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28.03.2017
1847
Blockchain technology has revolutionized the database industry. This seemingly small breakthrough promises to transform the entire economy and free people from the middlemen of large corporations. The result is savings, the flourishing of small businesses, and more affordable goods and services.
The first relational databases were created by IBM in 1970, and this event has had a major impact on our lives. Blockchain, or distributed ledger, is a new wave of the revolution in data storage and systematization that can affect literally every aspect of civilization.
A blockchain-based database works as a network that all users have access to. Experts in the field of distributed ledgers call this phenomenon decentralization. It makes it possible to build interaction between users of a complex network without delays and obstacles, and most importantly, without the participation of central authorities and intermediaries.
The creator of the blockchain strategy in Dubai, Vinay Gupta, in his column on Harvard Business Review suggests assessing the impact of blockchain using the example of ATMs. The banking sector relies on collectively used resources, which include ATMs. Each device belongs to a separate organization, but accepts cards from any other companies. Universality is ensured by a single regulator - most often this is the VISA company. It owns the database and transaction processing system.
If an ATM were invented today, it would initially be based on blockchain technology and would not be subject to any agencies.
In a world without intermediaries, efficiency increases and costs decrease. Today we have to pay about 1% of each transaction - it would seem a trifle. But when it comes to a powerful hierarchy and a chain of processes with 15 links, the amount is collected decently. Such systems limit access to small companies - it is difficult for them to wedge themselves into the system established over years and by corporations.
A similar phenomenon can be observed in the retail sector. The Wal-Mart supermarket chain does not cooperate with small companies. The company needs large players who can meet the needs of a large number of customers. The online retailer Amazon allows itself to cooperate with small manufacturers. eBay and Craigslist are giving even greater access to small businesses, and that’s what the future will be like. Small businesses will gain access to corporations and be able to become full-fledged market participants.
The new approach will open up opportunities for rentals. People will be able to rent even furniture and home accessories, although previously this was impossible due to excessive insurance and logistics costs. Blockchain will reduce costs by 90%, and then the rental market will expand, and the threshold for entering this industry will decrease.
Source:High Tech
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