The Future With Blockchain

The idea of decentralization

By design, the blockchain is a decentralized technology.

Anything that happens on it is a function of the network as a whole. Some important implications stem from this. By creating a new way to verify transactions aspects of traditional commerce could become unnecessary. Stock market trades become almost simultaneous on the blockchain, for instance — or it could make types of record keeping, like a land registry, fully public. And decentralization is already a reality.

A global network of computers uses blockchain technology to jointly manage the database that records Bitcoin transactions. That is, Bitcoin is managed by its network, and not any one central authority. Decentralization means the network operates on a user-to-user (or peer-to-peer) basis. The forms of mass collaboration this makes possible are just beginning to be investigated.

Decentralization of power is tantamount to a free society, and blockchain technology will help us return power to the people, increase transparency, and ensure accountability. Cryptocurrency is just one possibility of blockchain. This can extend to voting, land management, banking, and so much more.

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