They note four changes that are already underway:
Are you seeing blockchain tech being used in these ways? Have you seen it used in any other ways? What future uses do you foresee?1: Smart Contracts: A smart contract is a computer code running on top of a blockchain containing a set of rules under which the parties to that smart contract agree to interact with each other. When these predefined rules are met, the agreement is automatically enforced. The smart contract code has the ability to facilitate, verify, and enforce the negotiation or performance of an agreement or transaction.
2: Digital Payments: The transfer of value or assets has always been a slow and expensive process. Imagine you have to send $100 from the USA to your friend in your Europe, who have an account with a local bank, it takes a number of banks and institutions to finally collect the money. With Blockchain, this process is simplified and faster at a cost much less than the traditional banking institutions.
3: Digital Identity: When identity management is moved to blockchain technology, users are able to choose how they identify themselves and with whom their identity is shared. Users still need to register their identity on the blockchain of course. But, they don’t need a new registration for every service provider, provided those providers are also connected to the blockchain.
4: Share Trading: Buying and selling stocks and shares involves many middlemen, such as brokers and the stock exchange itself. A blockchain is a decentralized and secure ledger that gives every stakeholder a say in the validation of a transaction and eliminates some of the ‘middlemen’ while changing the role of others. Eliminating the middlemen from the share trading process speeds up the settlement process and allows for greater trade accuracy.