What is this Blockchain hype – why it’s talked about as being such a revolutionary piece of technology? That’s what we’re going to be discussing here. We’ll be going over the four key distinguishing factors of the Blockchain. Of course there are more that could be discussed but I’ll be going over the four key ones with you that makes Blockchain a Revolution.
The first is that through the use of smart contracts along with having no single point of failure it will be possible to transfer things of value such as property ,vehicles and so much more securely. It essentially will help prevent any sort of scams that are currently operating. This makes it super secure. So that’s the technology “Smart Contracts” which weren’t deployed on top of the Blockchain helps bring it to life when buying selling, selling buying all these things of value. Now everything will be digitally signed and digitally secured by the power of cryptography upon the Blockchain. Like I said it will be a secure and far more efficient way to transfer things of extreme value.
The second distinguishing factor of the Blockchain is that it cuts off any sort of middleman in the process. Now at the core of this technology is a peer to peer system which is secured by cryptography hence it has the power to remove lawyers, accountants, state agents and other professionals from the middle of the process. For example when selling a house you can facilitate that transaction directly through the Blockchain hence saving you money. So that’s the second distinguishing factor that will help remove the often time consuming and expensive middleman and at the same time make the process even more secure.
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The third distinguishing factor we have is that it allows for deals transactions all that kinds of stuff however you wish to define it get completed for quicker. Look at bitcoin as an example I can send to one bitcoin right here from the UK to someone in the third country from the UK which is New Zealand within about ten minutes. So just imagine how quickly let’s say property deeds could be exchanged. It helps streamline these often time consuming tasks.
The fourth distinguishing factor we have is that you can have far more increased capacity. What I mean by this is that due to the peer to peer technology you can actually increase the capacity of the whole network. Think about it like this. What do you think has more capacity – Thousands of computers often referred to as nodes working together in the same network or one large centralized server? Now the correct answer to those is the thousands of computers. Now that’s a real key distinguishing factor of the Blockchain as well.
Now if you’re thinking what about the other kind of areas that Blockchain can have an impact upon. Let me just know you that it’s not just the financial world as many of you, so I just want to give you a quick list of some of the industries or the areas where a Blockchain technology can really impact upon.
- Digital rights
- Escrow Transfers
- Equity markets
- Private markets
- Debt management
- Crowd funding platforms
- Derivatives markets
- E-commerce sites
- Global payment systems
- The remittance industry
- Peer to peer lending services
- Micro finance lenders
- Health care services
- Land record deeds
- Ownership records
- Election and voting
- Intellectual property rights
Now as well as that list mentioned there are so many areas that the Blockchain technology really has the potential to impact upon. Remember this is still a young industry. So we’re seeing disruption of industries from all angles when Blockchain technology is deployed.
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