How Blockchain will end Middlemen

How Blockchain will end Middlemen

How Blockchain will end Middlemen 2560 2560 Marketing Agency in Los Angeles

When bitcoin was launched in 2009 with so much excitement, nobody anticipated that that will be the moment that money and all the things that came with it would change eternally. It was something unreal to us. The idea of digital currency was brought to life in that year suddenly people were storing money on their digital wallet for values much more than the dollar or any other currency for that matter. However, despite the novelty of this invention, bitcoin did not enjoy a large recognition among corporations. This is what eventually led to its fall in the value in recent times. However, the most amazing thing about the digital currency is the technology behind it. That is the Blockchain technology.

The Blockchain technology is unique which is seen in the way which he eliminates the need for a middlemen in different types of transactions. These transactions would most likely include banking transactions and so much more. The beautiful in this emerging technology is also seen by the founder of Blockchain Capital. Brock Pierce believes that in time, this technology will have an impact on this world. This impact would felt like never before and the world will never be the same again.

NO MIDDLEMEN NEEDED

Before the coming of the Blockchain technology, all activities which are commerce related had to be done with a middleman. These middlemen could come in different forms such as a broker or a bank. The presence of the middlemen can be seen whenever you make a transaction or purchase.

This is all about to change. This system which is very much centralized has now be replaced by a system which is decentralized at its roots. All records which are stored using the Blockchain technology can be easily traced due to the fact that they are connected to one another. It is literally impossible to have any records entered to be deleted through whatever means.

HOW THE BLOCKCHAIN IS TRANSFORMING THE WORLD

Although the initial purpose of the Blockchain was to run the bitcoin, the Blockchain technology is primed to be used in various other forms of transactions which subsequently leads to much faster and better services for clients.

However, the use of the Blockchain technology would lead to a lot of innovation in the financial world. It is set to change the way the financial world has been patterned for centuries and to solve all the recurring problems which would seem impossible to solve with the current status quo.

Another place where the Blockchain can be used is the banking industry. This would help to modernize the bank system with computer record systems which are simply more effective. When Blockchain technology is used in the banking systems, it would lead to banks using less office space which would lower costs.

BLOCKCHAINS AND SMART CONTRACTS

If you think banking is such a big innovation for the Blockchain technology, then you would be surprised to know that the banking industry is simply the beginning. The elimination of middlemen by the Blockchain means that in time, the Blockchain technology would expand its wings and include the use of smart contracts. These smart contracts would come with clauses which would be directly integrated into the Blockchain. You can see an example of this in Ethereum who has built a platform which runs smart contract clauses for the purpose of crowdsourcing and so much more.

The use of smart contracts would transform the legal sector of the industry. Wills which are created with the use of the Blockchain would be executed immediately after the death of the person. When legal terms are changed to the algorithms of the Blockchain technology would also change the type of lawyer which you would use. You would have to find the services of the lawyer who knows how to use and understand concepts relating to the Blockchain technology.

The Blockchain technology is not done. It would also have an effect on the music industry. Most artists do not make a lot of profits from selling their music due to the fact that as most of the money made goes back to the publisher of the music. This would be a thing of the past with the emergence of the Blockchain technology. Currently, there are plans to make it possible to make payments to the musicians directly.

BLOCKCHAINS AND ITS BRIGHT FUTURE

It is also important to note that while the potential for the Blockchain technology is bright, it also has a lot of issues. Due to the fact that you cannot eliminate anything which has been recorded on the Blockchain technology, the ledger used by the Blockchain technology would keep on increasing without any way of reducing in size. Also, because everything that is being put into the system has to pass through a verification process, the process is very long and can be very tiresome.

Despite all these complications, the Blockchain technology has a lot of potential as regard to storing and tracking data. In the near future, the Blockchain technology is primed to offer a better option for making transactions which would have otherwise been handled by your banks.

It is good that the bitcoin is no longer directly affiliated with the Blockchain technology. This is due to the fact that bitcoin seriously limits the growth of the Blockchain technology. It remains to be seen how banks and institutions will adapt to the emergence of the Blockchain or leave themselves facing future difficulties.