5c07&amp;%3Btype=text%2Fhtml&amp;%3Bschema=giphy\"><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/media.giphy.com\/media\/11mvEA6YT6R7gI\/giphy.gif\" \/><\/a><\/p>\n<p>With blockchain\u2019s help governments (in an ideal democratic scenario) are able to both <strong class=\"markup--strong markup--p-strong\"><em class=\"markup--em markup--p-em\">verify and protect voters\u2019 identities<\/em><\/strong> in case they want to stay anonymous. The immutability of the ledger on the other hand <strong class=\"markup--strong markup--p-strong\"><em class=\"markup--em markup--p-em\">relieves the risk of adjusting the final results<\/em><\/strong>. On top of that is the increased likelihood of <strong class=\"markup--strong markup--p-strong\"><em class=\"markup--em markup--p-em\">higher turnouts<\/em><\/strong> as the entire process can be done with a simple mouse click or a screen tap.<\/p>\n<h3 id=\"faef\" class=\"graf graf--h3 graf-after--p\">Decentralized recordkeeping and safer data\u00a0storage<\/h3>\n<p>&nbsp;<\/p>\n<p>Traditional ways of storing data make use of a centralized ledger where all the information is piled up in one central server. This causes a number of risks in relation to the access to and security of the data (*cough* Cambridge Analytica *cough*). Centralized storage is significantly more prone to hacks than its decentralized counterpart and you never know to whom your personal data is made available. On a blockchain, the data is simultaneously stored on multiple computers and <strong class=\"markup--strong markup--p-strong\"><em class=\"markup--em markup--p-em\">third party manipulation is nearly impossible<\/em><\/strong>. Such an innovation has long been called for in the context of asset ownership in the digital age.<\/p>\n<h3 id=\"f45e\" class=\"graf graf--h3 graf-after--p\">Compliance &amp;\u00a0auditing<\/h3>\n<p>&nbsp;<\/p>\n<p>The costs of legal compliance and auditing for companies are increasing every year. Blockchain turns this around by <strong class=\"markup--strong markup--p-strong\"><em class=\"markup--em markup--p-em\">improving efficiencies in the gathering of corporate data and its subsequent reporting<\/em><\/strong>. As the information within a blockchain is shared, internal audits are easily transmittable between both businesses and regulators resulting in significant cost and time savings. The same goes for larger multinationals which are able to utilize the technology by synchronizing their internal records and making them available to every affiliated department at any geographical location.<\/p>\n<p><a href=\"https:\/\/giphy.com\/gifs\/vladimir-putin-11mvEA6YT6R7gI?utm_source=iframe&amp;utm_medium=embed&amp;utm_campaign=Embeds&amp;utm_term=https%3A%2F%2Fcdn.embedly.com%2Fwidgets%2Fmedia.html%3Fsrc%3Dhttps%3A%2F%2Fgiphy.com%2Fembed%2F11mvEA6YT6R7gI%2Ftwitter%2Fiframe&amp;%3Burl=https%3A%2F%2Fgiphy.com%2Fgifs%2Fvladimir-putin-11mvEA6YT6R7gI&amp;%3Bimage=https%3A%2F%2Fmedia.giphy.com%2Fmedia%2F11mvEA6YT6R7gI%2Fgiphy.gif&amp;%3Bkey=a19fcc184b9711e1b4764040d3dc5c07&amp;%3Btype=text%2Fhtml&amp;%3Bschema=giphy\"><img decoding=\"async\" class=\"progressiveMedia-image js-progressiveMedia-image aligncenter\" src=\"https:\/\/cdn-images-1.medium.com\/max\/1200\/1*KOHX-ydTbCurx6c94W8t5w.jpeg\" data-src=\"https:\/\/cdn-images-1.medium.com\/max\/1200\/1*KOHX-ydTbCurx6c94W8t5w.jpeg\" \/><\/a><\/p>\n<p>Similarly, Know-Your-Client (KYC) and Anti-Money Laundering (AML) verifications can be vastly improved. These processes are usually quite extensive and require users to go through a number of steps which can be annoying and time consuming. Blockchain\u2019s distributed storage enables businesses to gather the information more efficiently and possibly even see them collaborate between each other by exchanging their data. Regulators on the other hand are able to monitor the information and trace it back to its original source.<\/p>\n<h3 style=\"text-align: center;\">&#8230;<\/h3>\n<p>Blockchain\u2019s disruptive capabilities are in no way limited to the aforementioned areas. Innovative startups from all over the globe are utilizing the technology to creatively solve problems of all kinds. The field is nowhere near reaching maturity stage and for all we know we might still be just scratching the surface. Some projects are showing great long-term promise though. <a class=\"markup--user markup--p-user\" href=\"https:\/\/medium.com\/@effectai\" target=\"_blank\" rel=\"noopener noreferrer\" data-href=\"https:\/\/medium.com\/@effectai\" data-anchor-type=\"2\" data-user-id=\"470bf7e8d4d3\" data-action-value=\"470bf7e8d4d3\" data-action=\"show-user-card\" data-action-type=\"hover\">Effect.AI<\/a> for example is set to democratize artificial intelligence by building <a class=\"markup--anchor markup--p-anchor\" href=\"http:\/\/effect.ai\/\" target=\"_blank\" rel=\"noopener nofollow noreferrer\" data-href=\"http:\/\/effect.ai\/\">the world\u2019s most accessible and easiest to use decentralized AI network<\/a> on the NEO blockchain. Currently entering beta testing, the Effect network\u2019s main goal is to promote AI\u2019s global development and to stimulate the creation of open source AI services.<\/p>\n<h3 style=\"text-align: center;\">&#8230;<\/h3>\n<p>Interested to know more? Feeling like we missed something? Don\u2019t hesitate to leave your comments below or reach out personally, Watson Law is more than glad to answer any questions thrown at us!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Morning, afternoon, evening! Regardless of when you\u2019re reading, we\u2019re glad to have you on board again! After having our first introductory piece on blockchain we will be descending deeper into the trench to explore the technology\u2019s possible, if not already present, real life applications. And&#8230;<\/p>\n","protected":false},"author":1,"featured_media":15662,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[214,417,414],"tags":[218,341,364,217,294,356,290,345,295,367,313,308,342,291,219,365,366,368,363,307,318,330],"class_list":["post-15661","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog-en","category-camiel-vermeulen-en","category-willem-jan-smits-en","tag-s-hertogenbosch-en","tag-aml-en","tag-auditing","tag-bitcoin-en","tag-blockchain-en","tag-compliance-en","tag-crypto","tag-cryptocurrencies","tag-cryptocurrency-en","tag-data-storage-en","tag-ethereum-en","tag-innovation-en","tag-kyc-en","tag-law","tag-lawyer","tag-payments","tag-recordkeeping-en","tag-smart-contracts-en","tag-supply-chain-management","tag-technology-en","tag-voting-en","tag-watson-law"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Blockchain Iceberg. 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You\u2019ve Seen the tip, but How About What Lurks Beneath? Exploring the Technology's Uses - Watsonlaw","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/watsonlaw.nl\/en\/blockchain-technology-uses\/","og_locale":"en_US","og_type":"article","og_title":"The Blockchain Iceberg. You\u2019ve Seen the tip, but How About What Lurks Beneath? Exploring the Technology's Uses - Watsonlaw","og_description":"Morning, afternoon, evening! Regardless of when you\u2019re reading, we\u2019re glad to have you on board again! After having our first introductory piece on blockchain we will be descending deeper into the trench to explore the technology\u2019s possible, if not already present, real life applications. 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