Blockchain technology is slowly erupting out as the technology of the future as developments are being in order to improve it at a very rapid pace. While its biggest use-case is seen in the case of cryptocurrencies, it is something that can prove itself to be valuable in other areas as well besides finance, especially where transparency and trust are of prime importance.
The decentralization provided by blockchain essentially removes the need of the middleman from a network and overall, the trust is not put in one single party, rather it is put in the network as a whole. So, are there any other areas and sectors of every day life which can get benefit from the possibilities provided by blockchain? How is this technology expected to evolve from where it is currently standing.
The Founder and Chief Executive Officer of Mycro, André Bruckmann, recently got in touch with BlockPublisher as he gave his insights into the world of blockchain. The following Q&A depicts the narrative presented forward by André.
- Which industries can benefit from blockchain?
André: “Blockchain is the decentralization of trust. This will lead to a value flow without intermediaries and will built big benefits for example banking, healthcare or real estates. But i think people will feel the benefits of blockchain most in the collaborative economy where a replacement for middlemen is urgently needed to really grow them.”
- Is it the new internet?
André: “The Internet has democratised access to information in an unprecedented way, but the for it price is high. The big internet players have great control about us by owning our data. The evolution is a decentralized internet and could be the way to free ourself from the power of big players by 100% owning our own data.”
- How do you see it evolving in the future?
André: “I believe that the really interesting improvements in the world come from business models that are only made possible by Blockchain. Just think of a decentralized solution where all the people in the world vote on something that affects all of humanity such as climate change.”
The workflow of the world as we see around us today is highly centralized. From social media to the governments, centralized framework largely govern the flow of power. With blockchain, this can be totally restructured. Decentralized social media platforms can be developed that give users complete control of their data. Governmental projects and fundings can be put on blockchain so that the transparency of operations is maintained. Same can be done in the case of elections.
The prospects provided by blockchain are limitless. Its only seems to be a matter of time before we see it incorporating in various industries linked to our everyday life.