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April 11, 2018, 03:10:53 PM |
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As now we all know bitcoin is just thing and it can't be used in our day to day life. The number of reasons have already been known. But what if we put blockchain technology in place of bitcoin. Yes! it is going to revolutionized.
Why do we need blockchain?
The conventional trust gap that exists in our daily life is actually increasing nowadays. Today we are not transacting with only human being but we transact with smart devices and that’s the increasing trust gap we were talking about. As per one prediction, we will have 7 times more smart devices than the human being by 2020 in the world and we will have to trust them. Another manufacturing of trust by people that includes quarter million rides that’s happening between Uber and Lyft, hundred thousand online transactions occurring per day on Alibaba, Etsy, Amazon etc., hundred fifty thousand room that is rented per night on Airbnb and we are putting our lives at risk every day.
The blockchain is not only about eliminating intermediaries but it is also about establishing trust companies that will replace every other company in the world. For example, we buy tangerines from a store based on logo/trust provided by some standard reputational and authorized companies. What if one stick that logo on those downloaded from the internet! But what we do is just trust that logo in spite of having an actual idea of where it comes from and make ourselves unhealthy. But imagine a tangerine company comes with blockchain implementation by providing QR code and when I scan that QR code it reveals all of the transactions that happened in that tangerine farm including all the chemicals those were applied to it and running on blockchain so that I know that I can trust it. Now, which tangerines will you buy?
That is the power of blockchain.
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