The Blockchain and how it will affect and Raise Humans into a Whole New Height

The innovation behind blockchain seems to be the face of all businesses in the future. According to Aste et al. (2017), blockchain is likely to affect the market through its ability to link transactions at a central point without depending on the governments, technology companies, and banking and financial institutions. This sophisticated technology will support a platform that is globally accessible with various devices, apps, and business accounts. Blockchain aims at remove any limitations such as international and regional boundaries through using mass collaboration to build trust and integrity in the transactions. Removal of intermediary agents in the processes makes blockchain technology to operate without limitations and with an increased rate. The technology has taken over the control of cryptocurrency including the Bitcoin management. Previously, many transactions, especially across the borders, involved high costs and numerous cases of commercial exploitation. As a result, the value of the intellectual products included in the transactions considerably reduced. Thus, the introduction of blockchain aims at ensuring direct collaboration between the individuals involved in a deal as a way to add the value of the property and to prevent any commercial exploitation.

Thesis Statement

The emergence of blockchain has shown the potential on how individuals, businesses, industries, and the society at large can ensure social justice, increased competition and effectiveness, and more prosperity. However, the technology needs to overcome the associated challenges such as bulk data management and threats on the economy and other institutions.

Blockchain Impact on Human and the Future of the Economy

Positive Impacts on the Economy and the World

The emergence of blockchain has introduced a technology means which aims at supporting and conducting all the future business transactions and interactions across the globe. The rise of the number of business transactions undertaken locally and across the border has challenged the requirements of integrity, trust, and value of the property or services included. According to Tapscott and Rik (2016), many cases associated with commercial exploitation and fraud results due to the insufficiency of technology and the lack of integrity and trust in the economic activities conducted on different platforms (8). Therefore, many individuals end up suffering losses while property loses its value. On the other hand, companies benefit from an increased level of trading and related transactions with the consumers’ overreliance reliance on their services. In this light, blockchain has emerged to challenge this notion through introducing new means of conducting sale activities that link the parties involved directly (Tapscott & Rik 7). The technology will impact elevate human into a whole new pinnacle in various ways.

Firstly, business transactions have revolved around the involvement of a third party which ensures a connection between a seller or a service provider and a buyer (Chishti and Janos 23). In this regard, the third party or the service aggregators take advantage of the sellers or suppliers aim at reaching the consumers by providing a centralized platform for interaction (Tapscott & Rik 2). These companies manage valuable data as well as the communication between the two parties during the activities involving sale and buying. As a result, the companies benefit from high fee and charges for the intermediary role that they play. However, this reduces the value of the products involved while also creating a chance for commercial exploitation and unnecessary delays (Hughes, 654). In this light, therefore, blockchain aims at enhancing collaboration and the elimination of intermediary parties in the business transactions. According to Tapscott and Rik (2016), blockchain will introduce a better sharing economy where members take control of the direct business transactions conducted on a different platform (12). Tapscott compared blockchain with Uber due to how it allows the members to participate in business activities as agents (Tapscott & Tapscott). When the participants realize a universal need, blockchain will unite them and provide a safe and convenient platform to conduct business operations. Consequently, all the revenue associated with the property or service will directly reach the members (Tapscott & Tapscott). Blockchain technology will eliminate the charges and cut-offs remitted by the intermediary companies and other platforms that link the individuals in a transaction. Thus, this will make property and services to be more valuable. At the same time, it will benefit the members through eliminating the commercial exploitation at the expense of the intermediary agents such as banks, governments, and the leading technology companies (Hughes 2).

Secondly, blockchain will dramatically drop the cost and complexity associated with various transactions while also enhancing transparency and regulation. According to research by Letourneau & Stephen (2017), blockchain technology will be a chance to create more value from the property produced through dropping the transaction costs and reducing their complexity (3). Many financial transactions involve complex processes with verification and authentication (Tapscott & Tapscott). Some of these procedures take long before they are complete to allow the participants to conduct their financial activities. At the same time, the failure of these processes may end up causing suspensions or denial of the services offered by governments, financial institutions, and technology companies (Aste et al. 22). Therefore, this denies many services or property sellers or lenders a chance to reach the consumers. Over the years, the rise of globalization impact has increased the number of transactions conducted across the boundaries (Vigna and Michael 17). However, the limitation of distance gives room for fraud, dishonest dealings, and extra-long and complex processes before the delivery of services and property. This means does not only impede the rate of transactions and financial operations but also makes them complicated and risky to enormous losses (Chishti and Janos 42). Therefore, in an attempt to control this, blockchain comes with a platform based on integrity and trust in the financial transactions. The platform does not require the services offered by third parties in the financial transactions. Over increasing the value of the property and service by dropping the cost involved in the entire deal, blockchain aims at reducing complexity through instilling collaboration between the members participating in business (Aste et al. 22). Through removing technology companies, government, and financial institutions, it will reduce the complexity of the processes into an interaction between the service users (Tapscott). This step will make activities cheaper to acquire and even faster. As the property gains value easily, blockchain will ensure fast growth among enterprises, small business, and also individuals such as musicians, healthcare providers, education institutions, and handyman skill providers among other business participants (Tapscott & Tapscott).

