The Future of Blockchain

Abstract

A blockchain is a global decentralized ledger technology consisting of a growing block list. These time-stamped, append-only blocks are linked together using cryptography. The data in the blocks are permanent, immutable, and impossible to tamper with. In the blockchain, anyone can carry out transactions directly and exchange any asset of value with another person without the need for middlemen. The blockchain establishes an alternative trust mechanism between two participants and enables a new era of Internet usage called the Internet of Value (IoV). In the IoV, digital assets can be exchanged with another person instantly in an automated, secure, and decentralized manner—from stocks to arts, medicine, intellectual property, and more. On today’s Internet, we can freely share information. Tomorrow, we will freely share value in the blockchain. Blockchain as a revolutionary technology is a marching phenomenon that will gradually impact business and reshape the world economy. Every industry, including finance, healthcare, education, real estate, and supply chain, could potentially be revolutionized with the help of blockchain technology.