New technology has long been related not to BTC only. Various high profile companies test their options in various spheres. Sberbank purchases blockchain cash dispensers, Volvo invests at Circulor, while Spain uses blockchain to keep track of the sider manufacturing. Blockchain will not become the remedy but it has a future. This is the position of a greater amount of people. Today we see the start of blockchanization while with years this technology will be used everywhere. The changes in our daily life are a good proof of it.
Privacy which we deserved
The governments of all countries make citizens control more and more strict. While personal freedom is always correlated with financial transaction confidentiality. This has caused the issuance of Bitcon White paper by Satoshi Nakamoto on October 31, 2008. The White Paper author hopes that the world will enter a new era of financial confidentiality after the economic crisis of 2008. A new technology network titled as blockchain should have helped with this. As the network conducts transactions via open keys people can make transactions without revealing its identity. Blockchain can save users from fraud attacks. This is confirmed by Rand Corporation report:
«While the tokens seem intuitively attractive for thieves due to the option of anonymity security there are not many proofs confirming this statement” the company representatives informed.
Moreover, the report titled “Assessment of the risk of terrorism financing at the national level”, posted in 2018, mentions the banking system as the main way of terrorism financing promotion.
With the development of blockchain, we enter the era of the independent financial system the members of which have full control over their financial assets. It goes about the system with the freedom and options of true economic equality for everyone. Blockchain allows the encryption of legal documents, medical entries, payment information, or identification data. This information can’t be copied without the owner explicit permission
A lot of countries have already started using the advantages of blockchain technologies. Georgia has become the pioneer in this sphere and transferred real estate registration to a blockchain basis. In March 2020 they informed about their plans to use blockchain technologies in the sphere of education. It supposes that state authorities will store the information about diplomas so the employer can easily check the education document authenticity. They plan using a blockchain certificate from Input Output Hong Kong. The next countries that have implemented blockchain into the real estate sphere were Sweden, Gana, and Honduras. The UK is still exploring the option of this sphere tokenization.
South Korea is actively developing blockchain. Pusan the country’s second-largest city has launched the blockchain-based application for citizens’ identification. The South Korea government plans to invest by 2025 more than 48,2 billion USD in this and other technologies. The country’s goal is to digitalize all industry spheres in the appearing post-pandemic Epoque. According to ZDNet Korea, president Mun Zheng Ing has highly appreciated several advantages, which new industry revolution might bring to the country.
“The fourth industrial revolution and digital civilization is the future of humanity which has been already started,” he said.
The US has actively used blockchain advantages as well. They research the options to monitor the sales of prescription-only medicines and aviation details life cycle and identification data control.
Russia is actively using blockchain technology for voting conduction. On September 2019, the first electronic voting to Moscow municipal Duma took place and on July the 1st al country has voted on the matter of Russia Constitution amendments insertion with the help of blockchain
Availability of financial services for developing countries
Now the market economy is based on intermediaries: starting from personal identification and document processing and paperwork.
According to World Bank data, in 2017 almost 2 billion people around the world did not have access to financial services. The absence of an option to store savings, impossibility to get a bank card, take the loan, and use basic services such as life insurance is a serious drawback. These people cannot practically participate in the local economy.
Access to financial services will allow such citizens to improve their life quality, increase their families’ profit, and make savings for hard times. Businessmen will get access to loans to start business and families will get the possibility to purchase land and cattle, provide security, and have a home. Financial availability will help to create workplaces as small scale enterprises are developing and require additional personnel. It goes about a huge part of people, who can significantly stimulate the economy.
But why the digital revolution will provide developing countries like the ones of Africa continent with financial independence?
Generally, the continent citizens overcome developed countries with the usage of smartphones. In African countries, smartphones are widespread more than electricity and became a causal business instrument. People practically wear their bank accounts in their pockets.
Experts consider that with time Africa might become the leader in the usage of cryptocurrencies.
One millennial from Uganda mentioned in the interview to BBC: “I check my account with the help of smartphone as often as I can”.
Blockchain became widespread in all life spheres: gambling, marketing, and food purchase. Of course, now we see the early stages of this technology implementation in daily life. Though imagine how the world might be without the bureaucracy?