The Power of Blockchain
5 Ways Blockchain Has Changed the World
Every now and then, a new form of invention comes to the fore in our world and threatens to change the way of doing things. Some of these inventions end up achieving what they have threatened to do, while others end up as being paper tigers and fail woefully. Talking about the former though, blockchain technology, a means of exchange and data storage which is built largely on the bitcoin and ethereum networks has been revolutionizing the world since it debuted back in 2008. It has grown with each passing year and come up with wonderful solutions to improve on the aspects where it was lagging behind initially. It is not a mistake to say that in a decade’s time, virtually everyone would have to use some form of blockchain function for their daily activities.
Given what blockchain has achieved so far 10 years since its inception, let us look at some of the ways blockchain has changed our world from what it used to be before it came around.
It has changed the way of doing business
Every great innovation is a creative destroyer of the old ways of doing things and blockchain hasn’t been found wanting in doing this. The ways of doing business in most of the industries of the world are changing thanks to blockchain. A lot of platforms for changing the conventional ways of doing business in Insuarance (I-Chain), Law (Smart Contracts), have been created by blockchain and it has continued to do so by coming up with new ones in the health sector and other industries.
It has changed the payment system
The payment system has been generally limited to the conventional banking system for decades now. With the advent of blockchain, that has changed. A lot of payments have been diverted to the blockchain platforms in recent years. Owing by the comfort it offers to make large transactions in a matter of minutes through its platforms, a lot of international deals are now being funded through the various platforms.
New ways of raising offerings
Blockchain technology has come up with a whole new way of raising offerings. Through its groundbreaking initial coin offerings, a lot of money is being made on a consistent basis monthly. As a matter of fact, in the first quarter of 2018 alone, around $6.3b was said to have been raised. That is a lot of money in three months.
It has simplified the process of data storing
With the blockchain technology, the process of data storing has been made a lot easier. Data and personal information are stored across varying avenues like personal computers and phones. In this sense, a single data is stored across many avenues and will prevent the conundrum of data loss.
It has created a decentralized market for trading
Before blockchain, no one believed there could be a world where exchange of goods and services could take place without a central body to control it. Blockchain has changed that notion as virtually everything done on this platform is decentralized and under no supervision of any kind of central authority.
The blockchain technology has changed the world and continues to do so. The prospects are so encouraging that we expect many more groundbreaking innovations and change from them. We shall be watching from this space.
Marco Barchetti - Co-Founder Fintech.Review