BLOCKCHAIN: WHAT IS
The Blockchain has the power to make great change. Its applicability is infinite because where there is a transition, this can be managed with blockchain technology, without the traditional intermediaries.
In the video below, signed by the World Economic forum, you can listen to an introduction to the blockchain.
“Modern technology allows people to communicate directly through voice and video calls, emails, pictures and instant messages travel directly from A to B”.
Maintaining trust between individuals no matter how far apart they are.
“When it comes to money, people have to trust a third party to be able to complete a transaction.
“Blockchain technology is challenging the status quo in a radical way by using math and cryptography.
The blockchain provides an open decentralized database of every transaction involving value.
Money, goods, property, work or even votes creating a record whose authenticity can be verified by the entire community.
The future global economy will move towards one of distributed property and trust.
Anyone with access to the internet can get involved blockchain transactions and third party trust organizations may no longer be necessary.
The uses of blockchain technology are endless.
Some expect that in less than 10 years it will be used to collect taxes. It will make it easier for immigrants to send money back to countries where access to financial institutions is limited.
Financial frauds will be significantly reduced as every transaction will be recorded on a public and distributed ledger which will be accessible by anyone using an internet connection.
Think of it as wills and contracts that executed themselves or dated proof of existence for ideas, much like a patent. But not everyone is ready to embrace it.
A huge proportion of trust services, from banking to notaries, will face challenges on price, volume and in some cases their very survival.
Public authorities could find it more and more difficult to enforce traditional financial regulations due to the new possibilities offered by the bitcoin network to bypass traditional financial intermediaries.
Unimagined new networks will envolve to meet society’s needs more cheaply and potentially more securely.
New networks will evolve to meet the needs of society in a more convenient and potentially safer way “.