This is the ninth article in our 15 part series.
In today’s reality, it’s hard to find someone who hasn’t heard or doesn’t know about the blockchain.
Most don’t know how it works in detail, but they’ve heard of it.
If that’s you, now would be the time to learn more about it. Because it will definitely change the world we live in.
Currently, we have mostly been using centralized systems such as banks, credit unions, etc. Although these institutions are foundational to today’s world we live in, they are not always easy to work with and most people feel the institutions are first and foremost in it to make a profit, not help us. That is why these centralized systems are not always popular or favorably viewed by the populace’s and one of the main reasons people are cheering the blockchain system.
In fact, best selling author Alex Tapscott says the blockchain, the technology behind bitcoin, is changing money, business, and the world. Learn more about what Alex has to say by watching his TED Talk at the end of this article. How do we know he’s right. In this article we discuss 5 reasons why blockchain will change how we do things:
- Peer to peer transactions – this allows existing devices to become part of the entire network and offer direct transactions amongst peers. Transactions are faster than banks and fees are almost non-existent in some cases. Making the blockchain extremely attractive.
Think of it this way. You decide to buy a house and instead of having to pay for title, insurance, closing costs, and wait weeks – you simply let the blockchain smart contract do the work and you save thousands in the process.
- Cryptographic hash functions – by using this level of technology, it makes it practically impossible for hackers to guess the next hash and keeps transactions secure.
The hash function takes an input and then outputs a value, which is then connected to the next hash function. By connecting to the next hash function, hackers won’t be able to manipulate the blockchain.
- Distributed ledgers – this allows for peers to validate transactions within the blockchain without needing to download the entire database. There’s no need to rely on a centralized authority and it ensures no fraud takes place.
- Pseudonymity – This allows a user to stay private if they want. Perfect for the times we live in with all the privacy leaks with companies like Facebook and financial institutions.
- Immutability – by using the cryptographic feature, this options makes sure no data can be changed unless done so by the user or with the user’s permission.
And that’s only a handful of reasons why. With the blockchain getting ever more popular, everything we do as a society can eventually end up on the blockchain.
From shipping manifests (already done) to your comments on social media.
The blockchain is here to stay. But the real question is, “what opportunities does it bring to prosper?”
Alex Tapscott Discusses How the Blockchain is eating Wall Street
That’s for the next article. 😉
That will be ready for you tomorrow…
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