Blockchain will affect more than just Bitcoin
Technology that makes cryptocurrency work is making its way into IDs, electricity and emergency services
LAS VEGAS— One of the many buzzwords at this week’s CES technology show is “blockchain” — the technology underpinning the Bitcoin craze. While Bitcoin is the flash of the moment, there’s growing excitement about how this concept can move beyond digital currency and affect people’s lives.
Simply put, blockchain is like a ledger book that can be group-edited by people in the cloud.
There’s no central company or government that has to verify a transaction, which means things can move more quickly. As changes are made, blockchain keeps a public log of what changed, when and how. For that reason, it’s very difficult to fake a change or gain access to the log if you’re not supposed to. The records also aren’t tied to your name, so it makes blockchain another, more secure way that people can exchange data.
Some places and companies have already started using blockchain in a way that goes beyond currency changing hands. Estonia relies on the blockchain technology to run its national identity card, which is similar to a U.S. social security number, and Nasdaq allows Estonians to vote online using the technology in shareholder meetings. At CES, entrepreneurs are touting more applications of the technology.
Here are some ways people I spoke to at CES envision how we could use blockchain technology in the future:
Paying for power ImpactPPA is a power company that lets you buy some time on a generator to power your home, or donate some power to people in places that aren’t wired for electricity. The group has generators in 35 countries around the world. Blockchain lets ImpactPPA deliver power quickly to people who need it, when they need it, without having to wait hours or days for their money to be processed by a bank and a power company.
Calling for help Guardian Circle is a security firm that wants to use blockchain to take emergency services into a new age. Founder Mark Jeffrey was inspired to try this after a loved one had a stroke while home alone. Guardian Circle will use blockchain to send an instant alert to the people you choose — friends, family, medical professionals or its own security staff.
Unlike the 911 system or similar senior alert apps, it will also be able to share your location quickly and securely with the people you’ve chosen, even if you’re on a cellphone.