The author is CEO & co-founder of Giottus Cryptocurrency Exchange.
While the promise that blockchain technology holds is revolutionary, it might be difficult to envisage a life in which it replaces the way we approach our usual activities. Imagine the year 2001 and how we would have struggled to visualize a smartphone led life 20 years hence – today, it has essentially replaced the mobile phone, the camera, the gaming console, the alarm clock, the scanner and in some cases, the computer. Many functions are now done in a simple handheld device in a fast and convenient way. This has been possible over years of innovation built on the basic idea of an internet connected mobile. Similarly, blockchain technology is going to revolutionize some daily activities that we take for granted today. Allow me to describe a possible future with you all today.
You would no longer need any physical certificate or an identity card. It’s all stored on the blockchain, encrypted and you will be able to allow access to desirable persons/companies only to access any of them. Right from your birth certificate, your school marksheets, your college degrees to your company experiences – all of it is in the cloud. No longer will you need any central company to store your data. Questions of privacy and data protection are all destined to be in the history books only. Doctors can instantly know your medical history and can treat you equipped with better knowledge.
We would no longer need big unicorns to act as middlemen in any of our transactions. We can order food directly from any restaurant or a home based food service, we can get into a direct contract with a driver for a cab ride, we can do e-commerce without an online service, we can identify a teacher and organize tuitions – all are now available as decentralized services which facilitate instant and micro transactions without taking a cut. Essentially, about 30% of the transactional economy is saved, creating more value for both the buyer and seller. Cryptocurrencies including the digital Indian Rupee will be the medium to exchange value.
This is an extraordinary imagination but may well fruition. As brands become obsolete, slowly advertising becomes subtle and lower key. You will not see an ad because you searched for a product online or you spoke about it to your friend. Every service has a rating and specification list available to view on a blockchain giving the power to the users to decide which ones to buy or interact with.
All transactions are recorded – companies and government bodies will become more transparent. Quarterly reports are no longer required given hourly data can be analysed. Governments are no longer worried about money laundering and funding for activities outside of their purview. Governance is swift and data led. Direct cash transfers are now a reality with every Indian owning a bank account through their phone.
Any internet connected device will be able to give you all the benefits listed above. The internet will become a human right just like access to water and Governments will ensure their citizens have access to internet in all parts of the world. All systems run efficiently and in double quick time. We no longer stand in queues to access services – banking, ration and other governmental services are instant and online. Even voting will be through the internet with no complaints about tampering or manipulation.
Seems like a good world to live in? Let blockchain and its innovation guide us on this path.
Disclaimer:
This article was authored by Giottus Cryptocurrency Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.