Each generation is given a technology so disruptive it can change the next 100 years of tech. For some it was the electric lightbulb, for others it was the world wide web. Blockchain is that revolution, with an anticipated growth to over $20 billion by 2024. Technologically, blockchain is a decade before it’s time. Politically, the globe might not truly be ready for another century.
While this alone is impressive, what is more impressive is the diverse applications of blockchain that has been thought up by blockchain entrepreneurs. Applied to a greater variety of industries than ever before, blockchain’s decentralization has transformed everything from social media to the financial industry, with proven results. It is estimated that banks using blockchain technology can reduce infrastructure costs by as much as 30%.
But what makes blockchain unique is it’s democratization of these qualities. When implemented correctly, blockchain can allow any company large or small, or any individual entrepreneur of varying resources, the ability to use these qualities to their advantage. This democratization is what makes blockchain so frightening and disruptive to existing industry.
Now one start up is attempting to apply blockchain technology to a new purpose that could utterly transform the implications of what blockchain can be and how it can interact with the world. Verifier, a blockchain based network, helps anyone from corporations to individuals verify whatever they want in the real world.
Verifier utilizes its native cryptocurrency in the Verifier Token. This allows clients to instantly and securely pay those agents who will be verifying. In exchange for the pictures and other verifications uploaded, a user can send the Verifier token and have the security that their transaction is secure.
What this token facilitates is a globalized group of agents who are able and willing to go verify any request. This innovative incentive structure of “crowdsourcing” could innovate the way blockchain interacts with the real world. The seamless integration of human agents as “nodes” could open up endless possibilities for future blockchain projects.
The idea that humans could enter networks could open up thousands of new interfaces and innovative technologies. Now that humans can contribute to networks beyond mining, there are endless possibilities for the definition of what can contribute to a blockchain.
The Disruption of information will be a massive opportunity
Verification is a vital tool for business. The ability to build trust between one’s potential clients and oneself is key in building a business from the ground up. This is often impossible to do without the ability to independently verify their claims and actions.
Additionally, in a time where online reviews are increasingly important for businesses, so are their increasing phoniness. Paid reviews increasingly constitute a company’s reputation, and when engaging with an individual or corporation on the internet, it is vital to be able to confirm that they are actually performing the services they say they are.
This presents a space for a business to provide cheap, quick, and secure verification services for any client willing to pay. This service, if done efficiently, could alter the future of online commerce and business for the better.
Verifier could be vital for two difference consumers. The first is business to business (B2B). Businesses need verifications to select their clients, and also to ensure that their clients can confirm that they are properly carrying out their services. In fact, leading consulting company McKinsey & Co. described the B2B information services industry as “growing steadily”.
While larger businesses can already afford fast and specialized confirmation, Verifier would allow smaller businesses to also patronize this vital service. However, more revolutionary is the effect verifier could have for individuals. Currently, verification can be too slow and expensive for individuals. This can make it unavailable for those that may need it most.
First, verification can be prohibitively costly. Hiring independent auditors can cost thousands of dollars, something that many companies can’t afford before establishing business. Secondly, verifications can take far too long. Hiring a properly trained investigator, having them conduct their research, and making sure their observations are sound can take weeks or more. This can be especially harmful for smaller businesses who need to established secure and trusted relationships with clients. The need for quick verification is a necessary part of any small business.
Finally, and perhaps the most important for small businesses is simply the opportunity cost of verification. The inability to personally check facts, put a signature, or confirm a request should not prevent a small business from achieving its efficiency. If your employee calls in sick and you have to meet with a client, if your office floods and you are the only one who can address it- all of these can prevent a small business owner from quickly accessing and using vital services.
This democratization facilitated by blockchain is just one more way blockchain is changing the world we live in. What other aspect of business could be next is anyone’s guess. However, if there are motivated innovators like the one at Verifier, one thing is sure: it could transform the world.
