At its core, blockchain is the continuation of the internet technology, a slowly marching behemoth that is gradually yet persistently progressing—infiltrating the world, society, businesses and governments. A revolution that makes us think differently, reverting us from the old ways of moving assets, creating transactions, storing data—and much more.
Many of us remember the watershed evolutionary moment in 1983, when the internet was introduced to the world. Billions of people are now connected because the internet made information-based services easily and openly available to anyone who had access to it. Similarly, it is not a surprise that the blockchain will attain similar or bigger results, given its velocity, technological prowess and innovation.
Despite its potential, there is still a lot of debate about the future of this technology. Below are 10 reasons why blockchain is the future:
#1 Resolving the Dilemma of Trust in the Digital Age
Honesty is an economic issue and not just an ethical one. Organizations of today must be truthful in order to gain the trust of their customers, partners and their employees. The blockchain technology will ensure consideration where there is a fair and transparent exchange of benefits.
#2 New Era of Identity Management
Imagine if your virtual identity was owned by you, revealing only what you want to. An example is your driver’s license. Why does it reveal other information rather than just the fact that you have passed the test? The blockchain will enable you to have your own black box of identity, where you will have the authority to reveal or assert a particular right. The blockchain will help everyone protect and manage identities as they navigate and whisk through the digital world. While it sounds like something out of science fiction, the blockchain technology makes it a reality.
#3 Eradicating Trusted Third Parties
With the potential to affect almost every technology and practices, the blockchain technology can change the landscape of how we do things. In essence, blockchain is a system that will redefine trust in transactions. This may seem simple but many of the biggest organizations in the world today, use third parties. A good example is the Depository Trust Clearing Company. The blockchain technology can be utilized in areas that require a tremendous amount of trust, like in dated records. The blockchain ledger has a verifiable and immutable history of transactions that will help institutions to not rely solely on trust services. Additionally, it will be at a fraction of the cost and quicker, with a higher level of trust.
#4 Warranting a Secure and Protected Internet for the Future
With blockchain, there is much less hacks, spam, malware, DDOS and phishing. The internet is not secure and people are always in danger when they are doing business. The ledger software solves this vital issue because it is designed and proved to be immutable—after a certain point, one cannot go back and change information on the blockchain.
#5 True Peer-to-Peer Economy—that Actually Shares
We hear a lot about the “sharing economy”—experts give examples of TaskRabbit, Uber, Airbnb and many others. These businesses have very little to do with sharing and more with aggregating—the main reason of their success. Take Uber as an example, a $65 billion organization that aggregates driving services through its centralized platform. Now imagine a decentralized Uber, call it, blockchain Uber that is owned cooperatively by its members, where all transactions are on the blockchain, including reputation management and finding customers—without an intermediary. In short, blockchain puts the taxi driver doing business directly with the customer—giving power back to the people.
#6 Eliminating Bad Players in Digital Advertising
Lack of transparency, domain fraud and bot traffic are just a few challenges that the digital advertising industry faces. Publishers and advertisers feel that they are on the losing side because the incentives are not aligned and there is no transparency. The blockchain solution will not only align incentives, but will eliminate lengthy payment models with a transparent and trustless environment. Blockchain improves the supply chain by eliminating the bad players, enabling ethical and honest companies to flourish. While blockchain is still in its beginning, it is not going anywhere but forward and companies can improve their business by looking at its applications.
#7 A Future without Cash
The cash-free future is not a dystopian dream anymore. Cryptocurrencies are said to be a stronger alternative to currency. Nevertheless, the key is blockchain, as everyone will have the ability to view the code behind the currency. That is what experts call, “the true democracy of monetary systems”.
#8 Speedy Rewire of Financial Systems
The financial services industry faces grave issues, though they still make the global economy rumble, they are completely centralized and resistant to technological change. Banks for example, go to great lengths to disrupt innovations that would eliminate monopoly. Blockchain is one of those innovations that could secure, speed up and create transparency in this industry.
Blockchain can liberate the financial industry from the hands of 19th century thinking—improving innovation, convenience, safety and competition. Essentially, this will be good for the end-user. Currently, billions of people are not part of this economy because they are considered to be risky and not profitable enough. Blockchain can connect these people, including them, giving them the ability to buy, sell and borrow—granting them a chance for a prosperous life.
#9 Global Protection of Economic Rights
We have seen great improvement in terms of liberty and life. However, the reality is that many governments around the world can seize a citizen’s property by simply manipulating their centralized database. Blockchain is governed by real things and not by fictitious things that are not constant and can be changed. With blockchain, there is no authority that controls it, data cannot be manipulated and economics rights are protected.
#10 Super Charging Entrepreneurship
Everything can be monetized on the blockchain. Be it talent or resources. Blockchain opens up the doors to entrepreneurial prosperity for the average person, giving that person an opportunity to conduct business outside his/her community while having greater access to partners, funding and sources of credit.
Blockchain is slowly but surely flourishing while other systems are in a dilemma where their value is being reduced. Blockchains beauty is its ability to store something unique without having the need of having something equal in the real world. This presents an opportunity, with the potential to enhance economic growth and the overall quality of life.