The benefit of blockchain being the basis for any system’s function simply comes down to its streamlined, efficient and cheaper operation compared to any other system in current use.
This potential has already been realised on a wider scale through the use of tokens in connection with blockchains and applied with cryptocurrencies such as Ethereum, using its currency as a means of accessing programs and completing tasks.
There is also significant interest in this cryptocurrency application coming from the world’s most successful companies, as well as banks and governments.
Thousands of corporations have already adopted blockchain technology to function as a backbone for everyday activities, taking away the need of third-party validation and the risks of human error and manipulation.
Governments are also increasingly interested in the potential of blockchain technology application, but also its potential to provide the technology needed for their own national digital currency.
China uses blockchain technology as a means of communication throughout its many levels of government departments and administration and is also in the process of developing the country’s own blockchain-backed digital currency.
This will allow the Chinese Yuan to be borderless and capable of being used as a digital fiat currency from anywhere in the world without the reliance of a banking network.
The introduction of national digital currencies has the potential of making physical currency and currency with regional attachments redundant, but also legitimise cryptocurrency as a whole.
The future may provide people with the ability to use borderless and bank-less digital cryptocurrency versions of US Dollars, Euros or British Pounds wherever they are in the world.
But the proven decentralisation and security benefits of Bitcoin and other established coins may have them hold an advantage over what may still essentially be government-controlled currency.
Many believe the greatest attributes of blockchain technology mean it has the potential to impact how we transfer data, on a similar scale to how the internet rewrote the possibilities of everyday communication.
Blockchain’s fundamentals are built around its simplicity, speed and trust systems, doing away with the requirement of third-party validation.
The element of trust is arguably blockchain’s greatest asset, and it is already providing an edge for cryptocurrency over traditional financial mediums, potentially providing the framework to becoming adopted into everyday life.
Cryptocurrency is bringing into question the traditional financial frameworks having users rely on banks to perform transactions.
Blockchain’s potential in reforming monetary systems also puts the roles of all intermediaries into question.
Lawyers, brokers, and even governments could potentially have their roles made redundant with the adoption and implementation of blockchain technology.
The benefits of using the all-in-one blockchain system not only reduces the need for all third parties, but it can reduce overheads, simplify systems to save time and eliminate processes.
The scenario envisaged by blockchain fanatics and general users is a world where transactions can occur as easily as information can be swapped using the internet.
Many believe it is a matter of time before blockchain’s potential is realised, comparing its potential rise to that of the internet.
The earliest days of the internet had very few users understanding how to access its power, and many having little to no idea of its potential.
As more understand blockchain’s potential, its uses will become mainstream.
While the most widely adopted and most famous use for blockchain technology remains in its implementation of functioning cryptocurrency networks, there are many other potential uses always being explored by tech experts.
Innovation in applying blockchain’s huge potential for other uses has grown exponentially since the arrival of Bitcoin, and the initial wider applications of blockchain technologies such as Ethereum.
The real estate sector could see drastic changes in the way it operates with the implementation of blockchain technology.
Blockchain can potentially process deeds, provide the framework for transactions and even draw up contracts allowing legal handover.
The benefits allow buyers and sellers to eliminate the need for third-party involvement, streamlining the process and reducing overheads.
Much like real estate, the use of blockchain technology in drawing up and executing contracts could change the way the legal world works.
These contracts already exist and are known as smart contracts.
They are written in code with binding terms that are only executed with rigidity, allowing no flexibility or margin of error.
Areas relying on the strict recording of data perhaps have the greatest to gain with the adoption of blockchain technology.
Stock trading is one such high-data and heavy transaction market, with many global platforms considering the technology to more accurately and efficiently record the trades performed using their markets.
Voting systems can also adopt blockchain technology, especially those already utilising online voting.
Questions will always remain regarding the validity of online voting when there is a threat of hackers manipulating results.
However, blockchain technology eliminates the threat, allowing for a transparent and secure system.
With this comes the potential of a more controversial concept of blockchain personal identification.
While the technology can provide a global platform for uniform identification or all people, it can also mean manipulation to access personal information.
Blockchain and cryptocurrency’s decentralisation credentials is removing the need for people to rely on governments and banks in order to make a living and enjoy a comfortable life.
But it is also opening possibilities for many all over the globe struggling below the poverty line, or unable to access basic amenities.
While there has been a sharp rise in regular cryptocurrency use among a fast-growing percentage of populations in developed countries in recent years, the greatest adoption has come among developing countries and regions with haemorrhaging economies.
Many of the populations utilising currencies suffering from high rates of inflation, such as the population of Venezuela, find their monetary assets quickly become worthless thanks to government mismanagement.
Venezuela’s dire situation is currently seeing many of its citizens converting their local currency into cryptocurrency, before it loses all worth, offering them the chance to have some fiscal worth to use on international markets.
It is also the case that many in regions of famine and poverty without access to traditional banking systems are also enjoying the possibility of saving and accumulating wealth for the first time, thanks to access to cryptocurrency.
One of the greatest issues facing the millions living in refugee camps throughout the world is the lack of access to basic identification and personal documents.
Hundreds of thousands of people are often left in limbo stuck in makeshift camps the size of cities, unable to leave without access to basic identification.
Blockchain technology, and a system providing a platform for personal ID storage built using its framework, has the potential to fix this major issue.
It offers everyone the opportunity to own their identity, rather than rely on having one granted by a government.
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