It is not a secret that the world is changing and its changing right now while you reading this article. I am a true believer in technology and fair world for everybody. Thats why I am supporting blockchain technology,bitcoin and other cryptocurrencies. The future is in hands of smart contracts and smart economy where every human is a part of smart ecosystem and can digital money is a language, which people will use to communicate with each others and exchange services.
Some real life examples
Music artists will benefit from blockchain / smart contracts. Presently, centralized music platforms and record labels jointly take roughly $0.91 of every dollar of value generated. The artist – the actual talent – is left with just a few snippets. Platforms such as Ujo Music and Voise seek to change this by enabling music artists to capture 100% of revenue generated from their music. These platforms will use Ethereum-based smart contracts to distribute earnings and provide decentralized music file storage. Just imagine the thriving music industry we would have if artists could distribute their music on a high profile platform with no intermediary to snipe away the profit and control the content!
Another industry already affected by blockchain is real estate. Several currencies have been created that revolve around it, most notably Kexcoin and Real Tokens. Kexcoin allows investors with any amount of capital to partner with other investors and jointly crowdfund commercial real estate. Kexcoin is the investment vessel, and it appreciates by default as profits are used to buy back and “burn” the limited existing supply of Kexcoin. More importantly, smart contracts would make the process of purchasing a home or other property substantially easier. Currently it involves rigorous research, compiling data from government and private databases, and a paperwork nightmare, leading to an arduous and complex contractual process. Smart contracts would eliminate most if not all of this by storing required information such as legal history, title history, purchase history, etc. on an immutable public distributed ledger. This information would be available to anyone, allowing potential owners to easily do the job of a real estate/mortgage team. Intermediaries would no longer be needed, and title companies, inspectors, appraisers, and underwriters would soon find themselves out of a job. Their salaries would then be absorbed into the price of real estate, reducing finance costs and making homeownership more affordable for everyone!
These are just a few examples of how blockchain is reshaping the business framework. Education, voting, insurance, healthcare, cloud storage, and energy will also be impacted along with many other industries. Eventually, no industry that you can think of will be left untouched by this new renaissance movement. Cryptography will continue to secure and simplify transactions and make previously complicated or expensive practices available to the masses. Those who generate value through production will be fairly compensated through zero-waste smart contracts instead of watching it evaporate into the ether of centralized entities. There is no doubt about it – cryptocurrency is the future.
How do feel about blockchain technology and the future? Are concern or excited?
Please, share your thoughts!
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