Why Ignite Blockchain?

Search…
Interactions between any two or more entities require trust–the ability to rely and act on the commitments of others. Trust can be expensive and volatile, and the “cost of trust” in our society cannot be overstated. However, with modern technology trust no longer has to be provided by individuals or institutions. Instead, trust can be provided by and guaranteed in code. Leveraging public/private key pair cryptography and novel incentivization and punishment schemes, new protocols enable individuals and other entities to trust the reliability of records without relying on third-party overseers. The human factor, prone to unclear expectations and only enforceable through costly and convoluted legal agreements or even just veneers of decency, is removed. Operations are more efficient, reliable, predictable and less costly for all parties.
​
While the power of this new protocol is only beginning to be understood, blockchain has already found traction in the finance industry. Imagine, a global and decentralized financial system without borders or intermediaries, where contracts are tamper-proof and completion guaranteed by code.
Currently about 1.7 billion people around the world do not have access to common financial products, dramatically limiting their options for investments and capital gains. However, with the astonishing low-overhead provided by blockchain, along with proliferation of smart-phones and digital literacy–financial instruments are now available where they had not been before.
​
Blockchain fundamentally changes assumptions about ownership, reliability, collaboration and trust. Whereas the full spectrum of what is possible with blockchain may not yet even be imagined, its potential to reframe and solve many existing problems is already apparent:
Anti-fraud: The immutable, persistent nature of records on the blockchain enable rapid, inexpensive auditing to take place. This allows for solutions to combat fraud in a simple, straightforward way.
Crowdfunding: Ample successful projects have already been crowdfunded publicly and anonymously using blockchain. The platform provides intrinsic payment processing and investors can be rewarded in tokenized assets.
Gaming: Blockchain-powered games, from casual mobile gaming to dice or card games to lotteries and auctions, can all profit from the transparent and
cost-saving nature of smart contacts.
Governance: Both for private and public organizations, blockchains can deploy smart contracts that act as code-based constitutions prescribing actions and performance. These contracts directly collect votes from the stakeholders and execute the winning proposals. Actions to disburse funds or assets can be automated and verified without trust. Public institutions can also benefit from the immutable records of the blockchain by providing greater security, integrity and transparency to the voting process. These immutable records are readily auditable and impossible to censor.
Ownership: Owning assets both in the real world and in the digital world is simpler, cheaper and more trustworthy using blockchain based solutions.
Personal Data Ownership: Personal data such as internet browsing history and other digital footprints can be managed better using blockchain based key sharing techniques. Digital medical records, for example, can be stored on-chain, with access enabled by private keys. These records are tamper-resistant, secure and efficient, thereby improving the work of a physician and quality of care a patient receives.
The truth is, for all of the potential that blockchain technology has, developers have only just begun to unlock its full potential. New ways to store value, automate processes and ensure that trust–previously an expensive and critical component–is guaranteed at a scintilla of the cost are possible now, but there is still much to be done.
A critical mass of developers, practitioners, and users has come into being. The required threshold technology--in the form of internet access, telecommunications, and personal computing devices--has reached the necessary level of market saturation. .
Within the next few years, we will see an innovative explosion the likes of which we have not seen in a generation. The blockchains’ time has come.
Features of Ignite Blockchain
Messages and Transactions
Last modified 3mo ago
Copy link
Contents
​

​
