Topic: The two sides of the New Economy (Read 140 times)
Those who profit more from exploiting the loop holes of the old system would always be the forerunners of the opposition and paint black propaganda to inhibit the growth of any new and effective new system. As for the blockchain itself, it really is a first-mover in the world of finance and technology; it's like merging monetary services with your computer to create an even better financing schemes/services. With the way how the blockchain is designed, it will be a cost-effective solution for trades and transfers, considering that you will be removing tons of intermediaries along the way and you only need to pay a small fee, if applicable, to authorize your transaction. The transaction itself cannot be tampered by any means considering that a traditional blockchain encodes data that is publicly available anytime. The blockchain tech is really a true innovation on how Man handles things that need clarity and organization, and it could work well in handling banking and finance-related problems.
As now we all know bitcoin is just thing and it can't be used in our day to day life. The number of reasons have already been known. But what if we put blockchain technology in place of bitcoin. Yes! it is going to revolutionized.
Why do we need blockchain?
The conventional trust gap that exists in our daily life is actually increasing nowadays. Today we are not transacting with only human being but we transact with smart devices and that’s the increasing trust gap we were talking about. As per one prediction, we will have 7 times more smart devices than the human being by 2020 in the world and we will have to trust them. Another manufacturing of trust by people that includes quarter million rides that’s happening between Uber and Lyft, hundred thousand online transactions occurring per day on Alibaba, Etsy, Amazon etc., hundred fifty thousand room that is rented per night on Airbnb and we are putting our lives at risk every day.
The blockchain is not only about eliminating intermediaries but it is also about establishing trust companies that will replace every other company in the world. For example, we buy tangerines from a store based on logo/trust provided by some standard reputational and authorized companies. What if one stick that logo on those downloaded from the internet! But what we do is just trust that logo in spite of having an actual idea of where it comes from and make ourselves unhealthy. But imagine a tangerine company comes with blockchain implementation by providing QR code and when I scan that QR code it reveals all of the transactions that happened in that tangerine farm including all the chemicals those were applied to it and running on blockchain so that I know that I can trust it. Now, which tangerines will you buy?
That is the power of blockchain.
Why do we need blockchain?
The conventional trust gap that exists in our daily life is actually increasing nowadays. Today we are not transacting with only human being but we transact with smart devices and that’s the increasing trust gap we were talking about. As per one prediction, we will have 7 times more smart devices than the human being by 2020 in the world and we will have to trust them. Another manufacturing of trust by people that includes quarter million rides that’s happening between Uber and Lyft, hundred thousand online transactions occurring per day on Alibaba, Etsy, Amazon etc., hundred fifty thousand room that is rented per night on Airbnb and we are putting our lives at risk every day.
The blockchain is not only about eliminating intermediaries but it is also about establishing trust companies that will replace every other company in the world. For example, we buy tangerines from a store based on logo/trust provided by some standard reputational and authorized companies. What if one stick that logo on those downloaded from the internet! But what we do is just trust that logo in spite of having an actual idea of where it comes from and make ourselves unhealthy. But imagine a tangerine company comes with blockchain implementation by providing QR code and when I scan that QR code it reveals all of the transactions that happened in that tangerine farm including all the chemicals those were applied to it and running on blockchain so that I know that I can trust it. Now, which tangerines will you buy?
That is the power of blockchain.
It is the same for any unknown or unlearned new product or service. One camp is saying that the era of Bitcoin and cryptocurrency in general is almost over. They use standard procedures for evaluating investments in general. The old methods of prediction don't necessarily apply to the new future. The stock market and the Fed do not influence these currencies like they do with the old style of economics.
The other camp believes that the decentralized use of Blockchain technology to initiate financial movement person to person without a mediary such as a bank or clearing house is the future of the global economy. This makes good sense to many, as each old style transaction has more fingers in the pie and more opportunity for disruption and theft.
More and more companies are using the Blockchain platform to complete international movement of funds for purchases of products. This usage then tends to eliminate doubt about the technology that is present in the believers in the old style of funds transfers. As more companies accept this usage, the reputation of it will grow to be more mainstream. Since cryptocurrencies exist because of Blockchain usage, believers envision greater acceptance will be realized as the platform gains wider acceptance.
The world is changing. Changing with it is one way to grow.
The other camp believes that the decentralized use of Blockchain technology to initiate financial movement person to person without a mediary such as a bank or clearing house is the future of the global economy. This makes good sense to many, as each old style transaction has more fingers in the pie and more opportunity for disruption and theft.
More and more companies are using the Blockchain platform to complete international movement of funds for purchases of products. This usage then tends to eliminate doubt about the technology that is present in the believers in the old style of funds transfers. As more companies accept this usage, the reputation of it will grow to be more mainstream. Since cryptocurrencies exist because of Blockchain usage, believers envision greater acceptance will be realized as the platform gains wider acceptance.
The world is changing. Changing with it is one way to grow.
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