So as I have previously reported, I am not a technical genius; big high five to all of you out there who are! I am just technology aware with a sprinkling of techno savvy, so forgive me when I report, that I have only recently got my head fully around the blockchain.
Shameful, I know, but perhaps, give me a little slack and put it down to my lack of technological gifts that were bestowed on me. And yes, I am laying a small degree of blame at God’s door, as it takes me a little longer to catch up with the program, but forgive me; it is all about the journey and never how fast you get there; and I always tend to far better enjoy the scenic route!
So, I get it, I mean, I REALLY GET IT! The blockchain is super amazing, and if you open up to the endless possibilities of the underlying code of the blockchain, there is really no limit as to what it can positively be used for. AND THAT IS TRULY AMAZING AND ORE INSPIRING!
The diverse utilisation of the BlockChain was an item that was covered at the recent BlockChainSummit culminating with Lucy Liu’s appearance on Skype to discuss the BlockChain and identity papers for unregistered children which appears to have been a highlight for some.
And I, like others, wait for the video updates from the BlockChainSummit together with a degree of clarity on the brainstorming ideas that the BlockchainSummit participants came up with, and have subsequently collectively agreed upon to take forward to the next stage of exploration for the BlockChain’s utilisation.
Now, the Summit’s participants are not the only ones who have been fully exploring the opportunities the BlockChain could offer to them with great interest. No, some major companies like Goldmann Sachs, NASDAQ and The New York Stock exchange have entered that arena and have invested focus, time and money to appreciate, learn and consider what these innovations could deliver to them within their respective operations.
Now, whilst some of those remain open-minded to the digital currency concept, the real time appeal to them is the BlockChain code itself and the potential which it delivers to them in terms of process and efficiency. And let us be real, that is most likely where their true interest lies.
Such companies cannot fail to be enticed by an opportunity which enables information to be stored, which allows for coding or numbering within a BlockChain. and that is the multi-carat diamond that the creative thinkers within these companies now see, and which they are reviewing and in some cases, pursuing further in order to potentially benefit from long-term. The ability to have information inputted and stored on indelible digital ledger has to be just to be too good an opportunity for them to miss out on.
And as we all know and appreciate, the banking system is perhaps a little overdue, an efficiency and process shake-up, to benefit those who transact with fiat currency from account to account around the Globe. That said, at what financial cost to those who benefit from such an implemented service. Aaah and now that is always going to be the biggest question? How much of that cost will be passed on to the end banking customer? Well, for the facts related to that question, we will just need to wait and see as this opens up further through potential implementation and utilisation.
However and very, very pleasantly zero cost with a digital currency transaction and yet the end result is just the same.
SO TELL ME WHAT IS THERE NOT TO LOVE ABOUT THE BLOCKCHAIN?