The world is constantly changing. New technologies prop up everyday. No, you do not have to keep up with every one of those, but, yes this one is Crazy F**king Good. No, you should not skip this one minute read. Find out some super fascinating things about this tech we all know as ‘blockchain’.
Blockchain systems are tamper proof, thus transparent and a popular way to hold data that may be sensitive or prone to fraud. While cryptocurrency is the hottest application of blockchain tech, the idea is making waves in industries as far flung as healthcare, infrastructure and building, gaming and space exploration. The tech is set to change the face and architecture of the globe.
So, here’s why we love it and you should too:
1. A Pure form of democracy
Blockchain systems are decentralised. This means nobody is boss. Nobody commands or rules, it is ruled by all. A set rules that will govern the product, for example a blockchain based Facebook, will be ruled by the makers, all of them. As per the rules they all made when they created the product. The changes in who gets to share, like, what new features should be added to the system are all democratically chosen, by a consensus. This emphasis of the whole product on consensus makes it a legendarily democratic, no?
Majority votes are needed to make changes, the inherent law is also based on a majority consensus. The voting system is pivotal to a democracy. So, imagine Apple letting you choose what iTunes looks like. This is what the already begun future of tech beholds for all of us.
2. Leapfrog tech advancement
While we may be ranting and chanting tech mantras, some countries struggle with a serious tech gap. Very unfortunate, but GDP’s do determine the speed and level of growth in countries. Not every individual has access to banks, countries are sometimes too stringent. Or too badly governed. Cryptocurrency has solved the problem of unbankables. Blockchain is helping take big jumps from development to development without having to stop at techs that will soon be rendered unwanted or obsolete.
3. Ending generational poverty
People who have been poor for so long, now need not to worry. Here’s a labor that rewards and the hierarchy is easy to climb, fairly rewarding and easily accessible. Imagine the scope of this spreads beyond the status quo, there will be no world poverty for those willing enough to work for their clubs and travel. This happens by empowering traditionally marginalized people to build wealth: could be by trading, mining, innovating or disrupting. The closure of the wealth gap and spark change on a economic, social and cultural level within impoverished communities is not too far.
4. Universal truth and Globalization
Blockchain is a vehicle for universal truth. Organizations should be able to create universal truths and eliminate the individualized bureaucracy that we see in private companies. No more internal politics. No more awkward interactions at work. No more uneasy work cultures and disparity among organisations. People will get what they earn, social factors and the influence they impinge will be on the lower lows.
5. Innovation Acceleration
The unprecedented level of technological development and innovation in this sector. People find new uses each day. The world is getting smaller, people can come together even faster and create value.
6. Networking serious solutions out of people
Blockchain is the technological melting pot of ideas. It has started to bring people along to create new and mind bending solutions to complex everyday problems through new product genesis. There is a general acceptance for everyone with worthy ideas. For the first time in history, emphasis is not on like-minded people but on the most inspiring people, idealists, fantastic misfits and geniuses.
7. Alternative Work Culture
It is hip to be tech nerd now. The tech guys make our phones and cameras after all. The no dress-code, no unspoken code of behavior makes the industry material crap-free. The only capitalism that it cares for is the one it may create, not the one that is impinged on populations by dominating organisations designed to spread loot and plunder, blockchain has allowed an Alternative Culture to develop.
It also pushes comfort over conduct. Less time spent on worrying and organizing means more time spent on creating and problem solving. Less time spent on commuting, more on computing. Less time spent in traffic, more in data traffic crunching. This has changed what working may mean to people in the future sight of things.
6. Everyone is an Entrepreneur
Great ideas will be sold faster than the next gen of iPhone as the industry becomes more and more sophisticated. The solutions to fund businesses are more than what people find in Silicon Valley. The structural issues will be far less. The entrepreneurs can self police and be their own devil’s advocate in each stage. Good ideas sell, making it a free marketplace of ideas. Start working on your project now! The time is now to gear up for such rapid growth.
7. Structural changes for the world
It has energized and empowered people to do more. The limitations of who can raise money, how money will travel, who software will be licensed among other things have changed. The paradigm has shifted. Technology is now spreading to all nations regardless their development or GDP. Decentralized banking and finance means no central banks involved. Countries with inhabitable conditions can be migrated from to countries offering asylums via blockchain ticketing and finance.
9. Transparency and Accountability
In a traditional setting of human interactions, we need to trust what people say or do. We have no way of truly verifying that they wont change what they once claimed. By providing auditability of things that go on a blockchain, we can really be sure that they can’t be changed. This means no lying, no hiding. The industry is becoming more and more sophisticated. This means more laws, lesser scams, better deals for everyone. No corruption possibilities allow it to promise us safe, fair elections and what not.
The world is changing, are you? Let us know your views down below. Share the revolution with those you care about!