Blockchain is a technology which allows the distribution of digital information, but it restricts the copying of this information. It was originally devised for the digital currency ‘Bitcoin’. Now the tech community is trying to find different uses for this technology.
This article will be helpful for all that blockchain exlorer out there to get more blockchain info.
Though the technology is very complex, the concept behind blockchain is very simple. This technology allows a value to be assigned to a digital information.
Contrary to the popular belief,blockchain surpasses social media, artificial intelligence and robotics and the new-age technology. Blockchain allows storage and movement of any thing with a value like money, title, deeds, art, scientific discoveries with a high level of security.
Blockchain is a globally distributed ledger which is efficient on millions of devices and allows access to anyone and everyone without compromising on privacy and security. This raises on a question on the trust factor of blockchain technology.
Before the blockchain came to the spotlight banks, government and tech companies used to be the intermediaries for all the information on the internet.
They ensured that the digital information was secure and properly monitored. This is bound to change since blockchain technology ensures the trust factor exists between strangers and retains the integrity of the transactions.
The very fact that blockchain can be accessed and edited by many users at the same time ensures that data cannot be corrupted by an outside/third party makes it difficult to cheat.
This technology has ushered in a new generation for the internet. Just as internet was the digital medium for information, blockchain is the digital medium for value.
This technology can change the fundamental nature of banking and financial transaction. It has the ability to reduce costs and complexity of financial transactions and improving the transparency and financial regulation.
Blockchain Beyond Financial Services
Many blockchain explorers also have the opinion that this technology can transform the society in profound ways.
At first, blockchain technology can seem to be extremely complex but is an extremely efficient system.
Consider the instance of a smart contract. A smart contract is a self executing software program. A smart contract which is built on the blockchain technology can significantly reduce the cost of enforcing the contract and the settling the payments.
Another scenario where a blockchain can be very effective is the music industry. The only way artists could sell their work was through labels and with the help of technology companies.
But with the use of blockchain technology, this can be a theme of the past. Artists can directly sell their work to consumers with a built in smart contract.
This way the royalties and licensing agreements are executed instantly. Many media companies like Apple and Sony tend to gain or lose depending on how quickly they adopt this technology.
Blockchain technology has the capacity to change the face of a networked business models. It can facilitate payment systems without the use of banks and financial intermediaries.
These transactions can be carried out swiftly and at lowers costs. It can also change the reputation systems built on social and economic capital which are controlled by credit rating agencies.
This may cause of shift of power from the corporate intermediaries to the individuals. Furthermore, with blockchain technology trust less transactions can be carried out.
Two strangers who do not know each other and who do not trust each other can still enter into transactions using this technology to do business. The positives of this medium extends beyond financial services.
Blockchain in Overcoming the Intellectual Property constraints
Before the dawn of the digital age many artists and musicians suffered at the hands of large corporations, studios, publishers and recording studios.
Their compensation was limited to the clauses and contracts of corporations without which it was impossible to market and sell their work.
The digital age allowed these artists to iron out these limiting factors. Internet provided these artists a platform to market their work. But they faced the problem of digital piracy.
Overcoming this problem seemed impossible. With the advent of blockchain, digital piracy can soon be eradicated.
There is a higher chance to get the value for the intellectual property created by such individuals.
A startup company, Ascribe, uses this technology to aid artists. It allows them to upload their artwork digitally, watermark it and transfer it to the users. This way they can sell their work by transferring their collection from their portfolio directly to the user.
Blockchain to Remove Exploitative Intermediaries
Most of the companies in the sharing economies are intermediaries who connect the suppliers and users.
They consolidate the excess capacity of the suppliers of goods like cars, vacant rooms, equipment etc.
They make this available to the users by adding their own cut off value to these items.
Blockchain technology provides a medium to these suppliers to collaborate.The trust protocol of this technology allows people with common needs to come together and efficiently form autonomous associations.
This will allow a greater share of value to be allocated to the users instead of exploitative intermediaries.
The revenues, in excess of overheads costs, thus generated can be distributed among the members of these associations.
Blockchain to Change the Face of Business Collaborations
The flow of digital information has led to an increased number of tools for collaboration and knowledge transfer.
There are different types of tools available today which provide a varied range of resources to the users.
However they still face certain inherent limitations. There is still an innate need for centralized intermediaries to establish trust and manage their capability.
This system enables the implementation of the blockchain based systems.
Social networks created using this technology can provide the user with more customized functions with higher data protection and security.
With the outbreak of the internet age, corporations and business entities, had to adopt and learn to upgrade themselves to survive. The ones that failed to upgrade to the internet phenomenon ceased to exist.
Blockchain has opened the doors to the new age of internet. It is imperative that companies realize the capabilities of this new technology and explore different ventures connected to it.
In conclusion, blockchain is not just a financial service it is much beyond that. Hope this blockchain info article should have given an insight to any blockchain explorer who shown interest to read this. Share your comments below.