Public blockchains operate without the need for a central authority and allow individuals to self organize and manage themselves in a more transparent, accountable, and efficient way. Transactions are executed by individuals and these are not just recorded, but also verifiable by other individuals without the need for a centralised authority, creating a transparent, tamper-proof public ledger free from manipulation that can be accessed and trusted by its participants.
This creates an honest and more trustworthy system then what we currently have 🌎 where corrupt activities can be hidden from the prying eyes of the public in private databases, archaic legal and bureaucratic systems etc.
In the realm of the cryptocurrency space people are already redefining governance and organization in ground breaking ways. Several protocols have emerged that allow proofs for actions. Below are 3 examples of projects:
Bitcoin – Proof of Work, used to reward the miners who prove they were the 1st to solve a complex mathematical problem (ie the work). Application: Store of Value similar to Gold
HEX – Proof of Wait, used to reward depositors locked up their coins for a certain period of time. Application: Term Deposits / Certificate of Deposits
Liquity – Proof of Collateral, used to collateralise borrowing. Application: Loans, Issuing of Stable Coins 🪙