Blockchain Will Boom

There will be a new technology that will soon eliminate banking as we know it altogether. Thirty years ago we had movies showcasing flying cars, hoverboards, and communication devices implanted in our brains as predictions for the future. Those predictions were pretty far off, but today we have access to a technology that is exponentially more powerful than the ones mentioned previously.

Blockchain technology is the next generation of information. It is a method that challenges the traditional banking system. In the near future, blockchain will provide the main currency and information system of society, because of the declining interest in cash and distrust in government. What is blockchain and how does it work? Described by Daniel Gasteiger in a recent TEDx Talk, blockchain technology is a peer-to-peer transaction hub that operates only through its users. There is no central database or governing body.

Each transaction made through a blockchain-style network, for example Bitcoin, is reviewed and legitimized by many peers before being finalized (TEDx Talks). This means of operating is known as a distributed platform, which creates equal control for all users across the system. As seen in the image below, the distributed platform, used by the currency giant Bitcoin, is what makes blockchain technology so enticing for free markets.

People love blockchain technology because its platform is very transparent. Users on blockchain networks have access to view, discuss, and confirm any operation, but that doesn’t mean that it is easy for users to cheat the system. Better explained by IBM reporter Matthew Hooper, to fix “a single transaction record would require the alteration of subsequent records and collusion of the entire network” (Hooper).

Blockchain is very effective against the ever growing population of online criminals in the world. This rule, especially in Bitcoin, is a great tool for future business operations as companies are progressing towards team and group structures. The sense of complete democracy within blockchain is consistent with the trends of today. Businesses are shifting from traditional, authoritarian structures that often promote secrecy and deceit. With this tool, blockchain will soon lead the way in cybersecurity, and rapidly decrease the frequency of criminal hacking.

Trending along with the working class cooperating together is the distrust in America’s federal government. Now that we live in the twenty-first century, people are believing less and less of what they are being told by our government. According to the Pew Research Center for U.S. Politics and Policy, public trust in government actions has dropped from around 55% in the early 2000s to 17% this year (“Public Trust”). This rapid decline proves that Americans would rather not be involved with government in any way they can. Bitcoin was birthed out of the collapse of the economy in 2008 (TEDx Talks).

The technology was made specifically for those who want to take control of their future, and not rely on how our country is being run. With blockchain technologies being owned by the people and free of government intervention, they are the perfect solution for society at this time. There is the potential that if enough people were to utilize it, blockchain could restructure not only our government, but all governments. I predict that by the time we have a new president, people will be starving for freedom by entering the blockchain system. To me, there’s no question that blockchain technologies are the future of data storing and monetary transactions due to the global influence of the internet.

Although blockchain needs time to evolve, it is an attractive idea for people who want to take a risk, and rely less on government. In my opinion, blockchain could completely eradicate physical currency and information. Although some may ask, “Are we really on the verge of sacrificing relationships with bankers, cashiers, and doctors?” I say that with the amount of self-checkout usage at grocery stores, online shopping, and online banking, we are headed towards an exclusively digital path. Blockchain will be the next phase of the internet, and the most life-changing invention that humanity has ever witnessed.