The Rise of the Blockchain: 3 New Inventions of the Blockchain Revolution

10/05/2017 01:13 pm ET

The creation of the blockchain set into motion a new perspective to the way we live our lives. From a joke launch to a mechanism that is causing nations’ banking systems to stand on their toes, the blockchain can’t be ignore anymore.

And each day new innovations literally sprouts out from within it. From creation of diverse cryptocurrencies to new ways of doing transaction, it shows how unstable the mechanism is.

The blockchain technology have given rise to ingenious inventions that have caused a transformation in the lives and livelihood of people all over the world. This revolution, up until a couple of years ago has been gaining momentum and although I may not be able to touch all the creative inventions that it gave birth to, these 3 will surely get you convinced of blockchain’s potential to usher an even greater revolution.

Here are three of the awesome innovation of the blockchain revolution

1. Blockchain-Based Lending Platform

Lack of capital has always been the major cry of small medium enterprises. Without sufficient capital they are not able to grow to the levels that they desire.

In fact, the founder and CEO of WishFinance, Eugene Green, summed it thus:Small businesses play a significant role in the modern economy, as they hire more people, pay more taxes, strengthen their local communities and eventually propel the growth of the economy. However, SMEs consistently report access to capital being one of the most important factors in being successful, as getting unsecured business loans still remains a large issue for them. In fact, SMEs are the most underbanked business category worldwide and Asia Pacific is the region with the least banked SMEs in most of the countries.”

The founders of WishFinance knew the problem and developed a unique technology, based on Artificial intelligence (for maintaining big data analytics and building prediction models) and automatic SME’s POS (point of sale) integration that allows for seamless repayments and storage of transactional data. SME lending borrowers data is stored in blockchain: company uses 2 well-known blockchain platforms to build the decentralized ledger: 1st - Ethereum - containing the whole history of issued loans and the 2nd - Tendermint - containing the data of currently active loans' performance and transactions. Each block will represent dates, payment methods, repayment amounts and other financial activity data.

Integrated AI module (with deep learning model) will help correlate large amount of gathered operational information for further more precise and fast scoring.

Storage of such data in the blockchain ensures that transparency between parties is maintained. Through this infrastructure, WishFinance is able to provide loans for businesses and promises the safety of the interests of the parties.

It’s literally a goldmine as naturally, SMEs aren’t always given that voice

2. Blockchain-Based Social Media

In 2016 Ned Scott and Dan Larimer founded the project Steemit, a social media platform running on a blockchain database. Its creation has helped content creators earn a steady income by creating and curating content. In other words, content creators “mine” the cryptocurrency Steem through their content.

In an interview with Ned Scott, the CEO and Co-founder said, “Steem allows social media to be powered in a new way. People can now earn two types of cryptocurrency, Steem Power and Steem Dollars, just by posting and voting online, no tipping or third parties required. Content creators, since the dawn of the internet, haven't really made money online without advertising, but with Steem they can. And for the regular people, quality content, news and discussion can rise into view based on the wisdom of the crowd.”

The founders observed that not many content creators were earning much from the content they create but Steemit has changed their fate and made creating content more meaningful.

3. Blockchain-Based Multimodal System to Track Cargo

The logistics industry also got the chance to enjoy a touch from the impact of the rise of blockchain. The founders of IMMLA leveraged on the blockchain technology to create a multimodal system that will make it easy for all those involved in the supply chain to know the progress of their cargo.

This area of shipping is actually a volatile space. Any slight mistakes in information could have someone searching for his cargo. Everything has to be done accurately and the shipments tracked to the least direction.

The founders created a system that culled all data and contracts relating to the transportation of cargo and then store them into the blockchain making their clients’ logistics more transparent and easy.

Mikhail Astakhov, one of the founders of IMMLA in an interview said that the innovation was born from the need to cater for the interest of people on the supply chain. The clash of interests has caused a lot of problem among the members of the supply chain.

“For example, the truck driver wants to deliver the container to the port, while the shipping company wants the cargo loaded later. The government, on the other hand, wants to set taxes before the owner of the cargo or the shipping company gets the shipment. That’s why we developed the multimodal system to cater for the different interests of persons within one shipment.”

That is why Mikhail said that “IMMLA’s multimodal system makes IMMLA the revolution of revolution.” IMMLA’s multimodal system promises to make transport of cargo cheaper as logistics through the multimodal system will be easier.

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