There are over a billion people in the world without legal documents. These people lack the right to vote, are ineligible for medical and social services, and can’t make use of banks. The UN is developing a project to give such people digital identification. The basis of the system will be blockchain technology. This means the use of a distributed database—rather than a centralized one—headquartered in trusted companies, guaranteeing a high level of privacy and security.
Numerous major corporations already joined the project—Microsoft, IBM, Intel, Samsung, Thomson Reuters, and Accenture, to name a few. The transfer of valuable documents to blockchain will help not only refugees and undocumented citizens; every person on the planet will receive official identification. This would eliminate the need for people to keep their degrees, birth certificates, and other such documents. This system would make it far easier to utilize government services, among others.
The European Commission hosted a series of meetings titled, “Public Consultation on FinTech: a more competitive and innovative European financial sector.” The project became a platform for members to exchange opinions and viewpoints regarding financial technologies, particularly blockchain. Small and medium-level enterprise representatives took part in the discussion. All participants agree that using blockchain would increase work effectiveness and decrease costs; however, the discussion regarding government regulation brought forth split opinions. Some companies deem hard regulations necessary, while others think minimal government intervention is key for development. Either way, blockchain is recognized as the most promising direction for FinTech.
Nevada authorities are adopting new laws aimed at attracting blockchain startups. Even now, the state has a very flexible taxation system; blockchain transactions aren’t taxed, and startups with an annual income under $4 million are exempt from paying a state fee. In addition, companies working with blockchain technology are not subject to complex licensing processes. Nevada Senator Ben Kieckhefer hopes that authorities will successfully create an attractive environment to make Nevada a hotspot for blockchain startups.
Blockchain is already used in many areas, with many creative industries—such as art, music, publishing, theater, and film—following suit. Oftentimes, intermediaries in these spheres take hefty commissions, earning money from other people’s talents. Platforms based on blockchain technology would change this situation.
Potential services for storage and sale of intellectual property could be the beginning of a new era of independence for creative people. One such enticing project is Creativechain. The decentralized distribution of content eliminates the need for intermediaries, and gives authors total independence. Creativechain relies on collaboration between authors, creating chains that allows users to interact with different works. This way, if a certain work makes profit, all authors within the chain are rewarded. Such services are based on security, fairness, and transparency in transactions.