9 Reasons Why Blockchain is the Future

People have been talking about the potential of blockchain technology for years, yet we might actually be reaching the point where those predictions come true — it’s just that it might not necessarily be in the way that most people thought. While it’s unlikely that we’ll all be shopping with Bitcoin anytime soon, blockchain technology as a whole is having a transformative impact on many different aspects of business and everyday life.

You can make a strong case that blockchain technology is the future. In fact, you can make a case that not only is it the future, but that it’s the now. Let’s take a look at why that’s the case.

It Gets the Middlemen Out of the Way

There are instances when it’s not only necessary to have an intermediary involved in a process, but recommended.

But there are also instances when adding extra steps and extra people to a process is not time or cost-effective. That’s especially true when it comes to payments, in which both businesses and customers find that they’re paying more than they need to for a process that takes longer.

With blockchain technology, many processes remove the middlemen altogether, resulting in faster service and lower fees. That’s something that both businesses and customers have wanted for a long time, and thanks to blockchain, they’re getting it.

It’s Always Online 

Traditional systems can be effective, but they’re also subject to time limitations. If you want to get something done out of business hours or on holidays, then you’ll have to accept that there’ll be delays.

Blockchain technology is always online, and thus removes this issue. If you look at Ethereum usage statistics, what stands out is that there are millions of transactions taking place each day, around the clock. And not only is this technology always available, but it’s also fast. The average block time stands at a speedy 12 seconds, demonstrating that it’s a reliable and consistent system that all stakeholders can trust.

It’s Getting Better All the Time

Blockchain has been around since 2009, but it hasn’t stood still over the past sixteen years and counting. It’s continually improving, with constant technological improvements leading to systems that are more reliable and trustworthy than ever before.

Perhaps the biggest improvement has been in user interfaces. It wasn’t so long ago that the user experience was complicated and difficult for first-time users to operate. Today, the front-end experience has caught up a lot, to the point where even casual users can make sense of it.

And what’s most exciting of all is that these improvements haven’t stopped. In the years to come, there’s no telling what might be possible using blockchain technology.

It’s Transparent

Trust and transparency have long been a goal for businesses and customers. Yet, despite plenty of frameworks being put in place to enhance them, it’s just a fact that there are still major holes in traditional systems.

Blockchain technology has done wonders for boosting trust and transparency. With everything recorded and viewable on the ledger, there are significantly fewer weak points that can compromise trust.

This isn’t just making it easier for businesses/customers to verify payments. It’s having an impact on many other areas in which trust is paramount. For example, blockchain technology is making it easier for businesses to verify the details/credentials of customers and job candidates. It’s also being used extensively in the supply chain, making it easy to view every step of a product’s journey. That helps combat the counterfeit trade and gives peace of mind that the raw materials have come from a sustainable source, among other things.

It’s A Truly Global System

One of the chief complaints made by international businesses is that it can be challenging/expensive to send or receive payments from other countries. All too often, businesses have to pay in a foreign currency, which can make it difficult to budget accurately due to fluctuations. They also typically need to use a transfer service, which raises additional costs.

Large companies are increasingly turning to blockchain technology to make international payments. As a truly global system, it allows businesses to pay the same amount whether they’re sending money to a business located next door or one that’s based on the other side of the world.

It Can Spark Innovation

One of the more underrated advantages of blockchain is that it can spark innovation and new products. The culture of blockchain in general is open, which has led to a wide range of blockchain-based products that have a demonstrably positive application. What’s more, there’s also an extremely low barrier to entry, which means that essentially you can start building the technology without waiting for permission. In this sense, it’s a lot more meritocratic than other systems.

It’s Accessible

And in a similar vein to the low barrier of entry, blockchain is also highly accessible. There’s no special equipment needed to access the technology. An internet connection and a basic device are all you need, and there’s no requirement to show paperwork or pass credit checks. This can have a wide range of practical uses, especially for people who have difficulty accessing traditional banking services.

It’s Resilient 

The world’s dependence on technology as a whole has sparked questions about what would happen if one of the key systems went offline. We’ve seen that recently with the downtime of some of the world’s largest service providers, which had a significant impact.

Blockchain, on the other hand, is remarkably resilient. Since it’s decentralized, it’s less likely that there will be an outage, since it’s not reliant on any single point. This helps to make it more technologically reliable as well as more immune to censorship. It’s not possible for it to be shut down by a government, even if they wanted to.

It Speaks to Autonomy

Finally, in an age when autonomy and trust count more than ever, blockchain technology offers a viable way for businesses and individuals to have greater control over their assets and processes.