It’s not just a technology. It has the potential to develop into a fully independent, authoritative, operational, autonomousInstitution, like Banks (money flows) + Gov’t (organizing power) or other legal instances (laws). That’s Why some industrial actors are fearing it [ Blockchain ] – trying to challenge its usefulness – while some others are hurrying up to adopt it and make best use of it.
Major aspect of Blockchain is : complete eradication of that mythical ‘middle-man’ from our day-to-day transactions, operations ..!
Blockchain offers a decentralized Database System to store ∑ assets + values across peer-to-peer networks. It’s sort of ‘public registry’ that keeps records of every transaction in a network, and replicates those records in various distributed data blocks. This extensive and hyper-distributed architecture makes it a very open but also secure system of exchange of values. It’s transparent + trustable + verifiable and hard to mess with.
Although we are still awaiting real-world applications & mainstream case-scenarios, there’re quite a number of implications for this disruptive technology.
Implication 1 : BANKs may soon look Obsolete institutions !! When traditional currency (Money as we know and use it today) is no longer needed, because of the introduction of a more reliable, democratized, easily transferrable and overly protected currency : the Cryptocurrency (aka bitcoins), financial institutions – which are hundreds of years Old – will face two – no more than two – Options : resist Change and end up by losing hundreds of thousands of customers then shut down their entire system OR embrace Blockchain power, create flexible infrastructures with intelligent, adaptive monetary services ..
Implication 2 : Governments are on the verge to be replaced by fairer, voluntary, more inclusive systems which literally do not impose any discrimination measurements (e.g. race, geographical origin, gender, financial status, ..etc .. ). Individuals are getting tired of living within ecosystems that favor only small portions of populations. More than that, successive economic Crises and endless Global threats (like terror + hunger + poverty + homelessness + unemployment + natural disasters .. ) keep pushing folks to seek better laws, conditions, standards, than the ones implanted by these tiny little complex Boxes called Gov’ts.
In this series of short-but-consistent articles, we gonna bring you – dear readers – a taste of the latest innovations and best technologies and scientific breakthroughs from all over the World. Get Ready !! Let’s go..!
Implication 3 : Planet Earth could oddly become One Single Platform – as it was once, having Zero physical borders ; People freely chose where they want to be born, which legal scheme to adopt .. Also, if they get bored they may even found their own Blockchain powered nation and bring in new waves of citizens 🙂
* ArabianChain = is presented as the first public Blockchain startup in the Arab World, that’s empowering lots of sectors to revolutionize their core-businesses – by developing more secure, decentralized and universally accessible apps/ services.
Given the Age of Blockchain – which’s considerably too immature – the role of entrepreneurs + startups are more than crucial in taking advantage of this tremendous technology and designing innovatively sustainable solutions across vital sectors such as health care, cash-remittance, smart contracting, global & local trade, .. where millions of users are still lagging behind ..