Imagine you are living 10,000 miles away from home and working really hard to fulfill your own and family dreams. Every single month you want to send money to your family, you look for options to save yourself from ripoff exchanges rates and hefty fees. Soon, you might be sending widely accepted crypto currency in near future and might earn some few extra bucks because of demand. Banks earn their 40% of revenues with these kind of services.
Imagine, you are able to save few hundred thousands and try to invest in property but land into legal battle with land mafia. What if there is a decentralized, safe and public ledger of property where you can check all public record of available property from a house transfer history to court records to tax information. Last time I checked 1.3 million cases were pending in lower courts of Pakistan related to property disputes. It is believed that average case age is at least thirty year. How big impact it will have on justice system?
Imagine you are a educated concerned citizen of your home country and want to participate in local elections but unable to travel due to work or financial situations. You login to a safe blockchain based app and cast your vote for your favorite leader or party with ease of mind that your vote will not be stolen. Imagine a 100% turn out to local polls from comfort of your home. How much big impact it will have?
Imagine, your home country prime minister and his family is named in Panama papers and they are unable to present money trail and companies record but still able to rule for more than a year because of flaws in judicial system. What if there is a safe, unhackable public record of every company in the world and case is closed within weeks instead of years.
Imagine, you are living financially underdeveloped country and providing freelance services. You yearn for paypal to operate your country. So, you can eliminate the competitive disadvantage and get paid in international crypto currency without getting ripped off by third party websites and again banks.
Blockchain is revolutionary technology behind cryptocurrencies like Bitcoin and Ethereum. It proposing a smart solution to trust management without third party help. Coming from out of nowhere after 2008 financial meltdown and It giving good run to their money to huge banks, wall street and governments.
I am not a cryptocurrency evangelist but still believe that this technology will change the world for sure as internet changed the world. Back in 1995 someone said that these bunch of static pages will change the world especially information industry and newspapers and magazines will be obsolete. You might laugh on that person. That’s exactly what Newsweek editors did back then and within twenty years Newsweek printed their last paper edition on 31st December 2012 after 89 years and started focusing on digital world they once mocked.
In early days of internet everyone wanted to make a website to earn quick buck and venture capital wanted to fund their venture. That bubble busted in 1999 dot com crash but Apple, Google, Amazon and Microsoft or to some extent Yahoo were able to survive. Apart from Yahoo, All of these companies are competing to become first trillion dollar company. Second wave of tech companies were more stable and include Youtube, Facebook with wide acceptance from all walks of society.
Blockchain technology will do the same to banks and unlimited currency printing press of governments.
This technology is still in early stages like internet was during nineties. Wizards developers like twenty three year old Vitalik Buterin and so many more are developing the platforms and ecosystems. Second wave of blockchain will have more stable currencies and less Silk road and MT Gox. They will have better solutions for several industries including but not limited to banking, insurance, medical, government, bureaucracy, real estate, chain supply management, private transport and ride sharing.
Another thing to remember is banks and governments are in their current shape with thousands years of experimentation. Modern democracy is at least 400 years old and modern banks are at least 300 years old. I can promise you that change with blockchain will not take that much time.
Stay tuned and buckle up, it’s going to be one hell of ride to future.
Note: This piece is not a financial advice or prediction regarding cryptocurrencies. Kindly, Make your investment decision based on your information and analysis.
This is a guest article by Kashif Ali. Kashif Ali is a software engineer working with Adobe.