Potential implications of blockchain technology include:
The utilisation of smart contracts, this will remove the need for middlemen in any transaction.
The creation of DApps
The ability to create trustless systems (again no middlemen)
Digital data aggregation
Digitisation of identities and assets
Automation of responsibilities through the use of smart contracts which can reduce expenses for organisations and allow entrepreneurs to run businesses without the need for employees or freelancers.
Organisations can provide services without asking for identification, again thanks to smart contracts and digitised identities.
The use of automated “smart contracts” which eliminate the need for middlemen or employees
Quick and easy fundraising for businessmen through ICO’s
Blockchain technology which allows a company, organisation or application to be decentralised (uncontrolled) which will increase trust and efficiency.
Distributed super-computing which is when people can donate their computing power to organisations and get paid in return. Imagine getting paid to let a scientific organisation use some of your power? Instead of you paying for your power bills you get paid instead and for a good cause!
Sectors that blockchain technology can cover:
- E-commerce
- Financial Technology
- Super computing
- Health sector
- Online payments
- Payroll and human resources
- Banking
- BOINC and distributed computing
- Investments and fundraising
- and so much more
Blockchain technology is truly revolutionary and we have barely scratched the surface.
Please contribute to the list by leaving your Take on the Blockchain in the Comments Section
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