“Blockchains are simply distributed transaction processing engines. The technology allows data to be stored in a variety of different places while tracking the relationship between different parties to that data. Most people trying to explain a blockchain like to compare it to a ledger.
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Transaction, such as changing a currency or adding a new device to a network. , They’re logged into the chain and anyone can track what happened. This is why law enforcement is so keen on Bitcoin – digital artifacts are easy to trace. “ Fortune tech, Stacy Higenbotham, May 29, 2015
What if we lived in a world where universal access to money was available to everyone? Money can move around the world at digital speed as a decentralized and collaborative peer-to-peer process – no need for a top-down banking system. Trust relationships occur automatically through digitally signed and unauthorized transactions, eliminating the inevitability of poverty. Will this be a giant step for humanity?
This is the ideal dream for technology developers. The next generation of computer networks is poised to surround the world for the greater good. Welcome to the world’s intended financial (financial) transformation.
Ignore it at your own risk.
My article in May 2016, Throne Power, Discusses the steady, often unreported, progress toward a cashless society via blockchain technology, and my thoughts on who really benefits. It could end up as a giant leap in the banking industry, gaining ultimate control over our financial transactions.
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Bloomberg article, Inside the secret meeting where Wall Street tested digital cash, May 2, 2016, Cite representatives from Nasdaq and Citigroup Inc. And Visa Inc. , Fidelity, and Fiserv Inc. And Pfizer Inc. And others present.
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Enter 2017 and the documentary produced to inspire and excite: The Blockchain and Us. Some say that 2017 will be the year when this technology will go mainstream; Others say it’s just too risky.
The informative documentary features “leaders” from countries around the world glorifying the virtue of open source money, grassroots roots, and the bottom-up cultural game-changer that Bitcoin started in 2008. Blockchain technology and its potential impact are similar to how the introduction of aircraft has transformed society; The structure of the financial services industry, alone, is said to be 100% digital within 20 years. Additionally, blockchain technology is expected to:
- It affects every industry as a “value” platform with military-grade cryptography
- Creating a paradigm shift in technology, an opportunity capable of “lifting people out of poverty”
- Understanding what they called “smart” contracts
- Make a profound transformation in how the Internet is used to create new forms of value and new ways of dealing with value
- More jobs generated due to automation
There you have it … Blockchain and us. However, naysayers, like me, cannot see proper personal gain. Are we giving up the petty financial privacy we left over the cash for the Goliath banking sector? It comes to my mind that we might not have a choice because the “little” people seem to be just units of revenue throughout the journey.
However, using cash and pay-as-you-go has clear and perhaps not very clear benefits:
- Privacy of transactions
- No bank interest fees (overdrafts, credit cards, loans, lines of credit, etc.)
- Possibility of a 5% discount to the seller upon request
- Fiscal responsibility ruined by credit use
- Easy credit encourages limiting the instant gratification mindset
- More personal time when coping with debt means working harder / faster
I believe that living in a physical world makes it easy to forget that the full definition of wealth includes more than just accumulation. The intangible wealth of personal well-being and peace of mind is invaluable until it is ignored and underestimated. Instead of a utopian dream, imagine this: we are no longer making purchases that we don’t need, with money we don’t have to convince people who really don’t care about us. If more people become accustomed to using cash, we can strengthen our money management skills in order to build real wealth, and also send a message to those who own gold.