IS THE BLOCKCHAIN TAKING OVER

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IS THE BLOCKCHAIN TAKING OVER

The Blockchain Technology is the most momentous since the Internet. Today it is the technology to watch; all encompassing & all pervasive. To understand Blockchain, forget Bitcoin, the two are not synonymous. Bitcoin is just a superficial manifestation. A transition from internet of information to internet of value.

Shared ledger, continuously synced with benefits of; peer to peer, transparent, permanent, immutable, inbuilt validation& intermediary less. Double counting is over. From diamond mining & trade, govt. records, smart contracts to crypto currency; used cases endless & counting. The usage is till what you can imagine. Driven by mathematics, human intervention is zero& block after block is build on each other, easily verifiable.

Smart contracts cuts through all the mess of contracts. Terms become a code. All automatic as defined by the two parties. No intermediaries, no external compliances. Smart contracts can be integrated together to make the company or the govt. work automatically. It becomes a Decentralised Autonomous Organisation, the technical terminology for an automatic organisation. Everything is a contract is in real terms. Fraud will disappear. YouTube has to find a balance between content creators & advertisers. Demonetisation is in. Viewly a startup cuts out the middlemen. YouTube on Blockchain may become a reality.

The aim to create a decentralised autonomous video content community. Best system will prevail. Wikipedia might move on to the Blockchain level. Everipedia is the project. EOS is developing as a content Blockchain. A truly credible network of encyclopaedias. Internet Silos can be broken.

Dubai Govt. is going the BlockChain way. This would be real paperless governance with $1.5 Billion savings. Ericsson is creating for Estonia. Health records are moving on to Blockchain as in Israel. Relaince is getting into Blockchain Supply Chain Management.

BE SMART, BE BLOCKCHAINED; GOVT. OR INDUSTRY.

Sanjay Sahay

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