The Blockchain has emerged as the most disruptive technology of the last decade. Its range of uses
is mind-boggling. How will this help us? Well, this could be a very popular alternative to traditional
banking. Instead of having institutions such as banks doing the verification and keeping the record
of the transaction, you can use the blockchain, thus eliminating the middleman (in this example the
banks). This method of banking can definitely make it easier for individuals and companies to make
transactions, since it is very time-efficient and money-efficient
In another example where the use of blockchain can be very practical- Imagine that there is a dispute
over an inheritance of $50,000 between two siblings (ex. A brother and a sister). This is money that
they inherited from their father. They are publicly arguing over the matter in institutions such as the
state court, with lawyers and attorneys doing the business for them. Well, there will be no need for
middlemen such as lawyers for these siblings if they are users of the blockchain.
In the blockchain, there will be a date and time of a certain information stating who inherited the
money and when it happened (for example the sister).
The dispute is settled, and there is no need for middlemen doing the job for individuals. Do you see
the basic goal here? This means less time, money and effort is spent, and the blockchain is helping
to simplify the world and make it more practical.