Modern technology allows people to communicate directly. Voice and video calls, emails, pictures and instant messages travel directly from A to B maintaining trust between individuals no matter how far they are. When it comes to money, people have to trust a third party to be able to complete a transaction.
Blockchain technology is challenging the status quo in a radical way by using Math and Cryptography. Blockchain provides an open decentralised database of any transaction involving value. Money, goods, properties, work or even votes; creating a record whose authenticity can be verified by the entire community.
The future global economy will move towards one of distributed property and trust where anyone with access to the internet can get involved in Blockchain based transactions which will eliminate the use of third-party trust organisations as they may no longer be necessary.
The uses of Blockchain technology are endless. Some expect that in less than 10 years, Blockchain technology will be used to collect taxes. It will make it easier for immigrants to send money to their native countries where access to financial institutions is limited. Financial fraud will be significantly reduced as every transaction will be recorded on a public and distributed ledger which will be accessible by anyone who has an internet connection; think of it as wills and contracts that execute themselves or dated proof of existence for ideas much like a patent.
Blockchain will become a global decentralised source of trust, however, not everyone is ready to embrace it. A huge proportion of trust services, from banking to notaries will face challenges on price, volume and in some cases their very survival. Public authorities can find it more and more difficult traditional financial regulations due to the new possibilities offered by the Bitcoin network to bypass the traditional financial intermediaries. Unimagined new networks will evolve to meet society’s needs more cheaply and potentially more securely.
The main questions remain;
Let’s see what the future holds for Blockchain.