Blockchain has already brought positive benefits

The blockchain revolution has already begun to take hold

Cryptocurrency and blockchain technology has the potential to radically transform our entire world.  They have already begun to do so.  US Senator Judd Gregg recently remarked that bitcoin could alter the world, according to Coindesk.com

For the first time, human beings no longer need to rely upon centralized third-parties.  Large centralized organizations have a strong tendency toward becoming corrupt and controlling the actions of those whose business they intermediate.  The larger the centralized organization, the more power it has.  The more power it has, the greater the potential for corruption and overall detrimental impact upon society. 

Blockchain makes banks irrelevant

Banks are the quintessential example.  Given near total control over the personal finances of the population and broader financial markets, banks like Wells Fargo, JP Morgan Chase, Deutchebank, HSBC have ample opportunity and incentive to rig the system.  They have been caught doing so time and time again.  

The consequences of such corruption are virtually non-existent.  They receive a slap on the wrist in the form of a small fine and continue business as usual.  As I’ve written about previously, HSBC, for example, was caught laundering hundreds of millions for deadly Mexican drug cartels.  They still conduct business today as if nothing ever happened.

Cryptocurrency transactions do not require a bank.  They only require two users with private wallets.  Transactions happen much faster and at much lower rates.  The bitcoin blockchain is immutable and transactions cannot be reversed.  While semi-anonymous for users, all transactions are still transparent and bad actors can be seen and potentially routed out.  

The distributed nature of the network makes attacking it all but impossible.  The encryption inherent in such a cryptographic coin makes hacking it equally implausible absent a quantum computer. 

The true potential of blockchain tech

But banks are only one example of how blockchain will put power back into the hands of the people.  Countless other examples abound of technology entrepreneurs endeavoring to create a better world on the blockchain.  

Steemit.com, for example, is the world’s first decentralized blogging and social media platform.  Steemit rewards users for their interaction and contributions with STEEM, a cryptocurrency native to the platform.

In addition, existing centralized platforms have begun to embrace the blockchain revolution.  They have no choice.  They must do so in order to stay relevant.  Otherwise, they risk becoming obsolete.  

Minds.com, for example, has announced its plans to introduce a cryptocurrency that will be native to the Minds platform.  Similar to Steemit, users will be eligible to receive this cryptocurrency.  While Steemit rewards users with STEEM directly, Minds offers “points”.  These points will soon be exchangeable for crypto. 

All things considered, the blockchain revolution has only just begun.  The new technologies, new jobs, and new freedoms that have already been created will continue to increase and multiply.  The world as we know it will never be the same. 

#Blockchain is the next frontier for #digitaltransformation. Here's how it works. pic.twitter.com/INsHQBJZt6

— Microsoft (@Microsoft) October 24, 2017