How Blockchain Technology will change the World

How Blockchain Technology will change the World

It’s hard to believe that just a decade ago, we were still in the early days of the internet. Fast forward to today and it’s hard to imagine living without it. Blockchain technology revolutionizes the way we live and work. In this blog post, we will explore How Blockchain Technology will change the World and what the future may hold for us!

Let us start, by reminding ourselves of the three key new benefits that blockchain technology is giving us:

No more need for Banks

The first is way that Blockchain technology is changing the way we work, is by providing a new platform for conducting financial transactions. Blockchain technology enables direct transactions between two parties without intermediaries, unlike traditional financial transactions through banks or governments. This not only makes transactions more efficient, but also reduces the cost of conducting transactions. So we now have a completely new ecosystem for moving money! We can speed up and reduce the cost of transactions, and boost financial inclusion by providing more opportunities for those without easy access to financial services. Yay!

New Data storage and management

Another way that Blockchain technology is changing the way we work, is by providing a new platform for storing data. Centralized servers currently store data, putting it at risk of hacks and breaches. Some examples of major data breaches recorded so far in this month alone (at the time of writing this blog) include:

Data Breaches

Uber Data Breach: Uber’s computer network has been breached, with several engineering and comms systems taken offline as the company investigates how the hack took place. The perpetrator already sent email, cloud storage, and code repositories to security firms and The New York Times, dubbing it a ‘total compromise’.

Fishpig Data breach: Ecommerce software developer Fishpig, which over 200,000 websites currently use, has informed customers that a distribution server breach has allowed threat actors to backdoor a number of customer systems.

North Face Data Breach: roughly 200,000 North Face accounts have been compromised in a credential stuffing attack on the company’s website. These accounts included full names, purchase histories, billing addresses, shipping addresses, phone numbers, account holders’ genders, and XPLR Pass reward records.

IHG/Holiday Inn Data Breach: IHG released a statement saying they became aware of “unauthorized access” to its systems. The company assesses the ‘nature, extent, and impact of the incident,’ but the full extent of the breach remains unclear.

Samsung Data Breach: Samsung announced that they’d fallen victim to a “cybersecurity incident” when an unauthorized party gained access to their systems in July. In August, they learned that the breach impacted some personal information, such as names, contact information, demographics, birth dates, and product registration information.

These examples show how third parties can compromise our personal data in their possession. However, with Blockchain technology, data is stored on a decentralised network, which makes it more secure and less vulnerable to hacks. This means that our personal data is potentially better protected than ever before.

A new way to manage contracts between parties

Blockchain technology is also changing the way we work by providing a new platform for managing contracts. Smart contracts on the blockchain are programs that run automatically when conditions are met, without intermediaries. They automate agreements and workflows, making them more efficient and less prone to error than traditional manual contracts

Two well known examples of Blockchain platforms running smart contracts would be:

1. Ethereum, which is a decentralised platform that runs smart contracts.

2. Bitcoin, which operates as the first decentralised digital currency, as the system that works without a Central Bank or single administrator.

Of course there are many more changes that the Blockchain will bring that impact the way that we live and work.

Helping the environment

Let’s for example now look at some of the most significant ways that the blockchain can help the environment:

Energy

• The Blockchain can help to create a sharing economy for energy. Imagine being able to sell the energy that you generate from your solar panels to your neighbour! This is already happening in some parts of the world and it’s all thanks to Blockchain technology. With the Blockchain, we can create a decentralised peer-to-peer energy trading platform, which will allow us to buy and sell energy without the need for a middleman.

Food

• The Blockchain allows us to track the journey of our food from the farm to the table by tracking its provenance. This is important, because it will allow us to make sure that our food is safe and free from contamination. The Blockchain lets us verify that our food was sourced sustainably and ethically.

Water

• The Blockchain lets us track the source of water and guarantee sustainable sourcing. We can also use the Blockchain to create a decentralised marketplace for buying and selling water rights.

Emissions

• The Blockchain can help us to reduce carbon emissions. We can create a decentralised marketplace for carbon credits. This will allow us to trade carbon credits and offset our carbon emissions

Recycling.

• We can track the origin of materials and products using the Blockchain and make sure they are recycled sustainably to create a circular economy. We can also use the Blockchain to create a decentralised marketplace for buying and selling recycled materials.

The Blockchain supports projects that help save the planet, such as the environment and sustainability initiatives. There are limitless other areas where this technology can support and improve any business operating in any sector of our world economy. At some point the role of the Blockchain will undoubtedly take the same relative importance to businesses as the internet.

So will the Blockchain create more jobs?

In the future, as with all forms of industrial revolution, there will be great demand for the specialist skills that are the building block of the change that is evolving. Key building block roles such as coders, web-developers, data scientists, technical writers, machine learning specialists, security and encryption specialists etc, will all be in high demand. Subject matter experts and technical experts must work together to help businesses adapt and evolve to meet the demands of customers and the changing technology world.

At some point, most companies will have some aspect of their business integrated in some way to Blockchain technology. This means that we are looking at a whole new industry just to facilitate the transition that needs to happen here. Stanford university reports that its “Introduction to Cryptocurrencies and Blockchain” course now has more students enrolled than its “Introduction to Computer Science” course, signaling a shift towards the future employable talent pool in this field.

So we can see from the above some great examples of How Blockchain Technology will change the World

Is it all positive?

Will new tech replace humans and lead to job losses? You can speculate that job losses are inevitable, but progress often shifts resources to other areas by replacing lost jobs with equally rewarded uses of time and resources. In absolute terms we measure most of our productivity in life, by the manner in which we utilise our time.  If we can use our time more efficiently, then the change could be a positive one for everybody.

If you are considering investing in Crypto, please consider becoming part of a community where you can share and talk about your own research, views and experiences. As a new investor, this is often a great way to start your journey by gaining insights from others who have walked the path before you and learned from their own experiences already and are willing to share them. If you feel that this would help you, then why not sign up and join our Crypto College Community here and see how you can benefit.

Good luck and see you back here again soon!

Jack

 

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