Written by Emma Rundle, professional blogger.
The advent of the blockchain industry is building momentum, however, it appears that the mainstream digital industry is yet to fully grasp the potential that this new technology brings to the table.
Nevertheless, the younger generations are willing to experiment with decentralised networking, as multiple student projects and student-oriented blockchain apps show their face on the market.
Our current article will try to bring you closer to the way students are leaving their mark on blockchain development and innovations.
Cryptocurrency market development
An article issued by Forbes paints an interesting picture regarding the role of high school and college students in the blockchain industry. It concerns the growth of Bitcoin usage and its influence on the future of this industry.
Cryptocurrency is the first idea that pops into most of our heads when we think of blockchain. Bitcoin and other digital currency are becoming more and more popular with students because they allow seamless online transactions with no footprint, lower fees, and other benefits that follow.
As cryptocurrency exchange volume grows, online businesses are more open to jump in on the wagon and offer cryptocurrency payment options for their customers. Up until recently, if you wanted to hire a professional writer to complete your college tasks, try this one out to choose the one who fits you most by using your credit cards, which is one of the best choices if you depend on students as your main consumers. With bitcoins, writing agencies, as well as other businesses that predominantly deal with young academics, allow their customers to make payments more comfortably.
The growing use of cryptocurrency among students has also a significant impact on the stabilisation of the Bitcoin market. A stable market means better trade potential, which breathes new life in the blockchain industry and leads to the development of new digital coins.
Improving IoT technology
One particular student project promises to fix a major downside of the IoT as we know it, and introduce a blockchain-based Internet of Things. This new approach includes the improvement of “smart contracts” which are now widely used in the real estate industry, even though further security improvements are necessary.
The Internet of Things allows various devices to communicate with each other and the potential applications of this technology are numerous both for private users, companies, and entire communities. However, there is one important disadvantage in traditional networking and it includes the fact that if one device falls out of the system it could cause numerous other components to stop providing their service.
The main idea of this student project is that decentralised computing, offered by blockchain technology, diminishes the risk of IoT failure when one component leaves the network. Because data is available to everyone at all times it will never be lost. Moreover, computations would be distributed across the network and thus speed up the time it needs to process information.
A group of students gathered around the idea of making YouTube decentralised. Their project gave birth to DEXTube, which is a blockchain script that gives you a chance to build a video streaming platform like YouTube and other popular options, only slightly different.
While YouTube allows monetisation only to certain creators, this script allows users to receive Bitcoins for each video they post, for each view they get, comment, or share. Also, since the script is blockchain-based, you’re not uploading content to one specific server but a wide web of nods. Therefore, there’s no reason to pay server fees or think about the security of your data.
Another way in which students influence the advancement of blockchain technology is an interesting project called Bcommerce. This is a script that allows you to set up a marketplace for online vendors from all over the world on the same terms. Moreover, it allows you to launch your project without any service fees.
Each visitor can browse through the list of shops, get a unique e-wallet to execute a purchase, and anonymously buy a product. It’s the same as buying on Amazon, eBay, or any other ecommerce platform but with all the benefits of blockchain.
These were just some of how students put their creative efforts together to push forward the rise of blockchain technology. Since decentralised networking is still under development and there are many loose ends to tie up, it’s up to those among us who understand the potential of this tech to bring it closer to the mainstream public.
We hope you find these projects interesting and inspiring for further research.[Image – Photo by Launchpresso on Unsplash]