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 block chain. Of course there are more that could be discussed but I’ll be going over the four key ones with you.
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 block chain 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 block chain. 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 block chain 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 block chain 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.
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. So that’s the third distinguishing factor “speed”.
The four distinguishing factor we have is that you can have far more increased capacity. Why mean by this fee 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 block chain as well.
Now if you’re thinking what about the other kind of areas that block chain and how I impact upon. Let me just how 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 block chain technology can really impact upon.
Crowd funding platforms
Global payment systems
The remittance industry
Peer to peer lending services
Micro finance lenders
Health care services
Land record deeds
Election and voting
Intellectual property rights
Now as well as that list mentioned there are so many areas that the block chain 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 block chain technology is deployed.