I've received many questions about whether Blockchain Technology is the same as an ICO. It seems many people confuse ICOs (Initial Coin Offerings) with Blockchain technology. While many ICO’s are meant to help companies transition to Blockchain technology it is not one and the same. Blockchain technology, still in its early stages, is an immensely powerful shared global infrastructure for storing and moving value. Currently, it is developing rather slowly due to the lack of knowledge and talent in the sector – but that's changing. However, it has become a buzz word worldwide as it is the backbone technology of Bitcoin, Ethereum and other cryptocurrencies!
The World Economic Forum’s prediction is that by 2025 it may conquer an approximate 10 percent of the GDP worldwide. This means that in the very near future cryptocurrencies such as Bitcoin, Ethereum, Dash, Ceek etc. will be used more commonly in all places.
When CEEK Virtual Reality recently decided to transition to Blockchain technology, many people were surprised, because the assumption is that Blockchain is for Fintech companies only. This isn’t true. Actually for the world of crypto to take form, applications that attract mainstream audiences will be vital.
Today many sectors are still unaware of the invisible Blockchain technology or don’t try to comprehend what cryptocurrencies and Blockchain technology are. Blockchain technology can completely change your method of managing your online transactions! In simple terms, this innovative technology is a decentralized domain recording and tracking all transactions of both buyers and sellers.
Due to its decentralizing domain, nobody regulates your transactions, and the parties who conduct the transactions are unidentified which protect them. You can also observe it as an innovative technology which enables a user to conduct online transactions without the presence of a middleman. This gives you the opportunity to make decisions about your own rules and regulations.
When changes are made to any transaction or agreement it will be visible to the parties involved in the specific transaction, which minimize your chances of blunders. In principle, Blockchain technology provides three significant functions:
- Authenticating an identity
- Establishing Contracts
- Recording transactions
Safety and Security of Blockchain Technology – This innovative technology is developed with high-level protection modules for restricting tampering with digital assets and to keep malicious access out. For the sake of convenience, transaction data are collectively shared between all the parties. When anyone adjusts a transaction, all other parties will be instantly notified.
Blockchain Technology Applications – Blockchain technology can be applied in a lot of different fields. However, it must be adjusted to fit the requirements of a specific business.
Virtual Reality, Rights Management and Payment – Let’s look at how CEEK Virtual Reality for example is using these significant functions. Currently one of the worst things about VR is having to take your headset off in order to make a purchase, we wanted to solve this issue by creating a tokenized bundle that users can buy for seamless experiences. After all, a virtual world should have a virtual currency.
The search to simplify experiences for our network users (Ceekers) led to the Blockchain. We also decided to use smart contracts to automate the workflow for royalty payments to rights owners as well offer celebrities on our platform the ability to create rare and cryptographically authenticated merchandize and interactions that cannot be duplicated. By simply using the token analytics can be attached to event tickets. Ticket holders thus have Blockchain assets that can take on its own value.
We are building a massive infrastructure to support the entertainment and education ecosystem by decentralizing rights management, cryptographic authentication of digital and physical assets and reporting. CEEK is doing exactly what the Blockchain ecosystem needs to have the mainstream utilization. Industries beyond Fintech looking to embrace Blockchain technology can gain inspiration from the following more general examples of Blockchain technology applications:
Payments – As far as speed and security are concerned, global payment services are offering a significant starting point for the Blockchain technology. International payments are currently taking some days to settle due to numerous reasons which include manual processes and unmanageable and inefficient regulatory compliance. Furthermore, it also lacks transparency, whilst failing frequently due to messaging errors.
Gaming – Through Blockchain technology, gamers will be able to instantly manage their in-game transactions, by using cryptocurrencies to purchase the products of their choice. Developers can comfortably introduce secure and safe payment procedures using Blockchain technology. The technology could also enable the ability to trade in-game assets. Companies like CryptoKitties are making waves with the ability to buy and bred digital pets on the Blockchain.
Healthcare – Medical professionals will be able to transfer and share important medical data by using Blockchain technology among the networks, which will result in better and faster treatment for patients. With Blockchain technology, this data is encrypted and is also preserved with good security. The discussion of blockchain technology will keep on escalating as more people are developing an understanding the applications and capabilities of the blockchain.
The discussion of Blockchain technology will keep on escalating as more people are developing and understanding the applications and capabilities of the Blockchain.