Written by: Jordan Jurkowitz
Imagine a world where you don’t have to pay costly legal fees to get a contract executed; a world where you no longer need a bank to be an intermediary for a transaction. Imagine a world where every single device with an on/off switch is connected to each other and identity theft is a thing of the past. A world based on trust.
Sound ridiculous? Think again.
Blockchain technology is revolutionizing the world as we know it. Some say its impact on our lives could be as profound as the internet. While currently most associated with cryptocurrency, that is only scratching the surface of its capabilities, and it is only a matter of time before its impact is felt on everything from how doctors track and store our medical records to how our identities are securely and safely verified at airports.
In the simplest of terms, a Blockchain is a decentralized peer-to-peer network that allows two parties to deal directly with each other without the need for an intermediary. They rely on unique cryptographic codes that provide a fully transparent, chronological order of events that is indisputable and visible to all users on the network, while at the same time protecting the identities of those involved. The benefits to this type of network are the potential cost savings they offer by cutting out a middle man, enhanced user trust as well as alleviating time delays caused by waiting for a transaction to be verified.
There is no question that there is still much to be learned about Blockchain. But one thing is clear: Whether you are running a business or just a forward thinking individual, learning more about it now will better prepare you for the world to come.
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