Like something out of science fiction, blockchain is perpetually on the move as an invincible, disruptive technology. Furthermore, it has the capability to perform for an infinite number of enterprise platforms.
The soon-to-be indispensable blockchain technology is a data system used in the incessant creation of a digital ledger of transactions in real-time.
Because this ledger is fully protected, users can anonymously hone its powers to work on various projects, store cryptocurrencies, and validate transactions with other individuals. This factor also establishes blockchain as a decentralized, unregulated, and unalterable force.
As the evolution of the worldwide web involuntarily denatured the world for members of the Silents and Baby Boomer generations, it also widened the gap for forthcoming groups —namely, millennials — as it cannonballed onto the scene. Given these younger individuals’ receptive vigor, they will be much more likely to test the waters of technology and see just how malleable blockchain can be — regardless of the reluctant warnings they may receive from their parents and grandparents.
One of the most compelling elements of blockchain technology is its ability to connect its users to form a global economy, similar to how the internet connected individuals to form a global village. One has to wonder, then, how blockchain could alter the future of the travel industry, especially as innovators blend its capabilities with other rising technologies like artificial intelligence and virtual reality.
If such a collaboration were to occur, the possibilities could be limitless. One would be able to travel to Paris for an occasion on Saturday night, fly over to London for a business meeting on Monday morning, and return to New York in time to transact a deal on Wednesday morning, all without ever having to leave their virtual offices or arrange for monetary exchanges. Just so long as they have a smartphone or virtual wallet, they would be set.
Blockchain is strengthening independent notions in the minds of the masses, instead of oiling the squeaky wheels of legacy or economic activity, making it the perfect solution to fraudulent transactions and the safe distribution of information.
It is as though information streams are breaking the chains of disparate, centralized platforms and revealing genuine solutions through the decentralization of information because there are more input opportunities. The centralized control of a few imposes limitations and slows the progress of innovative solutions for the many.
Service providers, enterprises, startups, industry, consulting firms, consortiums, academia, regulators, not-for-profits, financial institutions, and supply chains, are all engines full speed ahead to understand and adapt to blockchain platforms to untangle their labyrinth of business conundrums and strengthen their positions globally among like industries.
Since not all blockchain platforms are the same, participants are eager to understand the ways in which decentralized blockchain simulations will work for them in real time.
When the real potential of this ledger technology is let loose on the world economy, the possibilities, the opportunities, the challenges will be fraught with excitement at the even greater potential which, like before blockchain was revealed, cannot yet see.