Blockchain and its Power to Revolutionize the World Economy Back
If you haven’t yet gotten to know Blockchain, you should start. It’s a distributed, open-code database that uses next-generation encryption, and it will facilitate recording and tracking of all online transactions.
Data is encrypted, using private keys with a guarantee of a chronologically ordered record, similar to digital certification, but without intermediaries. And this can definitely change the way we interact and connect our real lives to our digital lives.
This is the technology behind Bitcoin, the most successful virtual currency. Bitcoin reproduces the ease of cash payment in real life, over the web. It’s efficient and quick. It differs from a transaction using bank slips or cards, for example, which depend on several steps to be validated by financial institutions. Payment with Bitcoin can be done by anyone anywhere in the world, with no minimum or maximum transaction limit.
A decade ago, nobody believed that information channels would be decentralized. Today, millions of people are producing and publishing news on the web, all on their own. Even the world’s most powerful communications networks have suffered with the advent of this new media. This process has not yet been perfected. This decentralization makes one think of the proliferation of news, which makes it difficult for us to distinguish between what’s true and what’s false. Blockchain can contribute in a positive way, by improving the qualification of the origin of the news through its protocol and consensus and reputation system.
Internet is to information as Blockchain is to trust. The initial concepts of the Internet have not yet been completely implemented. Blockchain could potentially play the role of improving the Internet significantly, truly making it more open. The Internet of information would become the Internet of Value. It is believed that Blockchain will cause a similar revolution in various segments of the industry and in our society. The cover story of the October 2015 issue of The Economist called this technology “the trust machine.”
The technology has a trust protocol, uses point-to-point encryption, and works as a global ledger that uses a digital accounting system for everything that is transacted over the network, recording all data in real time and creating evidence that can prove knowledge, possession and inherence for transaction, in a transparent and immutable way.
Almost all operations such as moving, storing, loaning, exchanging, certifying or counting money may be implemented in a distributed manner with the Blockchain technology. And this, in the view of many experts, allows us to see a more prosperous world, where every person has the potential to be their own bank or the agent of their own digital life. According to Vitalik Buterin, the founder of Blockchain Ethereum, “Instead of disregarding the work of taxi drivers, Blockchain eliminates the need for Uber, allowing taxi drivers to work directly with their clients.
We can’t predict the future, but it’s not going to be utopia either. The cycles of technological evolution are getting shorter and shorter, and the dynamics of transformation is becoming more and more constant, changing how we manage our lives. With Blockchain, you can upload your “Avatar” to represent you in various roles and profiles that identify you appropriately, allowing you to define exactly what you want others to see. It allows you to have greater control over your digital life. No market is immune to digital evolution; what we need is to discuss the potential of this revolutionary technology. There is still a lot to understand and define around Blockchain’s governance, just like when the Internet first came around. But nobody can deny that something exciting is happening.
We are developing technology based on Blockchain so that our products and services can expand the usage potential and experience for our clients and partners. If you’d like to learn more, speak to Valid Digital Certification and get to know VALIDchain, the fastest way of diving into the Blockchain world.
Digital Certificate CCO & Global CIO