Can a system that was designed with the sole purpose of protecting transaction details using cryptographic codes, hold the potential of changing the world?
An early report suggests that blockchain does have the capability of ruling the future world.
But what are the factors that lead to such an opinion? And how will it rule the entire market?
Let’s begin with the factors that create the popular opinion.
The main reason that waters the popular opinion are four main characteristics of Blockchain.
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The characteristics are as follows :
•Accessibility : This refers to who has access over the currencies.
Blockchain ensures that nobody has access to it except the investors only.
•Protection : Blockchain comprises a system which sees to it that every single transaction taking place over the network is secured using cryptograms. These cryptograms are near impossible to crack.
•Honesty : There is no need for RIGHTS TO INFORMATION, because the financial accounting system that manages the proceedings,hold every detail of all the transactions taking place in clear view of all the users’.
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Last but not the least, the characteristic which holds the largest driving force is –
•Decentralisation : The fact that the information is not centralized is yet another driving force.
But if the system is not centralized, then , where is the information stored?
It is distributed over the nodule computers and can be accessed easily .
Some other factors that leads to popular opinion are:
• If a user wants then he or she has the option of choosing whether they want to reveal their identity or they want to stay anonymous.
• The never changing features of the system make it theft protected and none of its data could be changed if not done by the particular user.
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So, we have got a brief idea why reports have been suggesting since forever that blockchain holds the potential of changing the world.
But, how will blockchain change the world?
When we say that Blockchain has the potential of changing the world, we don’t generally refer to technological developments.
This is because it is already changing the technological world, the potential we are talking about today is changing the world of common people , who don’t have anything to do with C++ or Python.
But these changes that blockchain is capable of bringing, may have some side effects.
Let’s first begin with the good changes blockchain is capable of bringing about.
Monetary transaction is the most common day to day activity in today’s life. But generally monetary transactions , especially over foreign accounts, are a time taking process.
But with proper use of Blockchain we can easily get over that. Transactions in crypto currencies makes the method much easier and quicker and that also without the fear of theft or forfeit.
Purchasing items that cost a generous amount can sometimes be a very tedious job. This is because it involves innumerable number of paperworks and the time taking process is an free bundle on our shoulders. And even after such efforts, the never ending risk of fraudery is always there.
But if we indulge in purchases through blockchain, none of the problems remain and the job is done almost way too easily.
•BETTERMENT OF HEALTH FACILITIES
What every developing country needs is better health facilities. Even though medical science has indeed developed, the facilities for the patient party are the same as always . In every hospital, no matter big or small, the patient party would have to run around to gather information and to get attended. This happens because the networking systems are centralized and every department doesn’t have every information.
That is where blockchain should come in. If blockchains were to be employed, then every department would have every detail , making it much easier for the patients to get attended.
The above mentioned are some of the good changes that blockchain is capable of bringing in this good old earth but now let’s look at the effects that these changes brought about by blockchain could have on the future world.
None of the above mentioned changes would have a negative effect. Whereas blockchain has the potential of changing everything out there. It could change the financial world and it could change the normal world as well.
So we just need to understand it’s full potential and use it likewise.