Blockchain is gonna change all kind of transaction processes, known to you. Simply, with Blockchain no need to clear house entities, of any kind.
That clearly shows, a signs of a revolution. A change in the way business is done, A fundamental change.
Reasons, why we should go for Block chain are many. But, the one and the most beneficial is that, It carries no transactional cost. (It might cost for infrastructure but not transactional) The block chain is just a simple but most safe and automated way of passing information from A to B. Process is initiated by creating a block by one party and that block is verified by thousands, millions of systems(computers) available around the internet.
Once a block is verified, it is added to the chain, and that block contains access to net, unique records. Not, just unique records, but unique records with unique history. If anybody wants to find a records, that would mean to find the whole chain in millions of pieces. That seems virtually impossible task and actually, it is. This model is used by the company Bitcoin for monetary transactions, but there are a plenty of ways where it can be implanted to make the things work even better.
The most important or mind blowing use we can extract from It, is to use blockchain for voting. And already it is working, block chain is used as an extra level of security by patent-pending election system process.
“Because Blockchain-based records are time-stamped and signed, which makes post election fraud impossible.”
Let’s go for an airline company, what generally happens is, we buy tickets from website or app and some transaction cost is taken by the credit card company for processing the payment.
But if you are using blockchain, not just the processing fee, entire ticketing process can be moved to blockchain. Airline company and the passenger are two parties and the ticket can be considered as a block, which is added to a ticket blockchain. But, the X factor is, IT IS FREE. Blockchain is not limited to just making the blockchain transfer and storing the money, it can even change or replace all business model which depend on charging a little amount of money, for the transaction.
And the another example is:
“The app or platform Fiverr charges 0.5$ per 5 transaction between sellers and buyers. Blockchain makes the transaction way free. With such a tech, Fiverr will vanish, so will all kinds of business models working of market making concept.”
A ride share company is already using the blockchain model and it is amazing. Because, the blockchain can itself be managed by drivers and passengers without any intermediate medium. Companies like Uber & Co needs to watch out for their empire, as it is gonna be at the edge of distinction.
Blockchain can remove the need of distributor or third parties to release or launch the music, recorded music can be sold to public by using blockchain directly.
More fascinating reasons are:
Ebooks can also be fitted in blockchain, and then there won’t be any Amazon taking their cut.The book the, will circulate in a encoded form, and the blockchain will complete the transaction between author and the buyer.
Blockchain tech if seen wisely, it could even downs the Google. Google makes money buy charging for ads and with blockchain tech there won’t be any need of ads if there is a world of minimal free transactions. All it would take is to make a ad blockchain for text and displaying ads and it would offer all the facilities of google keywords and adwords. If other search engines begin to adapt such tech, it would lead to end of the google.
Blockchain, is the next threat to email. Emails are just one to one transactions. And with blockchain, it will make emailing more safer. If an email costs minimal amount of money, who would not be happy to pay for it.
Another benefit is medical records. With an actual blockchain, you will be able to visit any hospital in the world, with all your previous medical records and history, even complete DNA encoded safely. There are already trails running for blockchain of medical records.
Education, the next platform is nothing but a place where you pay to get the certificates and grades, which can be encoded in a personal education blockchain.
Now, add all benefits and results together and you will be having a unique and permanent record, history of every individual’s life. Blockchain will then, replace banks, transactional processes, IDs, passports, biometric options too if implanted right. The reason is simple, because blockchain is the milions of copies simultaneously, attempt to change even a small bit of information would be spotted immediately.
The benefits and things described above which can be done by blockchain will consume massive power of computers, but that won’t be a problem as quantum computing will be settled to bear or take care of that.
If I thought, comparing every industry and business model where blockchain can not be implanted, i am sure result is gonna be completely satisfying that Blockchain is the next big thing after invention of Internet, without any sign of doubt.
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