When the internet was created in 1990, few people knew what it was, and even less could predict the impact it would have in the decades to come. Blockchain will change the world in the same way.
What is Blockchain?
Blockchain is the technology behind the cryptocurrency Bitcoin. While there are varying opinions about Bitcoin, its underlying technology Blockchain will irrefutably change the world as we know it.
Why will it change everything?
The technology Blockchain allows for the centralization of computer networks so a third party is not needed. In other words, no one owns the network. Each network, or series of networks, will be collectively owned. For example, in the current world we live in, if you make a purchase online, your payment must go through your bank (a third party) that keeps track of the money in your account. The money is then transferred to a vendor through a credit or debit card. Until now, it was impossible to transfer currency without third party involvement such as your bank. The reason Bitcoin is so popular is because you can make a peer to peer purchase without a third party. However, Blockchain goes far beyond Bitcoin. The impact of the ability to decentralize networks cannot be overstated. Blockchain will eliminate the need for third parties in practically every industry.
What will it do?
- Dismantle our current banking system. The obvious industry that will be disrupted is the financial Industry. Banks make money when you make financial transactions. What will happen you no longer need banks to make transactions or store money? The Stock Market Is About To Crash
- Make internet regulation near impossible. Since the network is not owned by anyone, it is nearly impossible to regulate.
- Provide safe storage of data with secure access. Since the network is not owned by any one entity, the data is encrypted and spread across all systems, making it much less prone to cyber-attacks. We will be able to store everything online including health records and access them anywhere.
- Create interoperability in the Internet of Things (IOT). This includes self-driving cars and self-flying planes to be fully autonomous on an uncontrolled network.
The potential of Blockchain is limitless. The technology is currently in its infancy, but companies that recognize its potential are investing heavily in R&D.
Blockchain will undoubtedly be the next big technological revolution.