Josh Wardini, Community Manager, Webmastersjury
Some innovations have a more resounding effect on the world and its inhabitants than others. A very good example of these innovations is the double entry bookkeeping. Genius idea! Another one of those fantastic innovations is the blockchain technology.
What Blockchain Isn’t
Blockchain isn’t Bitcoin. A lot of people think that though. Once they hear blockchain, they immediately think Bitcoin. Meanwhile, Bitcoin is only one of the many possible applications of the blockchain platform.
What Blockchain Is
No one can give you a wholesome idea of what a blockchain is, but let’s break it down this way.
In a sense, the blockchain technology works the same way the internet provides a platform for people to transfer information to others easily. The only difference is that, in most cases, value is exchanged on blockchain instead of just information.
So, on the internet, one can exchange information via email, social media platforms, blogs, etc. On blockchain, one can transfer value using Bitcoin (a cryptocurrency) and the like. You get it now, right?
The Blockchain Disruption
Because of all the positives the blockchain packs, including eliminating the middleman and safe and transparent record keeping, its potential for disruptiveness is pretty high.
Taking away the intermediary not only reduces fees, it also speeds transactions up. Also, the fact that the records are immutable and examinable by anyone while still remaining private, makes blockchain technology quite advantageous for many reasons.
Some Industries To Experience Blockchain Disruptions
The banking industry: According to BitFortune.net, blockchain can help provide banks with a safer system for recording all transactions that go on each day.
Healthcare: Excellent way to store and protect medical records.
Politics: Blockchain might just be the ticket out of rigged results and voting day drama.
Entrepreneurs: Startup entrepreneurs can now safely pitch their ideas without risking them being stolen. Investors can also more easily find startups they are willing to invest in.
Education: We will soon be witnessing more global classrooms thanks to virtual reality, cryptocurrency, and blockchain.
In the end, disruption isn’t always a bad thing. As we can see, the blockchain disruption is one of the good ones.