BLOCKCHAIN REVOLUTION: Has the light finally come on for people to see?
BLOCKCHAIN REVOLUTION
It is not a matter of "if", it is simply a matter of "when", BLOCKCHAIN TECHNOLOGY is adopted on a mass scale..!!
Blockchain Technology is set to totally revolutionise not just the Financial and Banking Services but the entire fabric of Humanity as we know it.
Finance is just a small proportion of the total picture and slowly but surely the light is beginning to be switched on for people to see what lies ahead.
Blockchain is set to yield tremendous gains in transparency and efficiency as its sheer brute force and power is unleashed to the World.
SECOND GENERATION OF THE INTERNET
Blockchain Technology is set to be hailed in as the "Second Generation of the Internet" and one that most people are still totally unaware of.
"Digital Distributed Ledger Technology" is the official term and my guess is that this will be shortened to simply "BLOCKCHAIN" in order for people to grasp.
SO WHAT IS DISTRIBUTED LEDGER TECHNOLOGY?
Digital Distributed Ledger Technology is simply a database of recorded and distributed transactions on a shared network of computers.
Information is simply disseminated and spread across the network of computers using sophisticated cryptography technology.
This information can be viewed by anyone on the network who has access rights, however once the data has been registered on the ledger the information cannot be modified or changed without all parties seeing.
Simply put, if a payment has been sent from one account to another account all parties will see this payment and there could be no dispute that the remuneration had been made.
TRUST
Blockchain Technology creates a "Trusted Environment" as transactions are made, valuated, verified and validated in seconds and once done cannot be changed without the process being repeated.
All entries and re-entries are digitally recorded for safe keeping and audit purposes.
REDUCING FRICTION
As Blockchain Technology is introduced into Finance and Banking it will speed up payment transfers and asset verification and ultimately significantly reduce transaction friction that is currently weighing on the current archaic and antiquated systems around today.
Removing this friction in transactions will accelerate the transfer and settlement of future payments and one that will release much needed liquidity at the same time as allowing a more accurate modelling of Systemic Risk of failure.
INTERNET OF VALUE
By allowing this registering and recording of asset transfer and valuation it will for the first time allow the Internet to move from being the "Internet of Information" to the "Internet of Value".
It is this Global Transformation that is set to usher in a new era for the Internet and one that is set to totally revolutionise the way we live.
PUTTING IT INTO PERSPECTIVE
To put things into simple perspective imagine someone telling you in the mid 1970's that the Internet was about to totally revolutionise and change people's lives, well BLOCKCHAIN is about to change THE INTERNET..!!
Thanks again for reading.
Stephen
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Can you explain why a public ledger will triumph over private?
That's an easy one. A decentralised digital distributed ledger is way more powerful than a centralised private one simply because NO ONE ENTITY owns the data..!! Stephen