By Larry Cassella
In the past decade there has been increased conversation circulating around the world of cryptocurrencies and the technology that’s behind them. The technology that sits at the backbone of famous cryptocurrencies such as Bitcoin and Ethereum has the capability to change the world as we know it with something called blockchain technology. It not only will affect our everyday lives it will also be used to benefit businesses as well. An emerging technology such as blockchain is an interesting concept to study, as it’s constantly being enhanced. However, I believe that it could be the next internet.
Blockchain technology could ultimately revolutionize the structure of our world by turning everyday transactions, insurance policies, and even American elections to a digital format. The technology comes with many advantages but the most important is that blockchain is more efficient. I believe that blockchain has the capability to improve the continuity of governmental processes across multiple institutions. Although it may not seem like it, we interact with our institutions every day. For example, simply making a bank transfer requires a whole verification process that takes days to complete. There is no reason why a simple transaction like this should take more than 10 minutes. Blockchain technology makes this possible with a much quicker verification process and puts money in your account faster. Blockchain doesn’t only exist in the world of finance; it can also be used for other functions of our society, such as transferring land deeds and casting election ballots.
As a society, we often face significant obstacles in our everyday routines due to institutional inefficiency. Everything that we do has to pass through our institutions ultimately slowing these processes down, resulting in unfavorable consumer sentiment. For example, if you sold your home and had to transfer the deed, it could take months to finalize. With this emerging technology, the deed to your house can be sent to anyone and verified on the blockchain within minutes. Blockchain technology can also be used in our elections as well. America’s election process has experienced some flaws that have created skepticism amongst much of our nation’s voting population. Going to a polling station on election day can bring to fire some trust issues such as invalid ballots or tallying miscounts. These issues leave some citizens questioning their country’s institutions. Although, this problem can be fixed if our election process was moved onto the blockchain. By implementing this technology, we could eliminate polling stations and make voting a simple function on our cell phone. This would significantly alleviate the flaws in our system which discourages some citizens to vote, ultimately increasing the voting population. Herewith, adopting this technology could improve efficiency and solve serious problems that have been plaguing our country for decades.
Technology’s tremendous effect on the growth of globalization speaks to how rapidly our society is evolving. Furthermore, this high evolutionary rate increases the need for which the trajectory of technology increases efficiency. Technology that lacks such a trajectory risks swift obsolescence. Blockchain is far from obsolete, as its cutting-edge ability to streamline systems processing presents outstanding upside. There is no limit to the issues that blockchain technology can solve if it is implemented into the systems of our country. As blockchain integration progresses, I strongly believe that this technology will be the biggest advancement since the launch of the internet in 1991, reaching the heights of Dotcom in 2000.