The Probable Impact of Blockchain Technology
People all over the world are talking about the hype that involves various discussions about blockchain and blockchain technology. The recent development in this field has encouraged the people and organizations that are related to various financial activities, directly or indirectly. You should also feel the pleasure by the recent report of World Economic Forum that claims that 10 per cent of the world's GDP would be stored on various block chains or the blockchain technology. This claim is not a joke, and that is why everyone involved in such a business must consider this claim seriously. However, people all around the world are still not fully aware of the terms, and they still require some idea as of what this technology does.
The people, who understand the utilities and power of Block Chain, term it as the 'Internet of Values.' The claim may or may not be true. However, the new tech enthusiasts would need some clarification to develop an understanding of the valued technology with loads of possibilities and promise.
Sharing information and various other things through the Internet has become a part of everyday life worldwide. The same thing can be done for transferring value using the Internet. The term 'value' should be referred to as 'money' here. At present, we cannot think anything except banks and other money transfer platforms when it comes to transferring money from one account to another. PayPal has been one such platform that the users need to integrate to their bank accounts for sending or receiving money. It won't be wrong if you term the banks and other financial services as 'middle man'.
The revolutionary idea of block chain technology does not confirm the idea of this 'middle man' anywhere. The technology is powerful enough to do the same transfer of money. The technology does everything by three separate roles, namely recording the transactions, establishing the identity, and confirming the contracts. The effectiveness of the technology can be measured by the fact the transfer is accurate, and it is faster than any other method of transferring money men have used till date.
There is no doubt that the market of financial services is the biggest and the most preferred by people from all walks of life. The block chain technology has the power and strength to replace the financial services. It can do the same by enabling bulk and individual transactions. It has the required potential and efficiency to manage such transactions easily.
The term 'Block Chain Technology' came into existence a few years ago when it was associated with Bitcoin, the virtual currency that is also gaining popularity these days. It increases the value of the currency as well. As per the estimate, the value rose to more than $1000 between the years 2011 and 2013. This is incredible in the opinion of the experts who have a great idea for the successful operations of Blockchain Software. The world is standing on the verge of another revolution that can bring more freedom for transferring money from one account to another without using the traditional methods.