How the Crypto Market is Creating a Better World
The exciting crypto market has been rapidly gaining interest and attention over the last few years. Everyone is now familiar with Bitcoin, which rose after the financial crisis in 2008, giving people a new and innovative way to freely exchange currency while cutting out the middlemen. That was not the only change Bitcoin brought these last years…
The emergence of blockchain technology kickstarted an incredible surge of interest, in effect creating thousands of new investors and a booming crypto market. Billions of digital dollars became involved in this new world. But these funds also became associated with the black market, as political entities around the world put forth a narrative about cryptocurrencies helping terrorists and criminals on the dark web.
What is the REAL Crypto Market like?
Is the cryptocurrency industry really the social evil that our government tells us it is? Total Crypto selected three ambitious projects in the world of cryptocurrency that will change this narrative. These projects dispel the myths of dubious get rich quick schemes and instead envision a better world using blockchain technology.
PowerLedger is an impressive project set to revolutionize and disrupt the now unsustainable energy market. The Australian blockchain-based company allows decentralized selling and buying of renewable energy. Scientists have agreed that burning our fossil fuels has led to significant climate change. PowerLedger will cut out big polluting companies and reward individuals that produce renewable energy.
Blockchain technology will make it easy to track everything that is running through the system. The interoperable energy platform supports an extensive variety of energy-focused applications. The platform also possesses the ability for others to develop applications for it. They aim to change the low penetration of renewable energy in apartment buildings. Everything is visible in the blockchain so customers know where the energy is produced and ends up when it’s sold or used.
PowerLedger is already changing the world. The project is backed by the Australian government who made an $8 million contribution. The company has also partnered with the renewable energy company BCPG in Thailand. BCPG is also backed by the Thai government to bring peer to peer renewable energy trading to Thailand.
MedicalChain is tackling a different problem in the United Kingdom. The UK government tried to create a unified patient record system to digitize and centralize patient records. The system was abandoned in 2013 and was heralded as the biggest IT failure thus far. Fast forward to 2018, and a doctor in London still cannot access records of a patient visiting from a place as close as Cambridge. Thousands of hospital deaths a year can be avoided in the UK alone by allowing access to vital patient information.
Security is another problem for patient data recordkeeping. Hackers have gained access to patient data in the current systems. Cyber attacks make it very hard to secure the confidentiality of patients’ health records. Information in the wrong hands can have a big impact on an individual’s insurance premiums and life in general.
MedicalChain wants to provide a decentralized platform for fast and secure exchanges of medical data. The project will store data on the blockchain, a technology whose security has been proven time and again. MedicalChain empowers patients by giving them control over their own health records. They function as data owners and can grant doctors access through their mobile phone. The information will be securely transferred through the blockchain. The platform can also function as a consultant, which can be used by a doctor with full access to your health records. And the best thing is, MedicalChain is being tested in a couple of hospitals with great first results.
Everyone has the right to freedom of opinion and expression. Everyone should also have the right on the internet to access web content. Although many of us take this internet freedom of speech for granted, this is not always the situation. Heavily censored countries like China and Iran use web censorship and regulation to control freedom. But this is not only a far-away problem: in the USA, Net Neutrality has been eliminated causing much fear that now the internet is no longer free and open.
The Substratum project wants to liberate the centralized ties that bind access to content. Internet users do not need to rely on monolithic hosts to access content because everybody is their own host. This will create a decentralized open-source platform by the people for the people. No additional software or VPN needed. The network allows anyone to share computing power by rewarding them with cryptocurrency. Hosted content by Substratum is always free from censorship and can only be broken up by confiscating every associated computer around the world.
There will always be criminals that will use cryptocurrencies for illicit means. However, the crypto market is also about social justice, empowering individuals, and trying to solve the big problems of our world. All participants in the crypto market receive the social benefits and and preservation of freedom inherent with blockchain technologies. Only time will tell if these technological innovations will truly create a better world.