The first wheel is reported to have been developed in 3500 BC. The internet came into prominence in the early 2000’s. These two developments have brought in a particularly intriguing progress to all of mankind.
Undeniably, the internet plays a pivotal role in our lives today; One may wonder if there could be any development that could make such a sweeping impact as the internet, or, for that matter, the wheel. Well, Yes. Blockchain Technology.
Blockchain Technology (BCT) was first used in 2009 as a secure platform for Bitcoin, a cryptocurrency. Owing to its disruptive design and inventive hindsight, the technology has been taking emphatic strides, especially in the last couple of years.
BCT enables one to communicate/transact in an impossible to hack manner.The workflow of businesses can be given a massive boost as the network provides a bindingly secure platform to automate previously time-consuming tasks like authentication or verification.
Governments, the world over including India have been fairly receptive to the technology and have been testing or have already implemented the technology whose utility is said to make a profound impact on global economy.
Peter Smith, CEO of a Blockchain, one of the largest Blockchain enabling companies in the world has this to say about the emerging technology, “While we still eat food, go to work and travel on vacations, the ways in which we do these things will be drastically altered.”
While we shall discuss the intricacies of the technology in the later posts, let’s find a few ways in which life would change in the near future thanks to the generation-defining inventiveness.
While the internet is credited with bringing the world closer, BCT has the potential to help us connect or transact with each other in a more seamless and secure manner. Particularly, the cost of cross-border transactions which is exorbitant right now might become negligible.
On Blockchain, one can do every task that one does on the internet in a more secure and independent manner. The network has eliminated the need for third-party interventions like banks, government bodies, and such institutions substantially. This is set to bring a paradigm shift in the way we do our daily life activities.
Information processed using the technology is free from most conceivable dangers. It is also transparent, tamper-free and is reliable because of the trust it evokes. Global economy could take a dynamic turn as countries can now access relevant data from each other with absolute trust and confidence
As stated earlier, the technology was developed to facilitate an independent currency called Bitcoin. The cryptocurrency has progressed from $0.08 per Bitcoin in 2009 to $1000 in January 2017. It has boosted to over $8000 in the November of 2017 since.
Being legal in most countries, Bitcoin has proven to be a game-changer in many financial processes wherein one could exchange Bitcoin for a product or service with minimal or no intervention at all.
The future seems anything but buoyant considering the all ranging impact BCT is expected to make. Just like the mobile phone phased off the need for telegrams, BCT is being widely acclaimed to have the potential to bring in a paradigm shift to the global economy.