Newsweek, a long-running national news media publication, predicted in 1995 that the Internet would flop. At the time, Newsweek was published in print form, as all other magazines were. Today, Newsweek is available strictly via the internet.
Funny how things work sometimes, huh?
While things as new and innovative as the World Wide Web often do not succeed, the internet has unarguably ingrained itself across modern society.
Today, some people say the same things about blockchain technology that were once said about the internet: that it is inevitably doomed to an abysmal grave, likely sooner than later. Face it: although blockchains are promising, there are no tried-and-true methods of predicting the future of various technologies.
It goes without saying that nobody really knows what will happen to blockchain technology. However, several market conditions lend themselves to the survival of blockchains of all shapes and sizes.
Here are several reasons why you should ignore blockchain haters and their Miss Cleo-like predictions of what the world of blockchain technology has to offer.
Investors rely on the integrity of financial statements
Academic researchers published a peer-reviewed entry into an academic journal titled “HOW PERVASIVE IS CORPORATE FRAUD?” in 2014. Its authors, hailing from the lofty, reputable heights of the University of Chicago and the University of California at Berkeley, estimated that roughly one in seven publicly-traded companies on the stock exchanges across the United States were engaged in some level of fraud.
Further, the paper suggests that just 25 percent of financial crimes are detected in a reasonable period of time, leaving the majority of widespread corporate fraud out of sight to authorities.
By requiring corporations of coming years to keep their books in blockchain form, they effectively cannot be modified, resulting in a greater ability of auditors and regulatory bodies to uncover fraud.
Society wants government transparency, something that blockchain can increase the prevalence of
If all information related to the many governments of planet Earth is stored in a massive blockchain, government transparency and accountability would fly through the roof. Citizens of governments in question could readily verify their ruling bodies’ claims and assertions through simple, yet unwavering hash-checking technology.
Furthermore, such fact-checking would be easily accessible for most citizens, regardless of their background, socioeconomic standing, or location. Therefore, greater numbers of people could hold their government accountable than ever before.
Considering that people are inherently interested in government accountability, blockchain’s place in society is likely here to stay.