Founder Ethereum – Blockchain ensures a ten-fold increase in the global economy

Founder Ethereum - Blockchain ensures a ten-fold increase in the global economy

At the SXSW conference, Joseph Lubin, the founder of Ethereum, compared blockchain with e-mail and predicted ten-fold growth in the global economy.

Blockchain and e-mail

After email was just invented, nobody actually used it. The acceptance to be able to send messages to each other quickly took place gradually over several years. Lubin is convinced that blockchain technology is in the same situation, because its use is difficult to imagine in everyday processes. In any case, it is hard to imagine how blockchain can already be used in our household.

If the media reports about blockchain, then it is often about somewhat abstract vistas. Promises are made that blockchain offers opportunities for the IoT market, making devices safer and smarter. But we are working hard on new, practical solutions that can make our lives more efficient.

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Your household on the blockchain to save energy

Bosch, a manufacturer of household appliances, has designed a refrigerator that is connected to a blockchain. In collaboration with Wien Energie, Bosch turned a regular household appliance into a participant in the energy market. Users can monitor the power consumption of the refrigerator. Most importantly, a smart device can tell its owner how much energy is being used and how much carbon dioxide has been emitted during its operation.

An extra nice bonus is that you will never forget to close the door again because your blockchain refrigerator will immediately report this waste.

But why blockchain? That is a legitimate question and one that must always be asked in blockchain applications. The refrigerator is just a gear in its entirety. Even though millions of blockchain refrigerators are being sold, this is still only a small part of a much larger system. The goal is to create a global energy system, where users have real insight into the energy consumption of smart devices. And users and the entire energy market can act on that information. This is done in combination with smart contracts.

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Based on this, you choose an electricity supplier, and the entire energy purchasing process can be organized much smarter. For the consumer that means no advance payments, and for the producer that means no more overproduction. This in turn has enormous consequences for energy consumption and associated emissions.

Integrating blockchain technology into household appliances can bring many new business models to the energy market. For example, a charging station for electric vehicles that works on a blockchain platform can independently choose the cheapest energy supplier, whether this is a solar power plant or a wind farm.

Think even bigger

In some parts of the world, it is becoming increasingly clear that blockchain plays a greater role in society. Seoul residents have all received a citizen block chain card.

This initiative was announced last year as part of a large-scale project to further digitize Seoul. All financial expenses are covered by the city council, with the aim of creating the most comfortable and transparent environment for residents.

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The blockchain solution is an ID card that gives citizens simple and direct access to the necessary state and municipal services.

This can make life easier, not only for cardholders, but also for city administrations. With blockchain you simply need less paperwork and you minimize the risks of lost documents and minimize human errors.

In addition, the identification data entered on the blockchain are not subject to change and third parties cannot misuse or copy the documents.

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