Most of the time, innovation happens when we are not satisfied with the current situation that we are in. We think of new way to deal with current problem.
Sometime it’s helpful, the other time it fails. For many reasons, blockchain is an innovation yet some people still has lingering skepticism towards it. But, for starter, Let’s Talk Payment has covered what’s the main advantage of blockchain :
- Disintermediation: Blockchain provides transaction immutability and a distributed ledger architecture, which are the key requirements for eliminating the need for an enforcer of trust in the ecosystem. Tamper-proof distributed data enables an environment in which trust is not an issue and allows counterparties to operate with the knowledge that they all have the same version of the truth, all the time and its history cannot be altered.
- Transparency: Blockchain technology will significantly increase transparency between market participants. Blockchain implementations promote the creation of a public record of activity in the ecosystem to which all market participants have access in real time.
- Provenance: Blockchain maintains an immutable record of transactions and therefore, asset ownership since the time the asset first appears in a transaction on the blockchain. This significantly reduces risk and the need for associated mitigating operations for multiple asset types. We believe this capability will enable the reduction of the occurrence of theft, fraud and misselling of high-value assets and intellectual properties as well as assets where the provenance of assets determines its value by creating a digital footprint on the blockchain. Everledger is a good example for diamonds and there are other examples with regard to proving the provenance of organic vegetables.
Blockchain is mainly used in the financial sectors, but with these three advantages, it is possible to implement this technology beyond that. Sectors that can use blockchain to enhance their performance is well pictured in this info-graphic :
Source : Let’s Talk Payment
So, gear up people! It’s time to embrace the new era, the era of decentralized system, Blockchain!