The Blockchain And The Society- Will Blockchain Replace Everything?

aashishkandel (58)in #blockchain • 7 years ago

It's funny how the generation changes. There's this old question that we all might have heard at least once in a lifetime: is it on the database? Yes, the very same question can and is more than likely to be replaced by something as: is it on the blockchain?

Blockchain as a Social Change

When it comes to the social aspect of human life, it is influenced by various factors around us. The society is influenced by various social, cultural, economical, political and ideational factors. Not to mention, technology is one of the most important factors that brings numerous opportunities. Whether it's health, education, humanity issues, food, climate etc, blockchain can bring a change in any these areas. Blockchain is the next evolution in process. We not only have transparency and awareness, we also have the ability to use the immutable nature of blockchain and the power to utilize smart contracts which is really game changing.

One big promise of a blockchain is to help the developing nations. The people of those nations that somehow rely on remittance can have a great benefit from using the blockchain technology. People who work abroad currently send their money back home using banks or other third party compliance and pay a heavy transactions fee that can go as high as 12%. By using blockchain, they not only profit from the negligible transaction fees but also cut off the need of any middle man and thus ensure reliability and security. This is one of the many ways that blockchain can help people all over the world economically ans socially. Even in the climate issues, for example, we can use carbon trading using DLT via ledger technology.

Here are some areas that could benefit socially by the implementation of blockchain:
tourism, job creation, reduce corruption, food aid program, reduce human trafficking

Blockchain as a Economical Change

The careful management of resources is what economy is. It's a boarder topic that the economists are trying to research for years. There's been an active ongoing research on finding ways to improve the economy of a state, nation or even the whole world. Many economists are looking for ways to improve the overall economy of the world so that each one of us gets a happy and phosphorous life. In this era of research and technology, some of the pioneers and speculators have already speculated the world with digital economy flourished with cryptocurrencies.

Blockchain can drastically change the financial system and the current banking system. From transaction speed to the transaction limit and fees and whatnot, out traditional/current system is far behind the blockchain technology. Blockchain technology has this power that it can do a transaction literally on a blink of eyes and you won't ever have to worry about any middle man to verify the transaction. We have already achieved some of the highly advanced technology that can handle millions of transaction per second, and also those transaction themselves will verify other transactions in the network. It will be highly efficient to see the implementation of blockchain on economical aspect of human world.

Here are some areas that could benefit financially from the implementation of blockchain:
banks, industry, big/small corporations, non-profit organizations, government, colleges/universities, commodities, energy, data management, politics, gaming, marketing, real estate, social networks etc.

Blockchain as a Technological Change

Technology is all about bringing revolution and changes that will make our life more convenient and easy. There's been a lot of revolution in technology in such a short period of time. It has impacted our lives in every walk of life. It is now very difficult to imagine our life without smartphones, computers, etc.

The real problem is not whether machines think, but whether men do.
~B. F. Skinner, American psychologists, author, inventor, and social philosopher.

It so obvious that there's never an endpoint to any development. Technology is one such never ending development. We might have achieved a whole lot of progress in this field, but there's always a question:

is it enough?

and there's always a answer too:

no, not yet.

So, what's the next revolution of technology? what is the next big step that could drastically change the way we live? If we ask ourselves such questions then the answer is always there. It's only a matter of time till we see a very promising answer. Some of the talented seers and geniuses have already found the answer to that very question. Guess what? A blockchain.

A blockchain is a technology that will cut off the need of intermediaries and help keep our data and information secured with end to end encryption. It keeps our information secure on a digital ledger which is decentralized and is practically impossible to hack. The digital ledger is distributed and runs on every single system that has access to it. The transactions constantly happen on the network and are validated by the community of participants and sometimes by the transactions themselves. It's not only about the digital assets that blockchain is trying to ease, but also all other kinds of problems like smart contracts, financial agreements, registration of identities, carbon credits, energy, votes on election etc. It is the beginning of next industrial revolution that will fundamentally change the way of life.