What is the Importance of Blockchain Technology for a Common Man?

Whenever we think about a technology like Blockchain, we often visualize the manifestations of this new distributed ledger to be beyond the reach of the common man.

However, it is to be understood that any new technology can be considered most effective when the most common of the users get benefited by it even without realizing that they are enjoying the fruits of it.

Technologies like GPS, Digital payment gateways and social networks can be quoted as good examples of how new technology should impact the lives of common people even without them realizing it. Maybe blockchain has not reached that level yet but it is surely in the path of progress towards that area.

LET US LOOK AT A FEW TERRITORIES WHERE BLOCKCHAIN HAS MADE QUITE A CONSIDERABLE IMPACT.

Cryptocurrency

It goes without saying that the most prominent manifestation of the distributed ledger technology is cryptocurrency. Bitcoin might have been a small technological advancement way back in 2008 but within less than a decade of its inception, it has created value both in terms of viability and profitability.

Often, when we think about cryptocurrency, we do not think of anything more than the bitcoin. There are a lot of cryptocurrencies in circulation and it has all the credentials to effectively replace traditional currency, or in the blockchain lingo, ‘fiat’ currency. With the advantages like decentralization, immediate transfer, and zero cost involved in banking, cryptocurrency is all set to be a viable alternative to traditional currency, and it might not be surprising to find out a day when larger money ecosystems like stock markets embrace cryptocurrency.

Supply chain management

Perhaps one of the most obvious beneficiaries of the aspects of rigidity and automation in the blockchain is supply chain management. Supply chain management is a typical example of a process that is easy but not simple. Although the processes involved in supply chain management might look easy on the surface, there are a lot of complications involved.

With blockchain technology, supply chain management can be handled with the utmost ease and efficiency. Almost every step in the process can be conditionally automated, eliminating the need for human intervention and the associated elements of uncertainty. Just imagine if everything associated with the supply chain management course not only automated but also made foolproof!

Real estate tokenization

Real estate is the Peter Pan of the investment world – the most pretty most traditional but also the most profitable and dependable avenues of investment. However, there are a lot of disadvantages that come attached to investing in real estate. The first of them is that high-value commercial real estate is out of reach for common investors. This results in highly reduced liquidity, rendering the asset not very profitable for a considerable amount of time. In addition to that, even if investors could offer to invest in commercial real estate, they might not be comfortable putting all their eggs in a single basket.

Tokenizing real estate is the panacea that the world of investments was looking for. By breaking the massive real estate as it into small yet tangible tokens, everybody gets a share of the pie. This not only diversifies the investment portfolio of the asset but also enhances their magnitude of liquidity.

Gaming

Little but people have expected something as casual as gaming to be paired with something as serious as Blockchain. Ironic as this pair maybe, it is the testimony of the fact that blockchain is here to impact almost every segment of our lives.

There are different manifestations of blockchain technology when it comes to the world of gaming. On one side, that completely reside within the specific blockchain. On the other, there are games where is the ownership of the virtual assets alone resides on the blockchain. This gives the opportunity for gamers to convert their virtual assets into real assets fetching them some value. This proves a better alternative to the traditional female system where all the assets vanish into thin air the moment the gaming company decides to pull the plug on those games.

A glimpse of the future

The fact that there are a lot of blockchain app development companies around the world should be a signal strong enough to proclaim the growth of blockchain as a technology in the near future!

There have been instances where even IBM had predicted that there is a maximum need for five computers in the world. However, today, we see a complete opposite of what has been stated. That is the case with any new technology. Today, there might be a lot of debate on whether or not that change is a viable technology. However, there will be a time in the future where blockchain will be an inevitable part of our lives.