Blockchain Home: What The Future Brings Us

May 04, 2019 at 11:10 // News
Coin Idol
The technology has the potential to revolutionize the decentralized register into a robust instrument of control and manipulation.

Blockchain technology could play an important role in transforming smart contract processes in Italy. Currently, smart contract process is not dependable and could cause negative consequences if used. The technology has the potential to revolutionize the decentralized register into a robust instrument of control and manipulation.

Scientists in Italy are looking for ways of using blockchain and smart contracts in collecting monthly house rent money from tenants. They plan to use smart locks which are connected to the network in the rented apartment such that when the tenant has not paid rent, it locks itself and the house becomes unusable and inaccessible.   

Computers to Earn Bitcoin   

Home computers will be able to contribute in paying for domestic bills, condominium fees and other charges. If two computers get involved in any form of payment, it can be automated using smart contracts, hence making processes very efficient minus any involvement of a third party (person). Cryptocurrencies such as Bitcoin, Ether and others can be used as a method of payment.   

Just like artificial intelligence algorithms that have the potential to decide who to get a loan, smart contracts also work basing on the logical instructions and conditions of the software – smart contracts are rigid instruments, they don’t work like us human being – human beings are flexible (we tend to use common sense).   

The good example is that of a tenant failing to pay monthly rent. Of course, a landlord will try to figure out the situation his client is passing through, but the software will not tolerate any excuse – only the code applies.   

The distributed ledger technology will reinforce control by governments, banks, companies, institutions and others, by effectively automating mechanisms and eliminating bad players who would abuse the privacy of the citizens.   

It is not true that smart contracts will be paying rent or any payment independently on behalf of citizens, but they enable users to create applications (Applets), with the purposes of distributing energy (PowerLedger), forming digital advertising (Brave browser), or making a place to exchange computational power not used by computers (Golem).   

Is the Data in Blockchain Reliable Enough?   

When it comes to security and transparency, blockchain is a master-shield. The distributed register can be accessed and analyzed by anyone participating in the network. The data in the blockchain is very secure, immutable, uncompromised and transparency.   

Blockchain guarantees that the data is not tampered with but this does not mean that the data is correct. For instance, it can’t tell whether the agricultural product was organic or not, it can’t also whether there was vote rigging during elections or not, it only stores the data being inserted whether it’s true or false, or even a fraud message. 

However, countries are actively exploring use cases for blockchain. Italy is planning to roll out blockchain-based e-voting system to enable its citizens living overseas to participate in the national elections. The country spent more than 389 million euros in the parliamentary election of 2013 – the voting process that was conducted traditionally, the government is now going to explore electronic voting process using blockchain technology in order to trim the expenses involved in the elections. Now the big question filling users’ minds is: How safe, accurate and reliable is blockchain?

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