Story image

How blockchain can foster initiative

The digital revolution has brought forth new paradigms in fields such as politics, retail, and entertainment. But today, it’s the online community that evolves more than any other sector and industry.

Competition and dishonesty are more prevalent now because of the Internet. Several online platforms profit from the unfair use of services. Content creators make use of clickbait to dupe possible audiences into accessing their website.

In turn, they maximise traffic and gain ad impressions. Other Internet users install ad blockers to dodge invasive ads. What’s even more common on the Internet these days is piracy. Millions of consumers worldwide would rather resort to piracy to avoid fees for services and products.

So, is there really no way of reshaping the online community or our entire economy?

The Power of Blockchain Tech

Blockchain, the technology behind cryptocurrencies like Bitcoin, is our best chance of promoting collaboration and the fair use of each other’s services. It provides a solution for aligning all parties’ interests.

In blockchain, a dispersed network of stakeholders takes over the previous owners of such services. 

These providers and users not only own but maintain the services that are powered by the blockchain. They also get to share the profits that are produced by the services.

How Blockchain Promotes Initiative

Nowadays, several companies are trying to learn more about this concept and how they can use it to develop platforms that value everyone’s interests.

Take Papyrus for instance. It is a blockchain company that seeks to reshape the landscape of digital advertising, which is best known for the endemic animosity between all parties. 

The company uses smart contracts to create a fair and transparent environment where users, publishers, and the advertisers can do business.

As mentioned, all parties can benefit from this kind of digital advertising platform. As it eliminates intermediary costs, advertisers don’t have to spend a lot and publishers get to earn more. 

The transparency of the blockchain also ensures that both publishers and advertisers can determine all the ads that are displayed and how the dividends must be distributed.

Similar strides are being made in other sectors, one of which is healthcare.

This is another example of how both service providers and users can profit from using the same platform.​

As blockchain technology continues to develop, new domains and industries will emerge with the very principles that this tech seeks to promote. 

When we see more companies embracing community and co-operation, we should have a more productive economy, one that values collaboration. 

Centralised systems are unable to create an environment that upholds honesty and cooperation, but blockchain might one day make these values mainstream. Eventually, it should reshape the entire economy and even challenge long-standing structures of capitalism.

Article by Dentacoin Foundation communications manager Donika Kraeva

Cryptomining apps discovered on Microsoft’s app store
It is believed that the eight apps were likely developed by the same person or group.
A multi-cloud approach - what is in it for me?
OVH CEO Michel Paulin explains the benefits of a multi-cloud approach to an organisations digitalisation and what to consider before implementation.
IDC: Top 10 trends for Australia’s digital transformation
The CDO title is declining, 35% of us will be working with bots, the Net Promoter Score will be key to success, and more.
Why the IT service integration market is becoming highly automated
"The SIAM market is not large, but it is one of the fundamental pillars of every digital transformation strategy."
Intel and Rakuten partner to address 5G network gap
“We believe this full end-to-end virtualised network will help us to shift away from reliance on dedicated hardware and legacy infrastructure.”
Exclusive: How Australian businesses can foster customer loyalty with CX
From boardrooms to meeting rooms, there’s an overwhelming recognition of the importance of CX, particularly when it comes to building customer loyalty.
Spoofs, forgeries, and impersonations plague inboxes
It pays to double check any email that lands in your inbox, because phishing attacks are so advanced that they can now literally originate from a genuine sender’s account – but those emails are far from genuine.
HCL and IBM collaborate to encourage global hybrid cloud uptake
HCL announced a collaboration with IBM designed to help advance the hybrid cloud journeys of organisations worldwide.