You would have definitely heard of blockchain unless you have lived under a rock for the last few years or completely boycotted all news about tech. That’s how big the technology is. But few know what it really means to the world.
What most people know that it is the technology that crypto’s are based on. In fact, it came to the limelight due to the invention of Bitcoin. While it is the biggest contribution it has mad, its future contributions will dwarf the invention of Bitcoin because Blockchain is more than just Bitcoin or cryptos, it is a technology that can change everything.
Blockchain is a new way of storing information. It is like a virtual ledger shared by different owners on a chain of networks. Any changes made to the ledger will automatically make changes in the whole of the chain and is cryptographically verified. This makes it the ultimate enemy of bureaucracy, using smart contracts to eliminate middleman, giving complete power to the users instead.
Money transfers will be faster
Transferring money abroad is still a pain in the butt. With all the technology that exists today, you might think it’s like snapping your fingers, but it’s not. With blockchain however, things will change. Unlike traditional methods which uses the SWIFT messaging system to transfer funds, blockchain will automatically verify all the compliance and ID checks reducing the time and cost of sending money abroad.
Real Estate dealings will get better
Blockchain will be a game changer in the real estate sector. Little do people know how much of a change this piece of tech will bring about in the real estate business. The current state of the real estate market is messy. You need to take months of grueling paperwork and costly lawyer fees and in countries like the UK, you may be even rejected after accepting the offer due to a higher bid.
Blockchain will make real estate dealings much easier. It will overcome the vacuum in the business caused by lack of trust. Let us take a property on sale for instance. With blockchain you can trace the history of ownership of the property and make sure you are not being duped. Contracts will also be made simpler through smart contracts and cheating will be nearly impossible and middlemen will be unnecessary in the whole affair. So blockchain is set to change everything. But the question is, is the world ready for it?