Blockchain is not only the renewal of technology, but also the innovation and philosophical change of how our global community and enterprises cooperate to achieve a better future that is more important than ourselves.
The universal language everyone understands is money, which can be exchanged for goods or services. Our understanding of money and the way it is created and exchanged has begun to change. This change driven by blockchain technology is an amazing transformation of our current financial system.
The re conception of money and the fourth industrial revolution, seemingly permanent revolution, have also changed our understanding of wealth. This is a powerful and fundamental change that has the potential to come up with innovative new economic solutions that will move all of us towards a more inclusive future for global citizens.
I hope that in the coming decades, our industry will adhere to the spirit of economic inclusiveness for all.
Imagine the world in the near future, where money as we know it will no longer exist. We use cryptocurrency. All value exchange is carried out through online digital means, without the need for multiple intermediaries to complete financial transactions. Most importantly, trust and security are built into the core.
Nevertheless, this economic transformation still bears great responsibility. Governments and innovative blockchain solutions need to work together to ensure that the momentum for this change does not disappear in outdated regulations. These regulations served us in the last century, but they do not apply to the technological advances we have today.
“The blockchain industry and regulators need to continue a healthy dialogue to make the United States a truly responsible global leader in blockchain innovation.”
In the future, we will no longer consider sending euro or converting travel funds into local currency. Online intangible and tangible value exchange will be more direct, cheap and instant. This is a key change in financial inclusion when remitting to other countries, a process that currently can take up to five days and uses a thicker middle tier financial process.
According to the world bank, the total amount of global remittances increased by 10% to 689 billion US dollars in 2018. By using blockchain technology, the cost can be greatly reduced.
Now, imagine the possibilities for all and the real achievements of global prosperity for all as we unleash the values that traditional financial operating systems are currently struggling with.
Blockchain is a complex concept
Blockchain and cryptocurrency are a concept that challenges all of us because it is radical and subverts the current business model and our financial payment system.
Nevertheless, it’s still a way for us to move towards a global intangible economy – to rethink and empower the future of our individuals and businesses.
Future value and currency exchanges don’t look like 2020. The driving force of this fundamental change is the distrust of central intermediaries and the desire for greater transparency and solutions to practical problems such as climate change.
However, it is worth noting that blockchain does not always solve the business problems you face today. It’s part of your technology kit, along with artificial intelligence, network security, cloud computing, Internet of things and robotics.
The future of shaolao
In the future, we are likely to achieve a labor-free economy driven by automation and robotics. How will we adapt to these irreversible technological advances?
With the innovation of bitcoin and the emergence of inventor Satoshi Nakamoto’s new idea of exchange value in the digital world, the momentum of change began in 2008.
In the past decade, we have seen the integration of technological progress, which makes the current successful move towards blockchain and cryptocurrency innovation.
One example is the development of smart phone technology, which promotes the development of the first generation of mobile technology. Apple only launched its first iPhone in 2007. In the era before the emergence of smartphone technology, how could we have a smartphone cryptocurrency wallet or a successful Challenger bank? With the advent of 5g mobile networks, this new technology can help accelerate the large-scale adoption of blockchains because they are powerful allies that can implement future concepts such as automatic fund management.
Unique blockchain advantages
The two exclusive benefits that blockchain can offer are that it is different from centralized platform.
1. Blockchain has unparalleled security.
2. It can also enable the personal data management model – you have your own data.
Blockchain is the basic technology of emerging intangible economy. JP Morgan, HSBC, Amazon, Facebook and national bank are all researching and investing in the potential of blockchain technology. Blockchain will continue to exist and radically change the way we work and redefine funding.
Massive adoption of blockchain
In order for blockchain to have the same large-scale adoption rate as the current global platform, the technology needs to mature to provide the same ease of use as our current platform.
As humans, we usually provide comfort and relaxation for complexity. Convenience is a part of human DNA, it is an inherent survival mechanism, can save energy. Mobile platform, delete account need to pay great efforts. And, regardless of the level of goodwill in EU regulations, it is unlikely to remove all of your online roles.
Encourage users to stay away from the centralized platform and make blockchain applications the first choice. The developed blockchain products need to solve the practical problems that affect daily life, and provide user-friendly and accessible experience for all.
The ultimate efficiency of smart contract financial system
An example of this evolution is the ability to enable machine to machine payments supported by blockchain applications such as algorand’s stateless smart contract.
The smart contract function provides an exciting new way to solve the existing inefficient and complex financial transactions.
In today’s economic environment, there are a series of existing transactions that rely on intermediaries to provide trust and execution. The use of intermediaries can lead to unnecessary delays and costs of delivery to consumers.
· escrow account
· loan payments
Smart contracts are the ultimate progress of our financial system, because they can achieve the distrust execution and completion of financial transactions without human intervention.
Blockchain in the real world
How to transform blockchain technology in the real world? Did you know that when you pay for morning coffee with a credit or debit card, the cost is borne by about five to seven intermediaries.
The financial system based on the company’s middle tier is not modern, efficient, cost-effective or digital secure.
Now imagine a world where middlemen pay for zero or less exclusive point-to-point payments. Just now, our financial payment system and your data are more secure, because there are fewer points of failure for potential malicious attacks.
I think it’s clear that blockchain and decentralized applications will play a fundamental role in our way of making a living in the future. In 2020, nearly a decade after the invention of bitcoin, we now have blockchain solutions that eliminate arguments against large-scale adoption of energy intensive technologies. These new blockchain solutions use innovative and revolutionary approaches to reach block consensus (or, in other words, final and binding confirmation of transactions on the blockchain), and we should now move on and work together to ensure that the blockchain continues to be robust, user centric and, most importantly, more inclusive.
Responsible editor; zl