Do you remember the old times??? Sitting in the living room and calling your friends with a fixed line, Posting new years cards in the post office and going to the library to search more information about some subjects. It only seems like yesterday...
The world around us is changing very fast.
On this current day modern technology made it realizable for all of us to communicate in a matter of seconds with each other no matter how far we are. People in connection with other people from over the whole world and many different cultures that finally meet. This is possible via various channels such as email, voice and video calls, pictures, social media and instant messaging and goes in a very easy, fast, trustful and secure way.
But when it comes to sending money, this is a completely different story. When people want to send money to each other, they have to call on a 3rd party to implement their transaction. This person or group of people must be very reliable and have sufficient knowledge of all kinds of administration. (in this case: the bank)
These banks therefore have a monopoly and this also means that you are completely dependent on them. So you will have to pay fees for every transaction and follow their well-defined rules about withdrawing and depositing. The funds will not be very easy to withdraw completely at any time so you will not have complete power over your own capital and if for some kind of reason their integrity was comproimised in some way you would loose everything.
BUT TODAY WE LEAVE THIS IN THE PAST!!!
Blockchain technology will change all this in a super radical way. It will facilitate everything in every sector of the world!!! Through the use of mathematics and cryptography they achieved creating a public and incorruptible online ledger which can be accessed by anyone with internet and not owned by any authority or financial institute (=decentralized). This can not only used to record financial aspects but also for any transaction involving value like money, goods and even property! All possible in a very encrypted and fast way unable to cheat on because of the decoded system.
This is a picture that will make it more clear:
This means that we will need no more middle man for all our transactions to complete. The blockchain will automatically do all this for you. So no minor mistakes could be made and you don't have to wait 3 days before you have your money. You pay lower transaction fees and you will receive your money within the hour. The main advantage of all this is that you will have 100% disposal of your own funds at all time and you will be more independant.
SOURCES:
https://www.weforum.org/agenda/2016/06/blockchain-explained-simply/
https://www2.deloitte.com/ch/en/pages/strategy-operations/articles/blockchain-explained.html
https://www.lifewire.com/blockchain-explained-4150034
PPICTURE SOURCES:
https://nj.alumni.columbia.edu/jkd7/fall_lecture_series_cryptocurrency_blockchain_technology
http://www.cuelogic.com/blog/top-industries-likely-to-get-disrupted-by-blockchain-technology-middle-man-not-needed/
https://twitter.com/digicatapult/status/708204654593753088
- digicatapult
MORE CRYPTO-HELP:
https://steemit.com/created/crypto-help