Understanding the Revolutionary Power of Blockchain Technology

February 26, 2021

Share on:

Facebook share Linkedin share

Control and Ownership of Your Personal Data Belongs to You

Imagine a future where two parties that have never met, can interact and transact – almost instantly – using a safe, secure, and trusted technology, and the same currency, even if they are in different countries. With no intermediary involved in the transaction- charging us while providing little or no value, all the while accumulating mass amounts of personal data to use however it wishes, including to influence and manipulate our online behavior.

This just the beginning of what’s possible with blockchain technology.

You’ve probably heard about blockchain by now – which means you’ve probably heard that it’s going to change the world – and here’s the thing – it will.

To understand the revolutionary power of blockchain technology, we first need to talk about what needs changing.

It’s Time to Change the Internet and Now It’s Also Possible

The internet brought limitless opportunities for people to interact with each other from anywhere in the world. But how could you know for sure who you were engaging with or that the information you were sharing was secured? Without inherent “trust”, the internet’s full potential could never be realized.

Commercial intermediaries quickly filled these roles – supposedly to provide individuals with “secure” and “convenient” online services. While these companies inserted a level of trust that enabled the internet to grow, it came at a cost.

We’re forced to play by the rules that others set for us.

We don’t own our digital identities or the data we generate online.

So how can the internet be modified in a way that empowers individuals to safely and securely exchange value without having to rely on exploitive middlemen? The answer is blockchain technology.

What Is Blockchain?

Blockchain is the combination of distributed ledger technology, cryptography, and consensus mechanisms. When combined, these technologies create a network where digital assets and data are securely stored and safely exchanged by the individuals without the need for intermediaries – making the network significantly easier to trust, and exponentially harder to attack.

Characterized by fundamental principles of transparency, security, immutability, and privacy, new applications can be developed using the technology as its foundation – tapping into all its benefits.

One of the most widely adopted blockchain applications is cryptocurrency – a type of digital currency that is programmable and allows for the development of new digital payment applications. One benefit of this programmable feature is the ability for applications to perform specific actions with certainty, like facilitate micropayments and collect and remit sales tax automatically. While some cryptocurrencies experience price volatility, a cryptocurrency can be programmed to have its value pegged to a U.S. dollar. This can essentially be thought of as a digital dollar, except with technology rails built from the ground up specifically for internet transactions.

Thanks to the transparent, secure, and decentralized benefits of blockchain technology, the new digital world can offer you far greater control over your digital interactions.

Your Digital Data Should Be Controlled by You

For the first time in the internet’s history, trust is now a public good shared by everyone and owned by no one.

Control of your digital data. Security. Transparency. Convenience. And most importantly, trust. These are just some of the ways we’re going to prove that blockchain technology will change the world – and your everyday life – for the better.