The digital currency revolution will have a lot of impact on the digital and physical world. A lot of devices will be connected to each other via near-field communication (NFC). Devices that are carried by our side or are worn on our body will contain information about our preferences, possibly our current state of health and most likely all our personal records including how much money we have. We may not need to carry physical wallets and identity cards anymore.
These devices will monitor us and improve our experience in every aspect of our life including medical care, education, and financial services. The blockchain technology can play a major role in lowering the cost of financial services via cost sharing through mining, and therefore, financial institutions can reach out to the unbanked and underbanked, as well as those that require lending and fund raising. All these can be done via the peerto-peer network of cryptocurrency, either decentralized or distributed.
Financial services especially banking will likely be disrupted and margin will be affected as what eCash was set out to do in the early 1990s. A second example is the use of smart contract for a sharing economy. We will be able to share our assets such as cars, hard disks, and computer memory that we do not use and rent them out to others for a fee. Smart contracts via the distributed peer-to-peer network will make all these possible in the future. This will ensure that infrastructure need not increase but excess capacity is used efficiently.
The desire to own entire assets will be less as more peer-to-peer digital assets or digital trusts can be held by the crowd via blockchain technology. There is also the possibility of time banking so that the cryptocurrency is stored in hours of work. One can then trade with the time spent in, say, palliative care when one is young, and then, the same person will be entitled to such care when he or she gets older with the hours that have been deposited.
While these can be done with a centralized system, a distributed or decentralized blockchain system has unique advantages especially in terms of distributed computing. Cryptocurrency may not replace the fiat currency, but its blockchain technology will certainly have an impact on the welfare of the people and perhaps even out the inequality.
These devices will monitor us and improve our experience in every aspect of our life including medical care, education, and financial services. The blockchain technology can play a major role in lowering the cost of financial services via cost sharing through mining, and therefore, financial institutions can reach out to the unbanked and underbanked, as well as those that require lending and fund raising. All these can be done via the peerto-peer network of cryptocurrency, either decentralized or distributed.
Financial services especially banking will likely be disrupted and margin will be affected as what eCash was set out to do in the early 1990s. A second example is the use of smart contract for a sharing economy. We will be able to share our assets such as cars, hard disks, and computer memory that we do not use and rent them out to others for a fee. Smart contracts via the distributed peer-to-peer network will make all these possible in the future. This will ensure that infrastructure need not increase but excess capacity is used efficiently.
The desire to own entire assets will be less as more peer-to-peer digital assets or digital trusts can be held by the crowd via blockchain technology. There is also the possibility of time banking so that the cryptocurrency is stored in hours of work. One can then trade with the time spent in, say, palliative care when one is young, and then, the same person will be entitled to such care when he or she gets older with the hours that have been deposited.
While these can be done with a centralized system, a distributed or decentralized blockchain system has unique advantages especially in terms of distributed computing. Cryptocurrency may not replace the fiat currency, but its blockchain technology will certainly have an impact on the welfare of the people and perhaps even out the inequality.
0 comments Blogger 0 Facebook
Post a Comment