Blockchain has become the most talked technology of this century. Slowly the blockchain tech has crept into our culture and way of life first by introducing itself with the cryptocurrencies, but now even in other potential aspects of our lives. However, there are many ways that the adoption of such a technology is being slowed down.
While we do understand that the blockchain technology can bring many benefits to our lives, many people still have fears that are based on rational conclusions. Some of these real reasons that are at present a deterrent for the blockchain tech:
– The tech is genuinely mind-boggling in nature to many accomplished developers, let alone simple people.
– The possibility of putting away information on everyone’s PCs gives a chilling sense to everyone that deals with financial information.
– The absence of proficient and experienced designers.
– Huge fluctuations in fees and transactions.
– Spending a great deal of cash and time on a framework like a blockchain on which you don’t have any control.
With a specific end goal to conquer all the above obstacles, we have to comprehend and embrace one noteworthy favorable position of this innovation, which is ‘the manner by which we adapt to each other when conducting business is only going to change more and more”. Due to technology taking a bigger pie out of our lives every day, each business must change how it works so it connects with clients consistently. There is no solution left for the organizations if they don’t adapt to technology, they must in order to survive in the competitive business world.
Thus, as opposed to attempting to change the world, the organizations should begin with littler applications towards blockchain and attempt to integrate it into their everyday business forms. This will, in the long run, lead them to see how the innovation carries on and how it can fit into their business.
The biggest influence the blockchain technology will have on us is in these sectors:
– The Government
The government is usually functioning behind closed curtains and many transactions are not being displayed nor are being tracked. With the blockchain tech, everything can be tracked and everyone can be held responsible.
– The Banks and Financial Institutions
This tech alone is going to revolutionize the financial industry as it brings with itself the cryptocurrencies that are now dominating the market value. Bitcoin alone is worth more than 100 billion dollars. This technology can lead the way to finally decentralize the financial system from the banks.
– The Identity authorities and certificate issuers
The real gem in this tech lies in its capability to protect individuals from many forms of theft and market manipulation. If we see an adoption of the blockchain technology in the identity department we will soon see its application in many forms of the government sector.
All in all, the technology can help us change our culture for the better, but the biggest question is how it can harm our culture and will it change it so much that we won’t be able to recognize our past from our future.