Blockchain is the new technology that’s been creating some buzzes in the tech community. Blockchain will change the world! But how and why? To help answer the questions, we have put together this guide for you.
Before we dissect why blockchain will change the world, let’s begin with “what is blockchain.” Blockchain technology is a distributed and decentralized ledger system that offers transparency, immutability, and security.
Judging from the last few years of success, blockchain is here to stay and is slowly disrupting various industries. But don’t worry, disruption doesn’t always mean a negative impact. In reality, blockchain can help out in all the industries, getting rid of the flaws that plagued them in the first place.
So, any novice who isn’t familiar with the topic should use this guide to get familiar with the concept of blockchain and how it will change the world.
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How Will Blockchain Change the World?
Now that you know what blockchain is, we can move to how it can actually alter the course of our economy and business.
The blockchain is a decentralized database where all the transactions are stored and validated that has value. However, the value can represent anything at all, like money, lands, jewels, etc. Forbes is already seeing the future and putting its faith in the new money. They believe blockchain will change the world.
But first, what kind of benefit does it beget? And how will it change the world?
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Peer-to-Peer Network System
Everybody has complete trust in the blockchain database as it’s not governed by any single organization, meaning it’s open. With blockchain technology, you can transact directly to its receiver, which indulges any third party.
Thus, it completely makes them pointless as you don’t need any other third party to validate any more. So, the impact of blockchain here is establishing peer-to-peer transactions rather than a client-server model.
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No Centralized Control
Blockchain will change the world by getting rid of centralized control. No central authority can control your assets anymore. Although the public blockchain system is autonomous, a private blockchain system does need authentication to function. But it still can reduce the level of centralized control.
Over the past years, we have been seeing the unimaginable dominance of Google, Facebook, or Amazon in the market. Now they have the personal data of almost everyone in the world! However, blockchain can help you take back control of your own data.
Read More: 6 Key Blockchain Features You Need to Know About
Using the hash function and cryptography method, all the transactions are encrypted, and none can keep track of your transactions. In reality, this really helps to maintain privacy as no bad party can see the contents of your transaction even if they want to.
One of the best parts about blockchain is that it promotes transparency. At present, most of our business models don’t offer this attribute. We can’t even get transparency from the government itself.
So, when blockchain offers a public ledger system where everyone can see what is happening, it can restore people’s lost trust.
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Blockchain will change the world by getting rid of corruption in our society. In reality, as we are still operating on legacy network systems and paper-based documents, it’s easy for fraudulent parties to alter them.
But blockchains are completely immutable by nature. It’s impossible to alter or change contents inside a block. If someone tries to tamper with it, all the nodes in the system will reject it instantly as it violates the consensus. Thus, it gets rid of corruption.
Also Read: Everything You Need to Know About Blockchain Governance Principles
Blockchain Changing the Economy: New Monetary System
Another new feature of blockchain is slowly getting traction at the moment. It’s the change in the monetary system from centralized to decentralized. At the moment, many governments are interested in central bank digital currency models.
In the traditional method, the third party is the federal banks who issue “money,” which is a valuable entity in our consideration. But the federal banks don’t share their records with the public and controls the overall economy.
Moreover, transactions are often unreliable. As a result, financial fraud cases occur.
The problem doesn’t end here. Each country has a different currency of its own. So, there is no unified currency. People have to go through troublesome hurdles before they can use their money in a foreign land. Transactions take days.
Plus, the “all-seeing-eye of government” keeps track of every single penny you spend. Who wants someone to nosing his business? It’s a breach of someone’s privacy.
But with the invention of the CBDC model, now many countries are adopting blockchain and making a digital copy of their native money. Countries like China or the USA are already developing their solutions.
This will definitely change our social and economic status for good.
China is recently launching its very own CBDC model. Learn more about it from our guide on the DCEP project.
When Will Blockchain Take Over?
If you are thinking about when blockchain will take over, you need to know that it’s already taken over many industries. Like supply chain, trade finance, insurance, and healthcare, many industries are adopting blockchain technology for their companies.
So, change has already begun. However, only when blockchain can get rid of its technical flaws can it start the mass adoption process.
Also Read: How Does Blockchain Work?
Why Blockchain Will Change the World?
Well, we think it’s important to note down that blockchain will not only change the technological aspect of the world, but it will also affect the ways we function as a society. More so, blockchain is the change of paradigm, a way we can understand the world as a whole and not only parts of it.
How will blockchain affect the economy? The traditional ways are full of issues and, most of all, corruption. So, it was high time for us to adopt a technology that helps us to make our business models even more efficient. This is how blockchain can positively affect our economy.
Will blockchain succeed? We believe so! It is already showing positive outcomes in many projects. Also, many enterprise companies are investing a good deal into blockchain-based solutions. Therefore, the shift is not only beneficial for the people but for the companies too.
Blockchain growth has been rampant in the past few years. You’ll see a lot of Blockchain applications recently. You can buy cars, homes, to healthcare services with cryptocurrencies now. Considering its ever-growing popularity, it can be simply assumed that blockchain will be the future as it solves every single problem the traditional systems have.
However, only time can tell us whether blockchain is suited for our future or not.
Most importantly, how it will really affect the world once it’s adopted worldwide. If you are just a novice in the blockchain realm and want to learn more about this technology, you can use our free blockchain course for it.
Blockchain is predicted to the technology of the future, so why would you stay behind the race?
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