What’s the future of Blockchain?

Brendan from Block.one sat down with CNBC’s Brian Sullivan to discuss some of the big questions businesses are asking today. What impact is Blockchain having on enterprise? Why governments are primed for Blockchain? What can we learn from the 90’s technology bubble and more.

5 Powerful Uses For Blockchain

I believe there are five powerful use cases for blockchain. These five use cases are unique, unique in that the value we get from using a blockchain clearly outweighs the drawbacks. So let’s dive into these five great use cases and find out why they’re so well matched for blockchain:

#1 – Non-fiat money, or a store of value coin. What does that mean? It means money that has been issued by people or groups, but not a country. Now, this of course was the very first use case for blockchain technology. I’m talking about Bitcoin. Why non-fiat up money? Because blockchain solves two critical elements when it comes to making money useful. Blockchain makes counterfeiting impossible. It allows money or a store value coin to be safely transferred to anyone on earth with access to the internet.

#2 – A storage place for your personal identity. Now, this is a fantastic use case for blockchain. There is no safer way to store, and to give limited access to, all the personal identifying details of who you are. Your passwords, your driver’s license, all of your personal contact information, the information websites demand you hand over every time you want to sign up for an online service. If you could store your personal identifying details in a blockchain, all that precious information that identity thieves would love to get, we would all be better off. No one could touch it unless you gave them permission. Your digital identity would be safely locked in the blockchain, not on hundreds of unsecured web servers. And you would grant companies access to that information on your terms.

#3 – Supply chain. The ability of a blockchain to maintain an unbroken and easily accessible record of every event in a global supply chain is powerful. This, by the way, is the reason that supply chains are one of the first commercial applications of blockchain technology.

#4 – The tokenization of real-world assets. Now I’m talking about creating a digital twin of any real-world item. Why is this valuable? Because it allows you to transform nearly everything you own into provably, authentic digital certificates. Digital certificates that can’t be duplicated or forged. Blockchain is the way we begin to separate ownership from physical possession for lots of things. Tokenization will have a major impact on the way we shop, use, and trade things in the future. Now this particular use case is near and dear to me and that’s because six years ago, I used a blockchain to tokenize the US dollar. My partners and I created a way to send US dollars through the blockchain and it turned out to be a fantastic use case that harnessed the special properties of blockchain technology. And that tokenized dollar we created, what we named Tether, today trades over 4 trillion dollars annually.

#5 – Consumer entertainment, and it should start with video games. The global video game industry makes $150 billion per year and most of that revenue comes from selling virtual items, avatars, and skins to decorate your characters. Selling virtual assets is a great business model for video game companies, but it’s not so great for players. People spend hundreds, even thousands of dollars to collect their favorite virtual items, yet they never own them. Game companies rarely allow players to trade or resell all this digital property, property the players paid for! Now, if these virtual items were created on a blockchain, it would make it possible for hundreds of millions of video game players to directly own and trade them. I also believe it would unleash a massive increase in the willingness of players to buy more virtual items.

Why? Because by allowing the digital items to be resold, it makes players much more comfortable buying them in the first place. Just like the fact that you can resell your car puts you more at ease buying it because you can extract some value from the car when it’s time to trade up to a new one. And remember we’re talking about 150 billion dollar industry, just waiting to be transformed by the blockchain.

Tokenization of assets: Starting with the oldest commodity – Beer

Florian Krueger and Florian Bollen present at CC Forum Queen Elizabeth II Conference Centre London.

The Craft Coin Company aims to create a future where small and medium-sized companies have access to alternative funding mechanisms. This allows them to grow sustainably, ultimately growing in a way that benefits the people, our planet and the profitability of their venture.

The inaugural coin, The Craft Beer Coin (CBC), went live in 2019 and is a transactional, asset-backed digital currency that enables fresh local beer purchase via the holders’ smartphone. A coin is always underwritten by a fresh pint of craft beer.

Their ‘asset backed’ Craft Coins are designed as currencies that enable digital business ecospheres to leverage modern distributed ledger technologies.

‘Asset backed’ means that the coins are not ‘stores of value’ like Bitcoin, but rather are backed by and facilitate transactions around real products and services with a value understood by everyone: a pint of craft beer. Future craft coin offerings will underpin foods and other craft products, helping to create and distribute quality sustainable products with foundations built around modern digital coins and currencies.

The Real Business of Blockchain

This video outlines 5 core elements of blockchain that support a ledger as well as the future of blockchain with artificial intelligence and integration with the Internet of Things.

  • Distribution
  • Encryption
  • Immutability
  • Tokenization
  • Decentralization

How Does Tokenization Work – Introduction to Tokenization

Tokenization allows for data to be stored in a secure location, with several levels of authentication required for access, while a random token is used online as a placeholder. The token alone is useless should hackers or malware gain access to it. Tokenization was first introduced in 2005 and has been recommended since 2011 by the Payment Card Industry Security Standard Council. In this introduction, we provide some elements of comparison between encryption and tokenization and walk you through how tokenization works.

The Future of Blockchain Advertising

Blockchain has been touted as the next Internet, a technology that will revolutionize the way we live. Kim Parlee talks with Brian Wong, founder of kiip and author of The Cheat Code, as his company launches the first ever blockchain mobile ad campaign with AB InBev, the world’s biggest beer company.

Tokenization of Assets from Race Horses to Whiskey

The Security Token Academy presents an expert interview with Benjamin Tsai, president and managing partner of Wave Financial. The company offers early-stage investment, asset management, and treasury management to further the growth of the digital asset ecosystem. In this interview with Adam Chapnick, Security Token Academy’s director of programming, you’ll learn about tokenization and the tokenization process.