Blockchain Technology is Revolutionizing the System

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If you believe that blockchain technology can only be used for cryptocurrency and banking operations, then you are wrong. Blockchain technology is growing in many different aspects in life. Business, Education, Health or Financial Services are some of the fields in which Blockchain technology can grow and develop solutions.

Looking to the future

Behind Blockchain Technology, there is hidden a different way of conceiving economic relations. While internet is built on a centralized platform, Blockchain allows everything to be decentralized.

At the moment, a few companies are ruling the way we live. GAFA group (Google, Amazon, Facebook and Apple), do influence our daily life. These hegemonic companies, have interests that they sustain with the centralized economic model in which we do live now.

There is, for sure, a better way of thinking and structuring the system. A world in which small and medium sized companies can control their data and compete in open markets. The first to adopt a decentralized model, will be the winners of the future. Losers will be those who are still dominated by GAFA and its hegemonic influence.

Why Blockchain Technology?

Blockchain is based on transparency. This transparency, allows businesses to achieve new levels of efficiency at lower costs. This situation eliminates checks and balances in the business sector.

“We understand the increased value and potential of effectively integrating Blockchain into business practises. The very principles underlying Blockchain technologies – such as those of transparency and efficiency – can ultimately contribute towards reduced costs and increased democratization for markets and businesses alike.”, commented Jim Preissler, CEO of trade.io to cointelegraph.

MasterCard, for example, has announced that businesses can make direct payments to other businesses through their Blockchain platform. This platform developed by MasterCard allows B2B transfers through Blockchain technology. In this way, payments can be done almost immediately, without being performed by different institutions or through complicated legal procedures.

Bank of America and JPMorgan Chase are developing their own blockchain solutions to reduce transactional costs and make transactions faster.

What about the Blockchain market?

The demand for Blockchain specialists is growing around the world, but sometimes it is difficult to find experts in this technology. Enterprises investing on their employees and developing different solutions would, ultimately, win the race to become a futuristic company.

Universities should endorse the responsibility of preparing students for the new upcoming challenges. There are different educational institutions that have been showing efforts to develop new specialists on the matter. The United States, Cyprus, Denmark and the United Arab Emirates are offering good quality Blockchain education for future developers.

Different Universities around the world are offering their students the possibility of interacting with Blockchain technology. Governments are using this disruptive technology to identify citizens, organize elections and follow important documentation. Health care systems are developing their own functionalities through the Blockchain platform.