In short: It improves trust across communities with greater efficiencies!
Blockchain technology promises lower costs, improved trust and better security. It eliminates the need to work with large centralized institutions (banks, governments, exchanges, etc.) that charge so many ‘gatekeepers’ fees. Blockchains offer easy access to critical systems, improving profitability by lowering costs and promises to accelerate business. For example, two billion “unbanked” people in poverty can join an international financial system. Or as the Internet of Things (IoT) evolves, blockchains promise to manage micropayments that they will need. But who does it work?
As reported by the Gartner group, “Although there are still major obstacles to overcome before blockchain can fulfill the promise of a more robust system for recording and storing objective truth. Blockchain’s business value-add will grow to slightly over $360 billion by 2026, then surge to more than $3.1 trillion by 2030”
Blockchain technology is one of the biggest improvements in business transaction processing since the computer revolution of the 1960s and 70s. As cryptographer Ian Grigg described, blockchains are like a third entry, improving double entry accounting, which was invented in Italy by Luca Pacioli in the fifteenth century. His invention “paved the way’ for the Renaissance and its economic explosion that changed the world (see the MIT Technology Review article “in blockchain we trust” by Michael J. Casey and Paul VIgna). “It’s … ‘triple-entry bookkeeping’: one entry on the debit side, another for the credit, and a third into an immutable, undisputed, shared ledger.”
One of the biggest potential gains is from smart contracts, which promise to accelerate innovation and business processes. Not only will smart contracts lower the costs and improve trust, they promise to ease the effort required to execute contracts. As money becomes “programmable”, business innovation will accelerate and disrupt industries, including energy utilities, real estate, finance, and government. Contracts will adapt in more intelligent ways.
A.J. Boggs created Yenso to help sort out the uses of digital assets on blockchains. He will be making recommendations for investors to benefit. He is building his knowledge base and can be reached vie his email address, firstname.lastname@example.org