Blockchain over the years has helped many businesses in many fields of service in providing solutions like supply chain management and many more.
Many skeptics are worried about if the said attributes and benefits of blockchain can ever change the world in areas like health, employment and other nook and crannies of life. With no emphasis on what blockchain is, please refer to this article for a clear understanding. And here is a broad overview of blockchain technology.
As the saying goes, whatever has positive value also have negative value. Refer to the article on the negative impact of the blockchain.
Blockchain technology has the capacity to change the way we transfer value to
Blockchain doesn't fundamentally change how the world works; it only helps us unlock more value in the future.
Let’s review experts view on how blockchain can change the world.
The buzz surrounding blockchain is not slowing down but one of the biggest obstacles is actually finding people who truly understand the technology.
Everyone wants to talk about blockchain, but very few can truly understand how it applied to the real world, and even fewer know how to work with it. If people cannot work with or describe its usefulness, this makes it nearly impossible to adopt. The anonymous features that make blockchain attractive are also what are holding its image back.
The decentralized nature simplifies hiding one's identity. That is why bitcoin, which itself is built on the blockchain, is primarily used as currency for the dark web, ransomware and other nefarious activities.
Unless more people come to a deeper understanding, blockchain will have a long way to go to truly make most people's lives easier.
Blockchain's immutability can be a double-edged sword depending on how it is applied. For example, we are seeing the emergence of blockchain based email providers in response to the 2016 Presidential race. Having email built on an immutable blockchain provides the ability to store an encrypted message in a tamper-proof way...permanently. That means information stored in the ledger cannot be stolen or deleted.
This can be great for cases where 30,000 emails go missing, but we've all been in a situation where we sent an email we should not have. Now the record of those messages is stored permanently. Similar to the dot com boom in the late 90s, the blockchain era is going to have to go through a revolution.
The technology and players that currently exist may not be the ones that survive the revolution. These trailblazers and risk takers will have set the foundation for how the technology gets applied to the new world and whether it changes our world.
Senior Strategist, Media Relations
Blockchain have the capacity to change the way we transact business. One of the greatest benefits of blockchain is it gives us the ability to anonymously send money across the border.
Speed up the process of sending money abroad:
Sending money abroad is a time-consuming process. Currently, banks hold foreign currencies in nostro/vostro accounts in other countries and use the SWIFT messaging system to arrange transfers.
With blockchain solutions, banking organizations can dramatically reduce the time and cost of sending money abroad. Connected through a blockchain network, all the compliance and ID checks are fulfilled automatically and authenticated by cryptographic signatures. Once cleared, transactions are usually settled in a snap, leaving an immutable, transparent record for both banks.
Yes, blockchain can change the world. Wondering how?
1) Online payment across the border: Marketplace
Blockchain technology is already disrupting banking, money transfers, and healthcare, so what about the online freelance market? There are three main ways that the blockchain promises to improve the current services for both freelancers and employers:
Faster, more efficient payments with cryptocurrencies: The elimination of middleman fees.
The use of tokens and smart contracts to give new incentives for a better overall experience.
2) Fixing of a broken supply chain in Logistic:
Blockchain can be the biggest trends in logistics technology as blockchain is a highly transparent and efficient technology, it can positively impact the supply chain and its management, from point of origin to the place of distribution. Blockchain covers all the essential aspects of the supply chain that are needed for reliability, trust, and integrity.
With blockchain implementation, no participant will have a clash in the supply chain as everyone will have the same copy of every transaction. Without having a central entity, the businesses, partners and suppliers can handle all the complicated consultations that come along when any information or asset is handed over for supply.
All the data and transactions are synchronized across the network.
All the participants in the blockchain confirm the work and tasks of others. This enables a high amount of cross-checking and redundancy and this is also the reason why cryptocurrencies like bitcoin and Ethereum are so secure and reliable.
Techuz Infoweb Pvt Ltd
Published at: 2 weeks ago