Five predictions for how the blockchain will transform society

The author is Daniel Newman, the CEO of Broadsuite Media Group, the chief analyst of Futurum and the author of Futureproof.

My prediction: time when seems that we won't survive without blockchain will come.

For now, the technology which once was less known force standing behind bitcoin sees the light. Actually, what has begun generally as safety tool for cryptocurrencies, promises to protect practically everything even more — from music to mortgage loans. And as Internet of Things (IoT) continues to extend, this level of safety and speed will be necessary for maintenance of our world. I have given below five possible ways on which the blockchain will conduct digital transformation of our society on the following level.

Day without banks and their robberies

It is possible — and the speech not putting money under your mattress, like the good old days. Force of a blockchain can exclude in essence "the average person" from financial transactions, such as loans, bank transfers and other services for which the unreasonable transaction commissions often are required. And I don't say that it is necessary to get rid of bank operators. I speak about ability of a blockchain to turn all currency in digital so that it wasn't necessary to store or protect her any more. Even apart from bitcoin, the blockchain can be used for development of local currency or the international money — depending on requirements of branch or the user. Though if you think that big business in the form of large financial institutions of the country will insist against a blockchain because of his potential and to try to sideline him, then you are mistaken.

Researches show that 65% of banks in the next several years plan to introduce at least some form of a blockchain. Here how powerful became this technology.

Good-bye, commissions on currency exchange

I have a girlfriend who tried to send money to Bangladesh recently to help some persons in need. When she has talked to their bank and has found out the transfer commission, it has turned out that recipients will be reached by the sum much smaller, than initial means which she intended to send. Ways of a currency exchange are that and governed for international transfers. However the blockchain and its perspective "boundless cryptocurrencies" could facilitate business relations with other countries. Not only that it will be more simply and quicker, he still will have less intermediary organizations which want to receive the commission. It encourages as in respect of the international business, and international aid and also for the money transfers sent by immigrants from abroad to native families. In my opinion, it also is what means digital transformation — to help clients and users to live better — and to keep more than that money which they earn.

Products – from the producer to the consumer

The system constructed on the distributed register can write down sending goods in the form of transactions on each step of a travel of a product. What does it mean? Now the companies can trace history of goods and its quality – beginning from his raw materials. It is good information which allows the companies to estimate better as their sellers manage with goods as it influences quality and as precisely in and any time to define any problem with quality of these or those goods. Imagine how it would be good to know precisely from what factory of cotton fabrics there were your jeans — quality of cotton and even date when it was removed from the field. Yes, the blockchain can receive such details. Also there are no chances and to change this story, so, that producers / sellers won't be able to avoid responsibility for the inadequate handling of goods.

Safe data

Considering the volume of data with which it is necessary to deal during an era of the Internet of prophetic (IoT), safety is the main problem for all. With a blockchain such problems practically approach finishing line. The integrity of data is guaranteed — it is impossible to block or change data, without being found.

Cloudy storage

Considering the huge force of a blockchain, it is no wonder that many of today's large technical players, such as Microsoft, Amazon, SAP and IBM, have submitted the version of "blockchain-as-service" which offers the cloudy services. It is a pity if you have already made the investments in protection of virtualization. However safer, easy and fast way of storage of your data in safety — BaaS will appear soon.

Yes, the blockchain is one of those terms which many people still don't understand — also don't understand yet how to use him. However next year I expect huge advances in availability of technology a blockchain and BaaS — both for our companies, and for our life. Remain with us — all will be very interesting.