Blockchain has come a long way from its starting point. The technology that was first conceptualized in 2008 has grown in leaps and bounds such that the forecast for it becoming as big as the modern day internet, has become a very real thing. Blockchain has application in various sectors of world business e.g. the cryptocurrency world, the fashion world and the world of luxury items. Day by day, even more companies and start-ups are starting to test the application of the blockchain technology in their businesses.
It can be seen from its rapid advancements that it is well on its way to becoming a free and ubiquitous piece of technology. Why have we come to that conclusion? That is what this article aims to shine more light upon. We aim to dissect reasons why blockchain technology will become omnipresent in all facets of our daily lives.
What is a blockchain? It is a decentralized digital public ledger that records and stores the details of cryptocurrency transactions performed. Due to a sophisticated algorithmic security system, the blockchain is hack-proof.
Blockchain gets its popularity from the fact that it is open for everyone to see. Also, once information is entered it cannot be changed or tampered with. In a world overrun by cloak and dagger dealings, the blockchain represents a shining light.
Blockchain is on the path to becoming a thing in our everyday lives because of the following reasons:
- Smart Contracts: It makes it very easy to check and validate contracts. Once a contract is uploaded onto the ledger, a set of pre-existing conditions are inputted alongside it. This in essence means that without the fulfilment of those conditions, the contract remains null and void. So, once the conditions are fulfilled, the contract is automatically put through. Talk about ease and simplicity!
- Openness: What makes the blockchain technology what it is? The fact that it is a decentralized public ledger. The information contained therein is available to the general public. This in turn helps build trust in financial transactions and dealings while also reducing the amount of fraudulent activities that occur in business.
- Elimination of the middleman: This ties into reason number one. Having to work through intermediaries can be tiresome and harmful to business dealings. Through the blockchain, the use of middlemen becomes a thing of the past as transactions can be completed in a peer-to-peer manner. Since transactions are done through the blockchain, it means direct communication with your business partners which will foster transparency and also quicken the pace at which transactions are completed.
Now, while a set timeline as to when blockchain technology will be fully ubiquitous is unknown, the signs are very promising that the blockchain technology is going to be needed in almost every facet of our businesses. Soon enough, blockchain just like the internet is going to have application in every sphere of our lives.
The blockchain technology was implemented in 2009. Now, nine years later omnipresence beckons.