It has been established already that peer-to-peer lending services can and should be improved by integrating them on the blockchain. There are few lending services on the blockchain, but they seem to be out of sight of the world. The world will soon come to understand the blockchain through its application and lending services will be one of its best applications.
Apart from lending services, peer-to-peer innovations have been applied to different sectors to make life better, shutting out all possible intermediaries.
- With Bittorent, fast download of files are possible by connecting directly to the computer that owns the file. Thus, it is possible to share files directly between two computers no matter the distance without the need to connect to multiple computers which serves as intermediaries.
- Uber allows car owners to earn by allowing their vehicles to be used for transport services.
- There are P2P home rental services which allows house owners to let out their house for use by other people while they are out of the town. This earns them some credit points which they can use to obtain rent from other platform members wherever they are (For example AirBnB).
- Whatsapp also launched its own version of P2P chatting service. In essence, chats are encrypted from end-to-end and can only be decrypted by the recipient device. This means that message contents will not be accessed by Whatsapp Inc. before it is sent to the recipient.
There are a lot of applications of P2P service out there and more are springing up every day. But the major question is How secure are these services?
With the rate of hacks that occur nowadays there is no telling of how many attacks these top P2P services face on a daily basis. It is without a doubt that these services spend a lot on anti-hacks and securities against viruses.
It is possible to hijack a file transfer between two computers all around the world. This is without the risk that a virus can be in an unverified file which is to be downloaded. Users are also not totally secured in an end-to-end encrypted chat since the encryption and decryption are done by the company providing the services. One major disadvantage of giving credit points online is that it is possible to replicate these points thus gaming the system.
The Blockchain and P2P services
These challenges can be easily solved with the blockchain technology. The blockchain allows files to be split into bits and stored on different computers all around the world. It means that no changes can be done to any file part without retrieving all the file stored all around the world (Decentralization). In essence, any file stored on the blockchain naturally prevents hacks, editing or deletion. With the blockchain technology, the securities of centralized P2P severs and services can be improved. Consequentially, it will lower the costs incurred in ensuring the securities of users on those platforms.
The blockchain can also be seen as a big peer-to-peer (p2p) network because of its major characteristics- It eliminates all intermediaries.
The smart contract innovation, brought in by Ethereum and used by most blockchains today (for example XinFin), can also be of great helps to P2P services today. It eliminates all intermediaries and allow interacting parties to communicate directly.
Zero Knowledge Proof ZK-SNARKS allows a service requester to proof to a verifier that they possess an information without revealing what the information is. Zk-SNARK is another security innovation brought to life by blockchain technology. It can add an extra layer of security to any password requesting service. It can also be adopted by P2P services to make them more secure.
Bittorent has taken the lead into the adoption of the blockchain technology through the BTT token. Though its services is much like Bitcoin’s in decentralization, through the launch of its BTT token it has taken the security a step further.
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