Blockchain: How It Will Transform the World We Live In
Blockchain has been touted as the next best thing in the world of technology, economics and politics. Here we take a look at it and see the potential in it for transforming the world.
Blockchain, the next big thing in the tech world, is already here, and not many people know of its existence. The blockchain definitely isn’t an in-your-face technology, which is why you cannot see it or appreciate it as easily as you would appreciate a package from Amazon or a smartphone.
Basic Introduction
For amateurs; a blockchain is a distributed database that helps manage a varied list of shared records. These records are known as blocks and contain encrypted information pertaining to the history of the transaction in question. Not only is this a feasible way to store data relating to specific transactions, but blockchain also has the potential to become the future of legal contracts due to a feature known as smart contracts.
Current Uncertainty
Considering that the blockchain is at the forefront in the crypto-revolution, many people confuse the uncertainty surrounding crypto currencies with blockchain itself. Being the basic provider to the concept of crypto trading in no way undermines the potential of the blockchain. If current progress and potential is anything to go by, we will soon be surrounded by a world of unparalleled prospects powered by the use of blockchain.
Future of Blockchain
Blockchain is still very much in its infancy, where development is set to come during the coming years. But, like every major technology, the blockchain needs the right infrastructure to move forward and become a shared and more common resource. Regulatory authorities have to jump in now and clear the labyrinth of regulatory and legal hurdles currently impeding the growth of blockchain, because only when these hurdles are cleared would we be able to harness its potential for powering better banking, documentation and identity records.
