Advocates of the blockchain technology say that it is set to change the world with its far-reaching applications in finance, academia and world trade.
Blockchain is a technology that acts as a ledger where cryptography-based transactions are recorded and verified.
Blockchain technology is not only connected with money but it is also more focused on economic structure.
US-based Blockchain Investors Consortium co-founder Brad Bulent Yasar said that he expects blockchain to develop into a much bigger system just like any other internet-based technologies.
He explained that “Something similar [will] probably [happen] for blockchain where people will have got their own versions and then find ways to link all together”
Blockchain technology can be used in the authentication of university degrees and diplomas.
When someone claims to have obtained a degree from a university in any country, verifying it would be easy by checking on blockchain. If educational institutions store their academic records on the blockchain, the information storage would be distributed around the world thru the blockchain network.
Blockchains and blockchain-based systems allow us to completely change the entire landscape of the world’s financial system.
The United Nations is working towards developing an identification system that enables people to transact globally using blockchain technology.
If governments employ this type of ID system, people can transact money at any bank immediately.
Regarding blockchain, World Bank president, Jim Kim, said that “We are engaging and learning from innovators and disruptive technology firms; collaborating on research; and exploring new partnerships to leverage data, knowledge and new technology to help achieve our goal of ending extreme poverty by 2030.”
He further emphasized that “Most banks in the world, right now, are secretly trying different blockchain technologies for their inner operations, as well as interbank operations.”
The Bank of America ranked first with 43 patents, while Mastercard and IBM followed close behind with 27 blockchain technology-related patents. Other companies that applied for patents on blockchain include Goldman Sachs, JPMorgan and CitiBank.
Another way that blockchain technology can be used to improve our economic landscape is through creating new currencies for trading partners and regions.
Countries like Turkey, Russia, India, China, Iran and Japan can become even more economically competitive at a global scale with this kind of currency. Blockchain can be used to connect a single digital market similar to the one the EU is pursuing.
Single digital markets could lead to considerable economic growth, with the EU Commission anticipating a “potential for economic growth equivalent to over 415 billion euros and the creation of hundreds of thousands of new jobs”.
Smaller counties like Gibraltar, Cayman Islands and Singapore are only realizing the wonderful economic opportunities they can gain from this technology and they now want to be a frontrunner in this field.