Modern technology allows people 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 transaction.
Blockchain technology is challenging the status quo in a radical way. By using math and cryptography Blockchain provides an open, decentralized database of every transaction involving value: money, goods, property, work, or even votes. Creating a record whose authenticity can be verified by the entire community.
The future global economy will move towards one of distributed property and trust, where anyone with access to the internet can get involved in Blockchain based transactions and third party trust organization 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 will make it easier for immigrants to send money back to countries where access to financial institutions 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 themselves or dated proof of existence for ideas, much like a patent.
Blockchain will become a global decentralized source of trust. But not everyone is ready to embrace it. A huge portion of trust services, from banking to notaries, will face challenges on price, volume, and in some cases their very survival. Public authorities could find it more and more difficult to enforce traditional financial regulations due to the new possibilities offered by the Bitcoin network to bypass traditional financial intermediaries.
Unimagined new networks will evolve to meet society's more cheaply and potentially more securely. Will governments, financial, and legal institutions embrace Blockchain? What will happen to the ones who don't?
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