Will Blockchain End Poverty?

Blockchain is one of the most hyped technologies around. Some are even claiming blockchain will end global poverty.

It's not clear if this is before or after it brings world peace. 

While we think most of the hype and forecasts around blockchain are way too optimistic, we are positive about the technology.

We also think it will, overtime, impact many industries. 

For those not familiar with Blockchain, it's the underlying technology behind the digital currency Bitcoin.

At a simple level, blockchain is a shared, distributed ledger system. It creates a secure, public record of transactions and allows participants to inspect, audit and update these transactions. 

Blockchain can potentially be applied to a wide range of applications, everything from property management to contracts - pretty much anything where a secure, transparent, trust-able record would be useful.

This is nicely illustrated in the NewCo Shift article Graphic: Blockchain for Every Industry. The graphic is below (click to enlarge).

Also, Crowd Companies - the folks that put the graphic together - have a high res version on their website. This allows detailed viewing of the graphic.

To say the technology world is enamored with blockchain is an understatement. Futurists and technology analysts have been saying for years blockchain is going to fundamentally change the world.

We believe it will have a major impact, but still think it's several years away.

Comments

[Tamal]

Blockchain will end world poverty? I don't think so. Will it replace the current financial giants? Maybe, but then there will be the new giants who own large portions of bitcoin and the coin mining industry. The only thing which has a shot at ending world poverty is I think the internet and global commerce.