If you think that social media, online retailers, big data or AI have revolutionised the way we live then you will be surprised to learn that the biggest game-changer we have seen is still here to come. It’s blockchain – by many called the most disruptive technology in decades.
You still haven’t heard about blockchain? Iit is probably time to find out now as this technology is likely to become part of our everyday life and we may see it being implemented almost everywhere very soon. Why? Well… there are few reasons why this technology has such a great potential for worldwide adoption.
Most blockchain networks are decentralised and distributed.
What makes this technology so unique is the fact that blockchain doesn’t rely on a central point of control. Information isn’t stored on a single device – is spread out, distributed across many different devices via peer-to-peer network. The lack of a central point of storage reduces the risk of data being lost or destroyed. The data isn’t controlled by a single entity what ensures far more privacy but also eliminates any central bodies like corporations having power and control over our information.
Blockchain is immutable.
Immutability is one of the main values of blockchain. Thanks to cryptographic hash function it is almost impossible to tamper, alert or reverse any information that has been recorded on blockchain. This feature could be particularly valuable for sectors such as finance, supply chains or administration as a way to ensure legitimacy.
Blockchain is secure.
The biggest problem we face nowadays is cyber security. The answer to that could be the strong cryptographic data protection – one of the key components of blockchain technology which allows to encrypt any information turning it into a digital code. In addition to that, due to the decentralised nature of blockchain there isn’t one weak point that can be targeted. The data is spread out on multiple servers what hugely reduces opportunities for cybercrime allowing for secure management and storage of all sorts of information, including sensitive personal data.
And finally, cryptocurrencies.
It was created exactly for this purpose. Build on top of the blockchain the digital currencies like Bitcoin or Ethereum are contradiction to all rules know to us so far according to which only the government issues, defines and controls money. Blockchain records and verifies cryptocurrency transactions and allows carrying out these transactions without third party interfering. Yes, – no banks involved! Transactions are free and have no geographical limitations. Taking into consideration that nowadays 2,5 billion of people have no access to banking, this technology will have massive potential to completely reshape foundations of our economy, especially finance and banking.
Blockchain will definitely play vital role in setting up new standards for our economical, social and cultural systems. When we look at rapidly emerging blockchain-based projects it becomes obvious that the process of adoption has already started. Companies are already implementing and using blockchain based technologies fundamentally changing the way they operate. The potential use cases for this technology seems to be unlimited and if the adoption continues we will begin to witness some significant changes. Considering all the benefits of this technology things are about to change for the better.
