Morden technology allow peoples to communicate directly. Voice and video calls, emails, pictures and instant messages, travel directly from A to B maintaining trust between individuals no matter how far apart they are. When it comes to money, people have to trust a third party to be able to complete a transections. Blockchain technology is challenging the status qua in radical way by using math and cryptography block chain provides an open, decentralised database of any transaction involving value as money, goods, property, work or even votes. Creating a record whose authenticity be verified by the entire community. The future global economy will move towards one of the distributed property and trust. Where any can access to internet can get involved in blockchain based transections and third party trust organisations may no longer be necessary.
The uses of blockchain technology are endless. Some expect that in less than 10 years it will be used to collect taxes. It would be easier to immigrant to send money back to county where access to financial institution is limited. Financial fraud will be significantly reduced as every transaction will be recorded on a public and distributed ledger. Which will be accessible by anyone who has an internet connection. Think of it as wills and contracts that execute them self or dated proof of existence for idea, much like a patent. Blockchain will become a global decentralised source of trust, but everyone is not ready to embrace it. A huge proportion of trust services from banking to notaries will face challenges on price, volume and in some cases they are very survival. Public authority could find it more and more difficult to enforce traditional financial regulations due to new possibility offered by bitcoin network to bypass traditional financial intermediaries. Unimagined new network will evolved to meet society’s need more cheaply and potentially more securely.
