“Blockchain”; Can It Be The Key In Overcoming Crises?

“Blockchain”; Can It Be The Key In Overcoming Crises?

What is the most important problem Blockchain solves?… TRUST

What gives you the guarantee that your bank account will not be reset tomorrow? Your trust in your bank. A communication-oriented case creates trust in technological services. Technologically, no one can say that the system is 100% safe against cyber-attacks or internal irregularities which may occur. However, the assets you have on the blockchain cannot be changed retrospectively, it is completely safe against cyber-attacks and also does not depend on the ethical initiative of any individual responsible of the database.

Perhaps we are making a mistake by bringing financial institutions together with security and exemplifying. As a result of these errors, projects related to blockchain give the impression that they are constantly being made to replace the financial institutions.

Which industry comes the mind first when we say the crisis in Turkey? I think the construction industry comes first in the affected sectors and it is incredibly important for Turkey. Because it’s an industry that contributes to employment and the economy. One reason why it is immediately affected by the crisis is that the shaken trust toward sectoral brands and also the people who stop buying because they think they won’t be able to fulfill their commitments.

As a matter of fact, this is not just a thought, but there is also a real situation. One of the most bothersome issues discussed frequently nowadays is; when people who have bought a home or office by making a sales contract at a notary public with construction firms go to receive the deeds they see that there is a bank mortgage on the deeds. There is a terrific loophole in the system and it happens not only in Turkey, but the situation is also the same in many countries around the world. Construction companies can take loans by mortgaging the land after selling you the land with a contract. The bank is actually putting a mortgage on the land where the owner is someone else. Leaving legal discussions aside, there is a serious ethical and social injury here.

We are talking about an issue that Blockchain technology can solve easily; contract is already clear during the contract was signed and the registration contract is entered on the blockchain when the land registration is clear, no one would be able to put it in pledge. If a sales contract is registered to the deed during the contract signing while the land registration is clean, no one would be able to mortgage with this unchangeable registration. But more importantly, buyers will rely on technology rather than relying on individuals or individuals-controlled systems.

When we say crisis, we immediately think of financial crises. However, many countries, including Turkey, are experiencing a crisis in the field of education. Everyone agrees that the exam system is ineffective and it is misleading children. The solution may be actually turning the test formats into a format that measures skill and that can be applied several times a year, leaving the conditions for entering the schools to a much more advanced level of assessment methods applied by expert instructors.

Here we have two problems:

How do we prevent abuse and will the assessors or those who control the system bestow privilege upon their acquaintances? Even if there is no abuse, if the community does not trust the system, it will not be accepted and will not ever work.

It is possible to produce practical solutions with Blockchain. Imagine that all exams delivered to instructors with the names hidden and the evaluations are made by randomly assigned instructors. If the whole process takes place on the blockchain, the trust toward that no one plays with the results and that the process is completely transparent is ensured by technology

When an environment in which the TRUST element is provided with technology without being dependent on the prestige of brands, institutions or individuals, it will be possible to be more protected or to be able to find solutions against crises. Now, we have this technology and it is up to us to use it for the right and helpful purposes…