Lastly, blockchain technology will allow different market participants to access and use the information about transactions history and trends at any given time. According to Letourneau & Stephen (2017), blockchain is a distributed ledger technology that decentralizes online financial transactions (7). Through blockchain technology transactions involving peer-to-peer and lessee-lessors deals will be concentrated in a way to ensure that the participants can access the data and information concerning transactions chronologically and with the confidence of trust and integrity within the system (Letourneau & Stephen 7). In this light, therefore, the technology challenges the reliance on the intermediaries to ensure storage of data concerning the history of transactions and also to guarantee trust and integrity in financial deals (Chishti and Janos 18). Through the increase in the value of property and services offered between the consumers and service providers, this technology aims at instilling trust among the participants. According to Tapscott’s analysis of blockchain, the reward of trust and integrity will appear in the form of the increased value of the property that the business participants will enjoy (Tapscott & Tapscott).

Blockchain on the Flipside

Blockchain has a high potential to alter the society through increasing the rate of transactions, interactions, and performance of various activities with fewer limitations. The technology will improve the effectiveness of globalization through enhancing more direct cooperation between members and eliminating high costs for acquiring services, the occurrence of fraud, and deceptive deals across the boundaries (Tapscott & Tapscott). However, through removing the control, which under the government, financial institutions, and technology companies, blockchain will cause significant impacts, especially on the economy and governance. Firstly, through the establishment of smart contracts, blockchain will not involve banks and other financial institutions or technology companies to enhance the producers or service providers to reach the consumers or the beneficiaries (Vigna and Michael 27). Therefore, this poses a challenge in the management of the economy. Without tracking the transactions conducted, it is impossible for the governments and institutions to tax the services. Thus, this predisposes the economy to a failure or slow growth in future (Tapscott & Tapscott). Secondly, blockchain uses the Hyperledger to control various operations in healthcare and finance among other areas. Through this single platform, a significant failure may affect thousands of activities being conducted at the same time and in different places (Hughes 8). Such a failure may end up leading to massive losses and inconveniences among the consumers as well as the service providers.

Conclusion

The technology of blockchain targets at changing the entire world through concentrating all financial and business operations into one hold. Through this technology, the influence of the financial institutions, governments, and technology companies will reduce. According to various studies, many individuals appreciate this technology due to its ability to reduce the cost of transactions and other operations and to increase the value of property and services involved. Through the technology of blockchain, property or service will reach the consumer with the initial price stated by the provider or seller. Also, the process of exchanging property or service will reduce as a result of the elimination of long and complicated procedures provided by the intermediary parties. Therefore, blockchain challenges the government and also the economy by introducing a platform to conduct the exchange of property and service without the involvement of tariffs and currencies. Previously, the emergence and success of Bitcoin in 2008 proved the effectiveness of the blockchain technology through allowing participants to engage in transactions that consistently indicated a real rise in value by 2014. However, the technology may present risks such as vulnerability of systems used and challenging the economy and the government. Nonetheless, blockchain is a technology that will potentially change the face of the world and transform human being by creating value, liberty, and effectiveness in the transactions.

Works Cited

Aste, Tomaso, Paolo Tasca, and Tiziana Di Matteo. "Blockchain Technologies: The Foreseeable Impact on Society and Industry." Computer 50.9 (2017): 18-28.

Chishti, Susanne, and Janos Barberis. The FINTECH Book: The Financial Technology Handbook for Investors, Entrepreneurs and Visionaries. John Wiley & Sons, 2016.

Hughes, Kobina. "Blockchain, The Greater Good, and Human and Civil Rights." Metaphilosophy 48.5 (2017): 654-665.

Letourneau, Keith B., and Stephen T. Whelan. "Blockchain: Staying Ahead of Tomorrow." The Journal of Equipment Lease Financing (Online) 35.2 (2017): 1-6.0

Tapscott, Don, and Alex Tapscott. "The impact of the blockchain goes beyond financial services." Harvard Business Review (2016).

Tapscott, Don, and Rik Kirkland. "How blockchains could change the world." Retrieved on March 15 (2016): 2017.

Vigna, Paul, and Michael J. Casey. The age of cryptocurrency: how bitcoin and the blockchain are challenging the global economic order. Macmillan, 2016.