The technology likely to have the greatest impact on the next few decades has arrived. And it’s not social media. It’s not big data. It’s not robotics. It’s not even AI. You’ll be surprised to learn that it’s the underlying technology of digital currencies like Bitcoin. It’s called the Blockchain.
— Don Tapscott
Blockchain technology has been designed to provide a layer of trust over the internet. This layer of trust is not only enabling many possibilities for different industries but also enhancing their performance by adding fundamentally new capabilities.
The Blockchain is likely to disrupt many industries in the coming five to ten years. Here are the reasons why Blockchain is called Disruptive Technology.
What makes it highly secure is the cryptography technique used to secure Blockchain network! Blockchain has this feature since the very beginning and has evolved with this feature from its inception. It is immutable meaning it is almost impossible for anyone to tamper with transactions or ledger records present in Blockchain.
Decentralization is the process of distributing or dispersing functions, powers, people or things away from a central location or authority. Due to the decentralized nature of Blockchain, No single vendor or corporation has influence over its design and implementation. Users don’t have to put trust in a central authority. There is less likely to be a single point of failure. There will be less censorship. It’s transparent.
Blockchain can work in a platform model and support any industry that needs ledger kinds of operations. For example, Real estate properties can be registered in a decentralized platform using this technology. Music can be distributed in a much more secure and transparent way. Applications can be built on the platform. Banks can use Blockchain for transfer of payments and maintaining records. There are hundreds of applications on Blockchain. It has the potential for worldwide adoption, even bigger than the internet.
Blockchain is easily programmable. This makes blockchain flexible so that it can be used in any other applications with proprietary modifications that suit specific uses. This creates opportunities for enterprises to use blockchain in their own business models by means of proprietary customizations. Blockchain is inherently scalable due to its distributed model.
As mentioned above, Blockchains are shared and everyone can see what is on the Blockchain, this allows the system to be transparent and as a result, trust is established. This is more relevant in scenarios such as the disbursement of funds or benefits where personal discretion should be restricted.
Blockchain is less costly than existing technology systems due to low transaction fees, elimination of third-party intermediaries and overhead costs for exchanging assets. It can save billions in cost incurred in the usage of inefficient legacy systems by enterprises, governments and regular people around the world.
I firmly do believe that Blockchain technology has the potential to fundamentally change much of the way our world currently operates for the better. The world is going to change the way it acts: How financial institutions work?, How organizations conduct business?, or How governments govern? Everything is going to change, all because of Blockchain. It’ll create new ways of working and leave more time for creativity and innovation. Blockchain is not going to just change the way industries and governments operate but it will impact the lives of every single living being on the planet earth and beyond.
The best time to be alive is NOW. I hope you create something that will change the world with this disruptive tech!!
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