The world is changing at a very high rate but many people are not quite aware of it. Blockchain technology, for instance is one irreversible advancement that has disrupted established industries in both developed and underdeveloped countries. It is giving rise to a more independent, advanced, and democratic society.
Remember when Facebook and Google were released? Who could have thought that the two would have such a social impact on our lives today? Critics were skeptical that these mediums would not last long enough, yet here we are.
How about blockchain?
Everyone knows that blockchain technology is the key to a more independent, democratic, and advanced society. However, the industry has become an ecosystem of speculation. Some people see it as a scheme to generate funds for some individuals. Consequently, many people are having a hard time deciding whether to invest on things like cryptocurrencies that are based on blockchain.
But technology is what we make it. It is a wonderful tool that can create incredible opportunities for us. Sure, there are many individuals harvesting millions with the current ICO wave. However, it is up to us to choose between developing technologies that improve our way of living or just exploit and take advantage of the venture.
Blockchain technology doesn’t have a mind of its own neither does it have any hidden agenda – it’s our responsibility to turn it into a revolution that benefits everyone or simply continue speculating.
For the first time in the world’s history, we have a digital platform where we can access anything of value including money, stocks, bonds, deeds, titles, and digital property. What’s more, things like votes and personal information can be stored, moved, and managed privately and securely using blockchain technology.
The best thing about all this is that we don’t have to establish trust through a third party anymore as this is taken care of by this technology. However, this will have a huge implication on intermediaries like governments, financial services providers, technology firms, and trade and trust companies that have been controlling everything from how much an item should cost, how we withdraw money, to how we hail a cab and interact on Facebook.
And even though the third parties do a real good job, they have a few problems. For starters, they are vulnerable to failure or attacks since they run everything from a central point. Additionally, to open any intermediary’s account one has to provide personal documents like passport, birth certificate, utility bill, etc.
Considering that over one billion of the world’s population doesn’t have identification documents, it means that these people cannot open a bank account or access any intermediary service. They are therefore automatically excluded from the global economy.
Blockchain comes to make a lot of these wrongs right and creates a society and economy that is more inclusive, open, and fair. We are just getting started on the exploitation of blockchain technology’s full potential and the system is just beginning its journey into changing the global economy. Even though no one knows what the future holds, it is evident that a decade from now, the world will be an exciting one.