The idea of blockchain changing the world comes from the concept of decentralization. A lot of enterprise companies are already implementing their very own version of blockchain.
Blockchain is simple to understand, but complex in its application: How will this change our everyday lives?
One way that blockchain can improve people’s daily life without them even knowing it is through a bank; for example, someone transfers money from one bank account to another using SWIFT, which stands for Society for Worldwide Interbank Financial Telecommunication. This process takes up to five days and requires multiple banks working together as well as sending messages back and forth between themselves regarding who has paid what into whose account. Blockchain eliminates these steps by operating on a peer-to-peer network – Forbes Contributor, Laura Shin
The blockchain is an undeniably ingenious invention: A digital ledger that records transactions and stores them on a public database. These transactions can be made anonymously, securely, and almost instantaneously. Transactions are then authenticated by the network and encrypted through state-of-the-art cryptography. Blockchain technology has quickly evolved from being the backbone of Bitcoin to disrupt more than just the financial industry but also other industries such as healthcare, education, and even music. With its ability to create transparency in any transaction process without compromising confidentiality or integrity, it will continue to inspire innovations that will change the world we live in today.
How Will Blockchain Change The World?
Blockchain technology is already being used in the world today. In fact, there are several enterprise companies that have already started implementing their very own version of blockchain. This includes IBM, Oracle, and Amazon, three of the most successful companies that are emerging as pioneers in the new age of business.
IBM’s Blockchain Platform:
Many industry experts believe that blockchain has the potential to be a powerful tool for businesses to improve efficiency and increase transparency when dealing with complex transactions among vendors, customers, and even suppliers. For example, IBM’s blockchain allows users to create different blockchains for each organization involved in a transaction process. It also features an independently operated network that is able to automatically verify transactions through cryptographic algorithms on every node in the network.
Oracle’s Blockchain Platform:
Using Oracle’s Cloud Blockchain, companies can use blockchain to track their products through supply chain logistics management, from raw materials to manufacturers and distributors. This ensures that your product didn’t leave out any steps along the process because it is recorded on a decentralized ledger to which everyone has access. This allows businesses to have more transparency into how they get their products and ensures that everything is going correctly when it comes to manufacturing and shipping.
Amazon Web Services’ Blockchain Templates:
Amazon’s Web Service (AWS) also provides customers with templates for deploying secure blockchain networks using open source frameworks like Hyperledger Fabric and Ethereum in minutes without having any previous experience of distributed systems or blockchain technology.
So, how will blockchain change the world? It can not be underestimated that first and foremost is its power to disrupt old systems; whether it’s a payment system like SWIFT or supply chain management. However, in addition to this, blockchain technology has also inspired new innovations such as smart contracts which allow for instantaneous disbursement of funds and other assets upon the fulfillment of contractual obligations.
“I think if we go back five years ago when people started talking about Bitcoin, they would have said it was going to disrupt finance,” says Don Tapscott who wrote “Blockchain Revolution”, a book about how blockchain can transform businesses, governments, and society.”I think today what we see is it’s going well beyond that. People are talking about smart contracts for automating supply chains, for example. Being able to track data in real-time and improve the quality of services.”
“Another thing is using blockchain technology to reduce the risk of identity theft. The World Economic Forum says 10% of all global GDP will be stored on blockchain by 2027 and that seems like a reasonable estimate,”
Blockchain can also have a huge impact on the music industry through disintermediation and decentralization because it gives everyone access to their own copy of the ledger which results in a fairer distribution of royalties without any third-party control such as record labels or publishers. There’s no need for you to use your funds to pay anyone else so you get every dollar of your hard-earned cash. And last but not least, it is going to completely transform the charitable giving sector by providing complete transparency into where all the money goes and how it’s being spent which means that donations can be tracked down from start to finish without any chance of corruption.
