Today, society and the global economy are largely dependent on the trust of powerful intermediaries such as banks, government, and large internet companies. Well, in the business world too, some of the largest companies and fortunes are made by businesses that insert themselves in the middle of transactions as trusted intermediaries and as a result extract value from the transactions. They cost a lot and they slow things down – they are too centralized.
Blockchain has a different kind of trust. It is decentralized and managed by the public so there is no one entity that can manipulate or control it. That’s what makes it more trustworthy. It is foreseen as the technology to look out for in the future.
Although until today it has been widely used in the field of finance, there are a number of industries that can make use of this technology.
As mentioned earlier, the blockchain technology in the future will be widely adopted by banks. Cryptographically secured currencies will be widely used. It could be used to bypass today’s centralized financial infrastructure entirely.
Industries are also realizing that one of the core innovations of blockchain is its ability to reduce or eliminate trusted counterparts in the transaction processes. Blockchain could have the potential to create new opportunities to disrupt existing technologies and create new opportunities and processes.
Blockchain could also be used to distribute social welfare in developing nations. Well, elections are currently an expensive and arduous affair. This technology could transform the way this process works too.
The blockchain revolution completely resets the equation of power, technology, and businesses. It provides a lot more value and re-engineers the way of conducting business. Although it is not seen as a replacement for any particular technology, in the near future, it will definitely be seen as a promising value addition to the entire mix of things!