A comparison with the status quo illustrates why the Blockchain principle is so interesting for the economy. So far, data was primarily recorded in databases and stored centrally, for example on a server. The situation is quite different with the Blockchain: Here, the data is managed and stored by computer nodes which are located in different places. Each of these nodes possesses a complete copy of the entire dataset. If one node drops out, this is not a drama, since the data will eventually remain available on another computer node. Another great advantage: The data in a block cannot be changed or deleted unnoticed; only the addition of new data is possible. To prevent the data stored in the Blockchain from being manipulated, the connections between the blocks are encrypted. In short: the Blockchain offers some very interesting benefits for the economy.
Large amounts of data are well protected and immutable
Data is easy to share with selected parties
Data is easy to collect and analyse
Weaknesses, such as in supply chains, payment transactions and other business processes, are easily detected
The most important point: the role of the mediator becomes redundant due to the Blockchain technology. As a result, banks, offices and platforms are omitted because the Blockchain already provides their service. For these reasons, many industries are already exploring blockchain business cases. It makes it easier to understand supply chains because it bundles the complex network of transactions into a verifiable data set that every member of the supply chain can access. For example, someone who scans pallets of food in a warehouse captures when vegetables have arrived, while a customs officer in a large port has to know where the goods are coming from, where they are going, and whether they comply with all regulations before he approves them . The big problem though: How can the data in the Blockchain be accessed in a user-friendly way?
This is one of the reasons why many people have a problem with the term “Blockchain”: it is an “invisible” technology, just a disdainful program code. So the big challenge is to attenuate the technical complexity of the Blockchain with usability. In other words: the Blockchain needs a face, for example in terms of user-friendly interfaces.
Some companies are already working on appropriate solutions. Example of IBM: the company has recently launched a Blockchain platform, which is particularly easy to use. With its help, everyone, whether customs officials, truck drivers or bank employees, should be able to read and bring in information. Krystal Webber, IBM’s global design leader, says that users do not have to care about the underlying technology of the system. “Users are used to Internet transactions that are abstracted. When you buy something, you do neither see the warehousing, nor the shipping nor the logistics behind the scenes”, said Webber. “The interface only has to share relevant data with its users, and the Blockchain itself is irrelevant.”
Implementing a user friendly interface for the decentralized Blockchain networks is a critical step in getting mainstream adoption and making the actual value of technology available for everyone. This is precisely the goal of the Payger Wallet. Under the motto “Make Money Social”, Payger´s goal is to create a payment ecosystem for all leading cryptocurrencies, which is easy to use and gives Blockchain a face.
This article has been original published in June 8, 2018 by Payger
