Blockchain has been gaining awareness thanks to the support of major technology and financial institutions, but there is still a great deal of misunderstanding swirling around the term. Blockchain is an open, distributed ledger that seamlessly records transactions between two parties, thus increasing trust in the transfer of assets. Blockchain technology, most notably recognized for powering Bitcoin, is on the verge of becoming one of 2017's most transformational transactional applications.
Since the Internet's inception, the way that information has been stored and retrieved has been largely untouched--until Blockchain came along. As the Harvard Business Review recently expounded, the goal of Blockchain is to decentralize data, thus creating a shared, globally accessible network; this decentralization of data has the power to revolutionize the world.
I think blockchain technology will enhace our satisfaction from three aspects below:
1, Lower transactional fees
One of the most anticipated effects of Blockchain is lower transactional fees. The implementation of Blockchain technology will help small businesses compete with large corporations, because Blockchain technology offers the potential to drastically reduce transactional costs, thus leveling the playing field. Businesses today can start accepting Blockchain payments through a cryptocurrency system like Bitcoin.
2,Increased contract transparency
Many entrepreneurs today are building business ventures with the help of a number of contractors and product providers. To get a product from inception into the hands of the public requires many different chains and players, which is often difficult to manage. Blockchain can help business owners protect themselves if something goes awry in the chain of command. Blockchain enables the creator and storage of permanent, yet auditable digital records. All responsibilities are clearly stated and open on the Blockchain ledger, which keeps all parties accountable and can save business owners time, energy and potential costs of any disputes that might occur during the product process.
For example，more and more games based on blockchain appear and gain popularity，such as CryptoDerby(CryptoGame) and cryptokitties. It also increases contract transparency and become more reliable.
3, Faster transaction speed
We live in an age of immediacy; customers and providers alike want transactions to occur as quickly and seamlessly as possible. Blockchain takes the middle man out of the equation, thus speeding everything up without sacrificing transparency or accuracy. How does Blockchain achieve this? Well, as an open network, every separate entity can both add and verify transactions added to the Blockchain. Blockchain is more immediate than other systems because it's decentralized. This means that transactions get added and verified more quickly. In other systems where there is a central authority, transactions tend to take longer because that one entity must provide approval. Blockchain is more immediate than other systems because it's decentralized. This means that transactions get added and verified more quickly. In other systems where there is a central authority, transactions tend to take longer because that one entity must provide approval.
In conclusion，the future of Blockchain is bright, and it's in your best interest to not only educate yourself on the possibilities of a Blockchain-run future, but also on the ways in which you can start incorporating Blockchain technology to advance your business operations and life today.
Reference
