Did you realize how fast the world around you is changing? Just 15 years back, you went frenzy while playing Snake in your Nokia 3310. Who could have imagined you could even play games on your mobile phone. Now AIs can make a phone call almost in near perfection manner.
But still, we use the “old” money for trading. As of June 2017, almost 3.2 billion people have an internet connection. The world needs a NEW MONEY!
People are already seeing the future economy dominated by the new internet money – cryptocurrencies. Blockchain will change the world! But how? People will naturally change it – we, humans always evolve.
You still seem pretty confused. Let’s try to find out the WHY first. Why will people choose the new money over the old one?
We will have to open up our minds for a bit now.
Is Our Money Outdated?!
Let’s assume a world where no money has been invented yet. But we have an infinite number of needs, that’s pretty basic. You need to fulfill all your primal needs like foods and clothes. But you cannot make all of them by ourselves.
We start trading, right? This is where the concept of money comes to the picture. We give the trader a commonly accepted valuable entity and take the product or service that will satisfy our needs. Here, a third party validates the trade and worth of the entity that we traded with.
In the traditional method, the third party is the federal banks who issue “money” which is the valuable entity in our consideration. But the federal banks don’t share their records with the public and controls the overall economy.
Moreover, the transactions are often unreliable. As a result, financial fraud cases occur.
The problem doesn’t end here. Each country has a different currency of their own. So, there is no unified currency. People have to go through troublesome hurdles before they can use their money in a foreign land. Transactions take days.
Plus, the “all-seeing-eye of government” keeps track of every single penny you spend. Who wants someone nosing his business? It’s a breach of someone’s privacy.
So, we human race need a better-sophisticated method which will eradicate all of these problems.
Who will be the Superhero here? You guessed it right! It’s blockchain!
How Blockchain Will Change the World
The blockchain is a decentralized database where all the transactions are stored and validated that has value. However, the value can represent anything at all like money, lands, jewels, etc. Forbes is already seeing the future and putting its faith in the new money. They believe blockchain will change the world.
What kind of benefit does it beget?
Everybody has complete trust on the blockchain database as it’s not governed by any single organization meaning it’s open. With the blockchain technology, you can send cryptocurrency directly to its receiver which the indulgence of any third party. Thus, it completely makes them pointless as you don’t need the banks to validate anymore.
No central bank can control your money anymore. The whole blockchain system is autonomous. Over the past years, we have been seeing the unimaginable dominance of Google, Facebook or Amazon in the market. Now they have personal data of almost everyone in the world!
With the cryptic # function, all the transactions are cyphered and none can keep track of your money. Only you have the control over your money.
An Unbreakable Safe!
Blockchains are completely immutable by nature. It’s impossible to alter or change contents inside a block. If someone tries to tamper with it, all the nodes in the system will reject it instantly as it violates the consensus.
Say Goodbye to the Financial Frauds!
All the members of the blockchain eco-system have a copy of the complete blockchain. So, if a new block is created after any transaction, it is sent to every node of the blockchain and everyone validates it. You can call it a ginormous ledger where all the transactions will be available and everyone can access it. Finally, a financial system that is truly open.
Embrace the Tomorrow
The blockchain growth has been rampant is past few years. You’ll see a lot of Blockchain applications recently. You can buy cars, homes, to healthcare services with cryptocurrencies now. Considering its ever-growing popularity, it can be simply assumed that blockchain will change the world as it solves every single problem the traditional money system has.
Let us know your thoughts in the comment section below.