blockchain: hype or revolution?

Blockchain: Hype or Revolution?

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Blockchain is being presented as “THE” disruptive technology for the coming years

Investors have poured in over $1 billion on development of Blockchain-based applications

20+ global banks including central banks of countries are now backing initiatives that explore its use

So is it just a fad or a revolutionary technology?

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So far, the ownership of rights is handled through trusted third parties. For example, money is registered by banks, real estate by the land register, specific contracts by notary public

If you want to change ownership, you need to contact the trusted third party, follow the right procedure, pay fees and the trusted third party will transfer ownership through entries in centralized ledgers controlled by them

First and foremost, what is Blockchain?



Blockchain is disruptive because it can allow us to eliminate the third party intermediaries like banks,

land registrar, notary public



It is online There is no need for a central entity It can only be updated by consensus

of a majority of the participants in the system

Once entered, the information can never be erased

Everybody can verify the ledger autonomously

It does all of this without compromising user privacy

A Blockchain is a public, distributed ledger (book of record) with these important benefits over current procedures:



Reengineered processes to increase efficiency and reduce cost

Reduced role and control of intermediaries

Decentralized governance Enhanced ways of storing and

moving value or money New legal and regulatory

frameworks

Impact of Blockchain technology on systems and processes



Bitcoin has become famous (or infamous) as the widest-spread and best-known example of a cryptocurrency based on the Blockchain technology

Based on its origin, Blockchain lends itself easily to financial applications such as currency exchange, P2P transfers, trading platforms and payments

In addition, there are several other non-financial use cases as given on the next slide

Applications of Blockchain



Featured photo credit: http://letstalkpayments.com/

http://letstalkpayments.com/


Overall, I do believe Blockchain has solved the problem of

reaching consensus in a trustless decentralized way and has

significant potential to revolutionize technology



There are multiple companies that have already launched

applications that use Blockchain as the backbone and it is only time until a critical mass is reached for

it to become mainstream




Additional Reading that I found helpful:https://www.oreilly.com/ideas/understanding-the-blockchain

http://cointelegraph.com/news/6-unconventional-uses-of-the-blockchain

http://letstalkpayments.com/blockchain-use-cases-part-ii-non-financial-and-financial-use-cases/


https://www.oreilly.com/ideas/understanding-the-blockchain

https://www.oreilly.com/ideas/understanding-the-blockchain








Featured photo credit: www.freeimages.comBitcoins via esteve.co


Thank you for reading!


http://www.esteve.co/writing/bitcoin


blockchain: hype or revolution?

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