It started way back in 2008 with Bitcoin. The cryptocurrency was the first application of blockchain and it changed the way we think about money on the internet. But the technology goes further than that.
The possibilities offered by the blockchain are virtually limitless. It won’t just effect the way we trade, it’s impact will filter through to all aspects of everyday life. It will have a direct impact on you: from the cash in your pocket, to the shopping in your cart, to the medicines in your cabinet. Here we break down some of the major changes you can expect:
1. Groceries will be easier, and safer
Today we don’t just shop for utility. Many of us make purchases based on things like ethics, the environment and health. We want to know how something was made, grown, where it came from, who made it. We want piece of mind, so we know what we are buying was not tampered with along the supply chain. We want the genuine article.
Distributed ledgers, powered by blockchain technology, give us new ability to track the history of our shopping cart. Instead of relying on trust in the vendor, we can access the entire record of an item of food or clothing through a chain-of-custody log. There will be an new consumer class that is more empowered than ever before to weed out unethical practises and fraud.
2. Homes will be cosier
In fact, your home, your office, and anywhere other space you interact with, will be better adapted to you. We are talking the internet of things. Already, a lot of our stuff is connected to software: cars, buildings, doorbells and refrigerators. But these things are all still centralized — which means they are riddled with security issues.
A decentralised blockchain will address many critical security concerns because there will be no single point of failure. Which means the internet of things will get bigger, better and more versatile. And you have to worry about hackers hijacking your car, or eavesdropping on your baby monitor.
3. Doctors will be better equipped
Few sectors are more vital, but more prone to inefficiency, than healthcare. This is a area where blockchain promises to have a massive impact. The first issue is data, the industry is drowning in it, whether its clinical trials, research, medical records, pharmaceuticals or billing.
Most of this information is unwieldy, centralized and vulnerable to leaks. The blockchain will make this data more organised, secure, and accessible quickly by the people who are authorised. This will in turn reduce admin costs, improve pharmaceutical supply chain integrity and facilitate further research.
4. The world will get smaller
That probably sound impossible is today’s world but the blockchain will have a profound impact on both transport and communications. Firstly, blockchains can enable faster, safer and more reliable communication. It will allow for more secure, multi-directional automated comms with an immutable record to back it. This will make our connections more reliable than ever.
In terms of transport, it will allow for the next stage of evolution. Apps like Uber or Airbnb might seem decentralised, but they are not. The platform owners maintain control. Blockchain will make ride-sharing apps and similar services truly peer-to-peer and, with AI integration, will make moving around our tiny space rock a lot more efficient.
5. Money will be friendlier
In truth, money will never be “friendly” but it can be less hostile. Blockchain gives us better control of our finances. For example, purchasing a house, getting insurance, and setting up a pension. A lot of the inefficiencies and injustices in the financial sector stem from its centralised nature.
Distributed ledgers will unleash the power of peer-to-peer financing while retaining the security we are all used to. At the same time, it will increase financial inclusivity. This, of course, is where WORBLI.io has focused its energies. By providing a distributed financial services platform, that treats clients as individuals and not numbers, we are seeding a new era of fair finance.