Block chain is the concept of a decentralized and transparent transaction record in a digital format. Though the technology is at the emerging stage, but it does have a huge potential in terms of disrupting the major industries and the way they function. Disruption makes everything interesting, doesn’t it?
The financial industry would see a lot of change because of the block chain technology as it would enable a great deal of cost cutting alternative for all the players. And that would change the way global banking functions. doesn’t it? The technology can help banks and the currencies that are encrypted would be accepted widely. Stock exchanges would be benefitted and thus shall be using block chain enabled digital ledgers to increase and widen up their equity management systems.
Block chain would originate new options concerning the industries and by disrupting existing technologies and processes. It will make transactions at each level much faster and will remove all redundancies.
This will help in shrinking global boundaries.
Government can depend heavily on block chain technology for distribution of social welfare funds to the sectors which require them. The voting procedure which is long and tiresome can also be simplified using this technology. We can, in short, conclude that we are rapidly progressing towards a future which will be governed by the positives of block chain. All sectors starting from banking to supply chain to accountancy and even the government – will have a completely new and revolutionized way of working and functioning. The existence of the middle men or the intermediaries will vanish pretty quick. We would be achieving the peer to peer economy with the help of the block chain technology which will make our transactions much smoother, faster and cheaper. The dependencies and the fear of cyber threats will reduce and the transparency will reach a new height that would have positive effects on our global economy in the near future. One of the biggest benefits I see is that the blockchain technology is a huge threat to all corrupted parts of the governments and thus the citizens will win bigtime.