Many people are waking up to Bitcoin and Cryptocurrency. Likewise, many others are researching and finding ways to use the technology behind it. This technology is known as Blockchain Technology.
The Blockchain at its most basic is a distributed and decentralized ledger. It facilitates a whole host of things. It’s transparent, secure and efficient. Many hail Blockchain Technology as the future. A revolution.
But the future of what? And revolution by who? Initially many people thought that it was the future of payments. In the years since its creation, it’s become clear that Blockchain technology has far bigger reach than that.
Blockchain Technology, Money, And Business.
Many people say that Blockchain Technology and Bitcoin was created as a direct response to the 2008 global financial crash. They suggest that Satoshi Nakamoto, who created Bitcoin was appalled at how corrupt our governments and financial institutions had become.
Some even think they were created to take back control. However, it has opened the door for some major improvements in the world of business and finance.
First of all, Blockchain Technology can help hugely with payments. Especially across borders. As it currently stands moving money across the world is a long and costly process. Several banks and middlemen all taking their cuts. Blockchain Technology simplifies the process and makes it much quicker and cheaper to send money worldwide in minutes not days.
The currency markets and the stock exchange could both also change the way these markets operate. Implementation of Blockchain Technology would eliminate the need for brokers and decentralize the marketplace. Bringing buyers and sellers closer together.
Smart contracts are also something that could significantly change things for the better. Effectively smart contracts are able to cut out the middlemen involved in commercial agreements and negotiation terms.
They can be implemented immediately, they’re secure and because you’ve removed the need for the middlemen costs are lower. This would help financial institutions be businesses alike.
Supply chains and logistics is an area where maybe Blockchain Technology could have a big impact. Supply chains and logistics is massively complex. There are hundreds of moving parts, multiple companies and payments involved in shipping things across the globe.
Blockchain could help streamline it completely ensuring that every stage from production to delivery. Ensuring everything is tracked, recorded and verifiable much faster, cheaper and more efficiently than the current system. Everything from payments, to warehousing and delivery all, handled in one secure place.
Blockchain Technology And Governance.
Not many people think about government and governance when they think about Blockchain Technology and Cryptocurrency. Most only think about the financial aspect and when they’ll be able to finally afford that Lambo. For governments, however, Blockchain Technology presents a massive opportunity.
There are too many aspects to list all the ways that Blockchain Technology can make governments worldwide far more efficient and save billions of dollars. Land registry, taxes, voting, censuses, regulation and data handling could be revolutionized.
Even Identification such as passports and driving licenses, copyright and patents, importing and exporting and the law may also be able to be brought into the digital age. Again this would save billions if not trillions of dollars globally removing the need for intermediaries and middlemen/companies.
Identification And Voting.
Just looking at identification and voting alone and it’s clear that Blockchain Technology could greatly improve them massively. An estimated 1.1 billion people in the world do not even have identification. Many of these people are poor or homeless.
These days you can’t get a bank account, a job or a house without identification. You can’t get even access to various basic public services. Digitising identification and storing the data on the Blockchain could eliminate so much hassle red tape and cost for governments and people alike.
Voting needs bringing into the 21st century. Voter turnout is rapidly decreasing and has been for decades. According to the 2017 world development report less than 70% of the world even bothers to vote (or is prevented from voting). It’s understandable. Jobs, school runs and family commitments dominate our daily lives. It’s a hard juggling act.
What if Blockchain Technology enabled us to verify our identity and place our votes safely and securely using our smartphones. Blockchain gives us the technology to finally pull it off and save millions in the process.
Blockchain Technology In Healthcare.
Healthcare is a huge industry. But so much of it doesn’t even involve caring for patients. There are huge wastage and lots of moving parts necessary to make it run smoothly. Blockchain Technology has the potential to dramatically change the face of the healthcare industry.
Medical records, dispensaries, drug supplies and storage, quality control, donor lists and test results could all be controlled, updated and monitored using Blockchain Technology.
Doctors could see a patients entire medical history and pull up family history within seconds to better diagnose and treat patients.
However, much middle management and medical records clerks jobs would become practically obsolete. The buying, transportation, regulation, and storage of the drugs vital in keeping people alive could all be housed within one or multiple Blockchains or smart contracts. Again reducing costs, time, effort and limiting the chances of error in a sector that’s literally life or death.
Blockchain Technology And The Internet.
Censorship and the internet is a red-hot topic right now. Especially within Cryptocurrency. Facebook, Twitter, and google along with a host of others have angered many people. Cryptocurrency ads, groups, and pages have all disappeared from many social media sites and search results. Political posts and opinions removed and censored. Many don’t like it and feel an apparent rise of the nanny state. Is a free, decentralized and open internet a future possibility?
Strides already being made by Cryptocurrency based projects in this area. As a result, decentralized social media companies, decentralized browsers like Brave and companies like Tron committed to the decentralized internet.
The decentralized internet has its upsides and drawbacks. We should all now know the positive financial aspects of it and the potential. Other benefits include privacy, safety from government and banks, increased efficiency and fraud protection. but it does also have potential risks. For example, the decentralized internet means criminals can freely operate. Authorities may struggle to keep track of and prevent extremists from operating and communicating in their respective countries.
However, the supporters of a decentralized internet believe it will give people more freedom and choice. Instead of companies, CEO’s and the government running the show the internet could potentially have much more of a community feel to it.
Everyday Blockchain Uses.
Blockchain Technology has the potential to impact a whole host of things. Therefore, connecting us directly with people and companies and in many ways. Simplifying and reducing costs for many things we do every day.
You could buy a house and save time and money using Blockchain Technology. People have already started using the Blockchain to pay for their homes, create smart contracts all with Blockchain. Similarly, you could even use the Blockchain for proof of ownership, deeds and titles.
Also, Shopping is an area that could see manufacturers and consumers have a more direct relationship. Customers buying goods, make payments, track orders and have more control over what we buy and where it comes from.
So we can see that Blockchain Technology has the potential to have a huge global impact. Countless amounts of time, money, power and wastage could be saved. Time will tell will but I am convinced that Blockchain Technology has a bright future.
Finally, to read more information about what Blockchains are and how they work check out this article by Low Cap Crypto’s Matthew Rowe here.