Blockchain Technology
Creating a Fairer, Safer and Inclusive Global Economy
It’s true when they say that the internet came along and created a smaller world. Geopolitical boundaries and laws were broken and it was exciting to know that we could finally interact with old friends, make new friends as well as see other parts of the world without the need to travel.
However, it also came with advantages such as internet fraud and control by central authorities. The internet is convenient and important but not completely safe and fair for the global participants. Data breaches are imminent as people cannot control or benefit from the data they generate.
Doing business across the globe can also be extremely complex and tedious, especially when it comes to cross border trade and transactions. Hurdles usually range from inefficient logistics, complex supply chain and lack of transparency. Corruption usually takes center stage and by the time the product or service reaches the end-user, it will probably cost three times as much as it is supposed to. Unfortunately the poor are most affected by these developments.
What is Blockchain and how does it help solve these problems?
Blockchain is a decentralized and distributed Ledger enabling digital transactions that represent value. The ledger is accessed by different parties across the network in a secure and synchronized manner, and once information has been recorded it cannot be altered. Blockchain eliminates the need for third parties and offers data security without compromising integrity. Blockchain is the future and it has the potential to do to the financial system what the internet did to the media.
Blockchain proposes decentralized internet and platforms such as Ethereum have been pioneers in this global shift of putting data back in the hands of the users and away from central authorities. According to ethereum.org, Ethereum is a global, open-source platform for decentralized applications. On Ethereum, you can write code that controls digital value, runs exactly as programmed, and is accessible anywhere in the world. In short, Ethereum is the world computer and anyone is free to participate.
A blockchain-based internet has no central authority, which means there is no point of failure. People can also be assured that the data they generate is secure through the use of public and private key cryptography. Participants on the network can be incentivized for doing good work through cryptocurrencies Ether, which is the native currency of the Ethereum Blockchain.
People without identification can also receive a digital identity and part of the global economy. With blockchain technology, everyone can have access to financial resources.
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Disclaimer: The views expressed by the author above do not necessarily represent the views of the Ethereum Foundation.
