IT Brief NZ - How blockchain can foster initiative

IoT.JPG

How blockchain can foster initiative

The digital revolution has brought forth new paradigms in fields such as politics, retail, and entertainment. But today, it’s the online community that evolves more than any other sector and industry.

Competition and dishonesty are more prevalent now because of the Internet. Several online platforms profit from the unfair use of services. Content creators make use of clickbait to dupe possible audiences into accessing their website.

In turn, they maximise traffic and gain ad impressions. Other Internet users install ad blockers to dodge invasive ads. What’s even more common on the Internet these days is piracy. Millions of consumers worldwide would rather resort to piracy to avoid fees for services and products.

So, is there really no way of reshaping the online community or our entire economy?

The Power of Blockchain Tech

Blockchain, the technology behind cryptocurrencies like Bitcoin, is our best chance of promoting collaboration and the fair use of each other’s services. It provides a solution for aligning all parties’ interests.

In blockchain, a dispersed network of stakeholders takes over the previous owners of such services. 

These providers and users not only own but maintain the services that are powered by the blockchain. They also get to share the profits that are produced by the services.

How Blockchain Promotes Initiative

Nowadays, several companies are trying to learn more about this concept and how they can use it to develop platforms that value everyone’s interests.

Take Papyrus for instance. It is a blockchain company that seeks to reshape the landscape of digital advertising, which is best known for the endemic animosity between all parties. 

The company uses smart contracts to create a fair and transparent environment where users, publishers, and the advertisers can do business.

As mentioned, all parties can benefit from this kind of digital advertising platform. As it eliminates intermediary costs, advertisers don’t have to spend a lot and publishers get to earn more. 

The transparency of the blockchain also ensures that both publishers and advertisers can determine all the ads that are displayed and how the dividends must be distributed.

Similar strides are being made in other sectors, one of which is healthcare.

This is another example of how both service providers and users can profit from using the same platform.​

As blockchain technology continues to develop, new domains and industries will emerge with the very principles that this tech seeks to promote. 

When we see more companies embracing community and co-operation, we should have a more productive economy, one that values collaboration. 

Centralised systems are unable to create an environment that upholds honesty and cooperation, but blockchain might one day make these values mainstream. Eventually, it should reshape the entire economy and even challenge long-standing structures of capitalism.

Article by Dentacoin Foundation communications manager Donika Kraeva

Interested in this topic?
We can put you in touch with an expert.

Follow Us

Featured

next-story-thumb Scroll down to read: