In many circles, Blockchain is described as the technology for the common man. This is a description that is proving its correctness in by giving regular people more control over their resources. It also services to open up the marketplace in various industries while enabling a level playing field for all involved.
The Bitcoin linkage and how the complete system works:
Bitcoin as we all know is a digital asset and a payment system invented by Satoshi Nakamoto who published the invention in 2008 and released it as open-source software in 2009. The currency is virtual and a serial number is associated to the value offered by Bitcoin.
Further, this currency is encrypted and hence provides ownership to an individual who holds the cryptic key; the currency can be used to purchase assets and services like any other transact-able currency online. The system is peer-to-peer; users can transact directly without needing an intermediary. Transactions are verified by network nodes and recorded in a public distributed ledger called the Block Chain (as of now).
Now unlike that of the currency of any country, that we use today; the virtual crypto currency has a digital identity. Hence, the particular serial number of a crypto-currency is traceable from its inception. Each time a Bitcoin is transacted, a database keeps track of it. The present holder of that serial number or digital identity is also recorded in the database and is only retrievable on a strict credential passing process.
How are people using blockchains for things other than bitcoin?
Three main patterns for extending the use of Bitcoin blockchain to satisfy other requirements:
- embedding data into Bitcoin blockchains
- creating other kinds of cryptocurrency blockchains with different features
- creating blockchains that aren’t based on cryptocurrencies at all
Blockchain for a common man -The Taxi industry application
For an industry that has been continually evolving over time and across ages, moving into a new phase will not be a surprising development at all.
Licensed taxi drivers are essential to the industry for purposes such as security and appraisals. The situation in the market is an inspiration towards the creation of a platform designed to connect customers with professional and accredited drivers directly. Providing a mobile application for customers to find a licensed driver, as well as drivers to manage their business more efficiently will go a long way in creating a sanitized taxi industry. It is an essential tool for both the security of commuters and motivation towards quality services.
Implementing the concept of tokenization, or using Blockchain-based apps to manage local transportation systems is a development that has been long coming. It’s likely that many taxi services based on Blockchain and tokenization will spring up. This is largely due to the various benefits that Blockchain offers, especially in the area of personal control and decentralization.
For example, imagine traveling to a new city where the local currency is totally different from where you are coming from, and you need taxi services to take you from the airport to a hotel. Using a Blockchain-powered service automatically eliminates the need for any form of currency conversion as the value of the token remains the same and is available all over the world.