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What is blockchain technology?
Blockchain technology is an innovative and nascent concept. As the word suggests, blockchain is a series of connected blocks or groups of transactions that are distributed among users. In the words of Don & Alex Tapscott, authors of “Blockchain Revolution,” it is an incorruptible digital ledger that can record not only financial transactions but also any valuable information. Some refer to it as a “truth machine” – a shared and continuously synchronized database stored and controlled in a decentralized network accessible to anyone who holds a portion of the data.
According to its proponents, blockchain transcends transactions by facilitating value exchange without intermediaries. It empowers individuals to participate in the global economy while ensuring privacy protection and intellectual property rights.
In simpler terms, blockchain eliminates the need for middlemen in service transactions, allowing direct and secure interactions between service providers and customers. Imagine bypassing traditional intermediaries such as banks or credit card companies for financial transactions like money transfers. Picture having a comprehensive product history that verifies the details of manufacturing, including where, when, how, and by whom products are made. Envision tracking your donations and understanding how the funds are utilized. Consider having access to medical data and patient records with absolute protection and transparency or participating in elections free from any potential fraud.
Applications of blockchain across industries
Although blockchain is commonly associated with cryptocurrencies like Bitcoin, its applications extend far beyond digital currency. This decentralized, transparent, secure, and peer-to-peer platform finds utility in various domains.
Blockchain technology has gained significant momentum, with industry giants such as Google, Amazon, Facebook, Alibaba, Tencent, Samsung, Intel, and IBM embracing its potential. It is making an impact across a wide range of industries and sectors. Here are a few notable examples:
- The United States Air Force (USAF) has partnered with blockchain startup Constellation Network to secure defense data.
- Empire Hotels employs blockchain to safeguard hotel bookings.
- Pfizer is piloting blockchain systems to track the movement of pharmaceuticals.
- Bumble Bee Foods utilizes blockchain to trace the journey of fish from their source to the market.
- Verisart employs blockchain to verify the authenticity of artworks.
- IBM has developed a blockchain system for oil and gas transactions in Abu Dhabi.
- The World Bank has launched a blockchain bond to fund significant development projects.
- Kodak has created a blockchain-based platform to protect photo intellectual property.
- De Beers has successfully implemented a diamond-tracing blockchain pilot.
- Sierra Leone has partially conducted presidential elections using blockchain technology.
- DHL and Accenture have joined forces to leverage blockchain in eliminating pharma fraud.
- Singapore Airlines has developed a blockchain-based digital wallet for frequent flyers.
- Toyota is exploring blockchain for managing driverless car insurance data.
- MasterCard has filed a patent for its own blockchain-based money transfer service.
- BNP Paribas and EY are exploring a private blockchain for global treasury operations.
Given its wide-ranging impact, blockchain is emerging as a central element in sectors such as fintech, banking, government, voting, the legal industry, security, healthcare, charity and aid organizations, real estate, and rentals.
How does blockchain influence the translation services industry?
Blockchain technology has introduced two key considerations for the translation and localization industry.
Translation companies specializing in blockchain have emerged, exemplified by slogans like “We translate for your token.” Blockchain is becoming a niche field alongside other specialized areas like legal, medical, and financial translations. Numerous companies now offer blockchain translation, localization, and copywriting services covering initial coin offerings (ICOs) and cryptocurrencies. These services encompass a wide range of content, including ICO and pre-ICO documentation, white papers, smart contracts, cryptocurrency-related websites, trading platforms, and financial reports.
In this evolving landscape, East Asian languages such as Chinese, Korean, and Japanese are in high demand due to the region’s prominence in the crypto movement. Spanish, Russian, and German also follow suit as languages with substantial market demand.
Blockchain-enabled marketplaces
In line with the prevailing trend, blockchain-enabled marketplaces supported by initial coin offerings (ICOs) have emerged within the translation and localization industry. These marketplaces provide platforms for direct transactions between service providers and buyers, facilitated through payment tokens on blockchain platforms. Participants in project pipelines, such as translators, reviewers, editors, and agencies, add metadata to the blockchain, including their names, the type of material, language pairs, customer identifiers, and timestamps. This data is encrypted using the customer’s public key, ensuring that only the customer can access it. In the event of quality issues, the problem can be effectively traced back to the responsible parties. Clients can review specific blocks of information stored on the blockchain to assess the performance of translators/reviewers and make informed decisions for future projects.
Key objectives and benefits of blockchain translation
The main goals and offerings of blockchain translation in the localization industry include:
- Protection of intellectual property by assigning title rights to creators and permanently recording their work.
- Tracing work back to the original linguist and ensuring fair compensation for any future use of their content.
- Sharing linguistic assets, such as translation memories and training data, on demand and on a pay-per-use basis.
- Monitoring the quality of blockchain translations and enhancing reliability, enabling buyers to select linguists for their projects.
- Streamlining payment processes by leveraging micropayments using cryptocurrency.
To experience the difference that our fast and accurate services can make in localizing your blockchain content, get in touch with the Ratingperson team today!
