In the modern era, Blockchain is the world’s most popular digital wallet. It is a public ledger of all cryptocurrency transactions. Let us look at, how this futuristic technology has the capability of taking over the world economy resulting in a global change.
Decentralization Maybe The New Answer To Economy Problems:
When we talk about economies, money transactions are the most common kind of transactions that take place around us every day. The most common means of financial institutions that we see around us are the centralized banks, stock exchanges and moneylenders. This type of centralized system of the economy always has a central body of power that has access to every type of transaction taking place in the system. Blockchain removes that authority and gives access to the investor completely.
With this modern technology, investors have the capability of controlling their transactions in a way they prefer and be anonymous at the same time. Blockchain uses a very different way of keeping track of information. Excluding a centralized power or person, blockchain makes multiple copies of a transaction and distributes them across all the nodes of a network. This makes it potentially the most secure and transparent transaction system in the world economy because not does it gives the owners of the assets the ability to have the utmost security of their assets but also make it hack proof in earning the extra-profits by using a system. This can put an end to a lot of money and identity theft problems on the internet.
The Whole World Can Be A Blockchain:
Blockchain can be globalized because anything connected to the internet can be hooked up to a blockchain, which means anything with an internet connection have a perfect record of its own. For example, you want to rent out your car using a blockchain, what would happen? Here is the answer: You can use blockchain technology to program the driving seat of your car to open only when a person has reserved it, and automatically pay you, and lock the door, once he leaves the car.
Which Changes To Expect:
- Finance of whole countries taken over by cryptocurrency that works on the blockchain technology. Currently, the cryptocurrency market cap has a new all-time high hit at $150 billion, which is rising every day.
- Blockchain has the capability to take over the central banks, which is going to happen fast once the market cap hit $500 billion to $750 billion.
- The settlement of currency, equity and fixed income trades almost instantaneously through permission distributed ledgers creates a significant opportunity for banks to drive efficiency and potentially create new asset classes.
- Cyber risks would go down to a all time low once it is adopted by major financial institutions because blockchain offers identity authentication through visible ledger.
- Elections would change the way the world. Their expense and pace would change once they would be done using blockchain.
The final question of this article is: Can you put your faith in this futuristic technology that has so much potential in reshaping the world economy?