Blockchain technology first emerged on the global stage around 10 years ago as a way to offer an alternative to the traditional banking apparatus. In the 10 years that blockchain technology has evolved constantly, it has also had a profound impact on almost all spheres of human activity.

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How Blockchain Technology is Affecting
Humanity?
Blockchain technology first emerged on the global stage around 10 years ago as a way to
offer an alternative to the traditional banking apparatus. In the 10 years that blockchain
technology has evolved constantly, it has also had a profound impact on almost all spheres
of human activity.
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From financial bubbles to organizing supply chains and creating a tamper resistance ledger
of truth, blockchain has fundamentally altered the way we conduct our affairs. Here’s a
look at some of the most impactful contributions that blockchain had over the years and
how blockchain will impact the future.
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Beyond the Traditional Banking Apparatus
Bitcoin first emerged as a white paper in 2008 when the world was in the midst of reeling
from its worst economic disaster in over a century. Unchecked and unregulated lending by
U. S. Banks leading to a subprime mortgage crisis threatened to bring the entire world
economy to its knees.
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To prevent the collapse of some of the biggest financial institutions in the world like
Lehman Brothers and Bank of America, the government stepped in and used taxpayer
money to “bail-out” these institutions. This led to widespread distrust of these institutions
and the government alike and these corporations were labeled “too big to fail.”
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People realized for the first time in their lives that the money they were used to transacting
in was little more than a piece of paper with a promise printed on it. U. S. President
Richard Nixon did away with the gold standard completely in 1974 when he floated the
dollar and established an era of “fiat” currencies.
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Bitcoin provided an alternative to this traditional form of money. The rise of the internet in
the 1990s and early 2000s gave many skeptics hope for a decentralized, borderless
currency that would be free from any sort of government control. Bitcoin capped its total
supply at 21 million bitcoins making it rare.
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Bitcoin satisfies all of the major requirements of sound money as defined by Aristotle:
durability, portability, divisibility, uniformity, limited supply, and acceptability. For the
first time in the history of mankind, with the Bitcoin network, people were able to truly
own their valuable assets free from any government or corporate backing. Due to the
decentralized network of miners supporting the network, the Bitcoin ledger is virtually
impossible to hack.
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Smart Contracts or “ Programmable Money
The second generation blockchain platforms like Ethereum introduced the concept of
smart contracts, which are pieces of computer code that can be executed in a decentralized
manner over the Ethereum network.
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The smart contracts can be triggered by pre-defined rules and require no human input to
self-execute. This concept has far-reaching consequences as it enables all sorts of useful
applications that were until recently not possible. For instance, the digitization of land
titles and vehicle registration data are both slow processes that cost local governments
exorbitant amount of time and money. Users also have to jump through hoops to obtain
their land and vehicle registrations. Smart contracts could modernize this architecture and
also make it more resistant to corruption.
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Smart contracts have also made possible entirely new fields of innovation like
decentralized prediction markets and distributed oracles. Distributed oracles can help
ascertain the outcomes of any event in the world which can be used to execute payments
based for prediction markets. For instance, a prediction market betting on the outcome of a
particular election could set up a smart contract to take bets on both of the leading
candidates.
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After the elections, distributed oracles could determine the results and execute the
payments to the winning parties. Similar prediction markets can also be used to gauge the
price of a company’s stock, the weather, or the price of a commodity in the future.
Prediction markets can be useful in gauging public opinion and using that information to
make more informed decisions for businesses and governments.
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Blockchain Council Certifications
You can check out our certifications, and kick start your career in the Blockchain
space today.
● Certified Blockchain Expert
● Certified Blockchain Expertv2
● Certified Blockchain Developer
● Certified Smart Contract Developer
● Certified Solidity Developer
● Certified Ethereum Developer
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hello@blockchain-council.org
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