Ever wondered what blockchain future may look like and what it means to us as species? Whether you are an entrepreneur, investor, or just a regular human with a job and desire to have meaningful work and happy life, blockchain may change it all.
I am not going to say that I know exactly how things will play out. I don’t know that and I don’t think anyone else does either. My crystal ball broke years ago!
But I have an uncanny ability to look at what’s happening around us, connect the dots, and create a pretty clear picture of how things may play out in the future.
Being a life-long learner who enjoys discovering new things I regularly geek out on business, technology, investing, among other things. Partially because I love it. And partially because it’s my job (that I’ve assigned myself).
I’ve already written an article about why we accept cryptocurrency on our website which explains a lot about my views about this ecosystem. Today, I’d like to share with you my case how blockchain will disrupt everything in the future.
What Is Blockchain?
While I can likely write an entire book, or at least a chapter of a book, I figured it’s faster to just give you some links where you can read in detail of what this powerful technology is.
I will quickly summarize the whole thing in a sentence (or two), but first here is what IBM has to say. Perhaps, you’d like to hear from folks from BlockGeeks. Or maybe a Wikipedia will suffice. Whichever you chose you will learn a lot.
But, if you’d rather not read the lengthy posts about what it is, here is the super-basic way to view it. It’s a database shared or parsed out among many different computers on a network that provides security, utility, improved performance, transparency, and a host of other benefits.
Yes, I know that’s a super-simplistic way to look at it, as it is so much more, but in a nut-shell that’s what it is.
How Blockchain Is Changing Business?
This is a bit more exciting question to ask, as we are living in interesting times indeed.
Everywhere you look, if you are paying attention, you will notice that business after business, company after company are jumping on the blockchain train. They are adopting and developing this technology at high speeds and creating an incredibly unique disruption to how we work, invest, interact, earn, lend, and do just about anything.
From Facebook to Amazon, JP Morgan, American Express, Tencent, and Oracle. The list is ever growing with more businesses of all sizes jumping in, often in secrecy at first until they are ready to reveal their projects.
And you thought it was only the anarchists, tech-nerds, and 20-year-old geeks who like to play in this space. No! EVERYONE is converting because they see the benefits behind it.
From ability to track shipment and entire production supply chain, to making downloading and streamlining faster, to creating self-executing contracts that ensure everyone keeps their end of the bargain and gets appropriate rewarded; also known as smart contracts.
Blockchain development is one of the highest sought out skills in the business world (and likely most paid). And if you are excited about the opportunities within this relatively new space, thinking “How do I become one?”, here is the skills you’ll need.
What Is Blockchain Future?
This is where it gets very exciting and I invite you to join me on my exploration of what the future may hold… with blockchain by our side, of course!
Imagine a world where you as the investor get to track exactly where your food comes from… the farmers that tended to it, the processing company and employee that was present, the truck driver, the grocer, everyone. You can tell with certainty whether that tomato is truly organic or whether someone just slapped a fancy sticker so they can charge more. (Go ahead, admit it, you’ve wondered!)
Or picture yourself going to buy your first home. Because all of the information about the house lives on the blockchain, you can easily verify that seller owns it and who owned it before them. You can go all the way back to when it was first built and don’t have to rely on a title company to tell you whether it checks out. You get all the information you want and need by simply visiting a website, for FREE.
This part, that I just described, many title companies and realtors don’t like. Mostly because this technology disrupts their business model and makes them obsolete.
What Other Industries Will Become Obsolete Thanks To Technology?
A few come to mind right away: accountants, financial advisers, bankers, attorneys, escrow companies, auto dealers, school administration, parts of the government, and many more.
Consequently enough, these are the businesses that are also fighting so hard against this technology and refuse to adopt it. But those that don’t will perish faster. And the businesses that do will change, adapt, improve and ultimately succeed.
But if all these industries till be disrupted, why should we want to join the movement? Wouldn’t many people lose jobs?
Potentially yes. But I don’t look at it from the perspective of win-lose.
Just because you as a business owner decide to adopt blockchain in your business, it doesn’t mean that your business is not viable. Quite the contrary. It becomes cutting edge, a leader in your industry. You get to do more and likely hire more.
Blockchain, like any technology can be leveraged to improve your businesses.
Think a few decades ago… businesses were very afraid of going online. Now, EVERYONE is online, including your favorite restaurant and even a dry-cleaner.
My Favorite Thing About Blockchain Future
What I like the most about blockchain is the transparency that it brings. It eliminates the crooks of the world (fake teachers, crooked lawyers, gouging sales, to name the few). It also prevents ridiculous fees and charges we are all forced to pay now, if we want to accomplish anything, even when they really don’t offer much of a service… like wire transfer fee.
Have you ever wondered WHY you have to pay $20 just to transfer your money from one account to another?
It’s not like the bank clerk has to count the cash, put it in her car, drive across the country to deposit it into the new account. They just enter a few digits and press “send”. That should not cost $20.
How do you feel about Blockchain? Do you see a bright future in your business? Will you adopt it or try to fight it?