Systems aligned with blockchain can greatly help to improve industries, starting with insurance and banking. Notwithstanding, its impact being much broader. From the past two decades, cloud computing, internet and other related technologies have had a huge impact on a number of aspects of society and business today, and these advancements have helped people and business entities in becoming more efficient also having enriched the lives of many people, but, the normal process of how parties form agreements with one another has not been updated since the start of the 21st century and with every new generation, there have been added processes, middlemen, and diverse layers to our formal transactions.
The technology underlying Bitcoin was provided the cryptocurrency by the blockchain which has been a hot topic ever since with rising interest in businesses, law enforcement settings, and in the society as a whole, being an entirely new framework for business and having the potential to minimise the intricacy and economising business processes.
Each time valuable assets are transferred from one party to another and you need to know any information regarding terms of business contracts or anything of that sort, blockchain technology comes into play.
The feature that is actually transformative for around two billion people in the world at present is that Blockchain enables people to exchange money or buy insurance safely without bank account, even across national boundaries, which aren’t offered adequate facilities by the financial institutions.
This technology allows people to record simple and enforceable contracts without any lawyer, thereby helping the sale of real estate, stocks, event tickets and nearly all kinds of rights and property without any intermediator.
Institutions, along with people, can resort to blockchain in order to save binding promises and public records.
The most desirable advantage of blockchain technology appears to be the inducement it creates for the participants to work factually where rules are applied equally to all. We understand that some corrupt uses of blockchain technology are perhaps inevitable, but, as an infrastructure that enhances society’s public records depository and strengthens participatory and representative legal and governance systems, blockchain technology holds the potential to improve privacy, freedom and security of data conveyance, which certainly ranks up there with life, autonomy and the pursuit of happiness.