How Blockchain will change the way we live
We are living in an information age. Data is becoming the most valuable asset in this world. Saving the time of humans is said to be the most important task. Technology is playing most important role in performing such task. The more time we save, the more qualitative our lives . Blockchain technology will be playing a crucial role in saving our time. Whether it is financial transaction or using the healthcare services, blockchain technology will rewire the entire process and it will have direct impact on our lives. With the blockchain and secured transactions, every transaction is going to be smart. Another benefit of the technology is that it will reduce the cost incurred for many routine intermediary activities.
Trust is an important factor in lives. We do business and do financial transactions based on trust. Blockchain will change the way we trust people in our business and financial dealings. Blockchain is not a record stored in a central depository. It is a block which is shared with many untrusted parties. Blockchain technology creates a decentralised digital public record of transactions that is secure, anonymous, tamper proof & unchangeable. Instead of a bank or other intermediary maintaining a private database of records, blockchain technology makes all records public. In the blockchain, every time a transaction occurs, a block of data is added to a digital chain. For example, if person (A) transfers money or information to person (B) this transaction will be logged in the blockchain with a certain code. The blockchain creates trust because a complete copy of the chain, which shows every transaction, is held by the entire network. If someone attempts to cheat the system or steal, they can be easily identified.
Blockchain is certainly a technology that will have the biggest impact in the next couple of decades. I do foresee that blockchain based technologies dismantling big businesses as they exist today. Blockchain will create prosperity, once again the technology gene has escaped from the bottle and it was someone by a unknown person or persons because of which we are getting this another opportunity to rewrite the economic power grid and the old order of things and to solve some of the world’s biggest problems if we will it.