Ownership on Blockchain
Blockchain technology is a true revolution in the world of technology. Many people have the misconception that blockchain means digital currency. In fact, digital currency is one of the implementations of blockchain. Ethereum has taken blockchain use to the next level. Ethereum has provided that missing link in the shape of the Ethereum Virtual Machine (EVM) that was required to build applications using smart contracts. There are many practical applications that have already been built and in play improving life experiences while providing security, transparency and decentralisation. TravelCoin is one of those applications that at its outset is designed to improve the traveller’s experience. And, it is not limited to travellers but seeks to improve common day-to-day life experiences. TCF is building projects using blockchain technology while riding on the backbone of Ethereum’s innovative EVM and smart contracts. One such initial project is Ownership on the blockchain. In a world where some people in power abuse their roles and turn to corrupt practices; where leaders of governments and businesses alike take advantage of their authority without any care or accountability for the actions they take that hurt others; and where hardworking people are cheated out of their assets, the Foundation’s Ownership on Blockchain project will prevent the “dictator” mentality and protect vulnerable individuals from having their bank accounts, land, assets stolen from them either intentionally or from a technical error. Using the power of blockchain technology and transparency, TCF has now launched a pilot project where the ownership of assets can be logged on the blockchain itself, where registration of a particular asset to its owner is visible to the world and cannot be manipulated by a single centralised authority. The future development of this project is to bring this facility to people to create the record of their assets on blockchain as proof of ownership.