The way most institutions currently operate has worked for us thus far, but it isn’t without issues. The main ones people usually have gripes with are heavy bureaucracy and a lack of transparency.
The former creates systems and structures that are too complicated or delicate, because one piece shutting down may cause whole sectors to slow to a crawl. On top of that, it saps a considerable amount of money, seeing that it requires regular maintenance. People working in these positions need to get paid, after all.
There’s also the fact that moving a document through all this red tape risks making it or its copies either out-of-date or carrying over an error made at some point of its journey.
The latter is obviously worrisome in that it leaves a lot of room for foul play. Any form of corruption is free to grow as long as the curtains are drawn to the public.
This can have catastrophic results, causing financial leaks and mismanagement of assets, all in favour of of a few parties’ interests.
These problems are, unfortunately, found across the board in the realm of administration. Some aspects of them are even necessary — there will probably always be people needed to run things, no matter how seemingly trivial the role may be. Worse yet, folks have grown so accustomed to how things are that they feel it can never be changed.
But blockchain technology may radically, potentially stamping out the vast majority of its ills.
And you probably have no idea how much you will feel its influence.
Blockchain to the Rescue
Blockchain started out as a concept brought forth by an anonymous person (or persons) under the alias Satoshi Nakamoto (also responsible for the creation of Bitcoin) in the late 2000’s. Since then it has seen itself touted as a paradigm shifter on many fronts, to the extent that its long-term effects are hard to wrap one’s mind around.
Simply put, blockchain is a method of data gathering and storage that allows for complete transparency and decentralisation of all transactions done in its domain.
This means that the data contained within is available for the public to see, and that a potential hacker can’t bring everything crashing down, since there is no single place where all the data is stored, but is rather spread across a decentralised network.
Such organisation of data collection promises to reshape the way we view and interact with institutions. One would no longer be forced to rely on or trust the approval of an authority to complete a transaction of any kind. It would instead become a simple matter of transferring said data wherever you need it to go.
All the hitherto behind-the-scenes information and business would be up for the public to scrutinise at will. Any mistake or attempt at manipulation would be plain for everyone to see, making it nearly impossible for both to remain undetected.
The Scope of the Difference Blockchain Will Make
Many are not truly aware of the extent to which blockchain can impact our day to day life. The common idea is that it will be relegated to banking, business, and the like.
However, secure, transparent, and easy to access data is a universal need in modern society, and people tend to forget that this includes more than your bank account information. Such a system lends itself well to much more than that. Blockchain can be applied to everything from dating apps, gaming, and shopping, all the way up to healthcare and government.
Blockchain shows potential to redefine how we do both personal business on a daily basis, and make larger decisions that can affect people on an international level.
With everything mentioned in mind, it’s no wonder so much money has come rolling in towards the blockchain technology. In the period between May 2017 and January 2018, it managed to collect around 705 billion US dollars.
Considering what it has the power to do, it could be worth every penny and then some.
See for Yourself What Makes Blockchain a Game Changer
People are quickly catching on to just how profoundly blockchain will change a large portion of our lives. Businesses worldwide are jumping on board, eager to try this new system out and reap its many benefits.
If you wish to see exactly how these businesses utilise (or at least plan to utilise) blockchain technology, feel free to read through this wonderful infographic brought to you by BitFortune.
It will give you the rundown about everything you need to stay in the know regarding blockchain and its use in the world today. It lists exactly why blockchain is as useful and game changing as it is, who is interested in implementing it and how, as well as the manner in which it could change the world in ways both great and small.
So take a look at the future, you’ll probably like what it has in store for us.