The blockchain is a new technological innovation that will totally change the way how we exchange value. The invention of blockchain is as big as the internet.
For a very long time, we rely on the middleman and intermediaries in order to send value or money. These middlemen and intermediaries are either in the form of banks, Government or others technological firms. These intermediaries perform vital roles when it comes to business or sending the value. They establish the identity of parties in the transaction and create trust. They perform the business operations like the settling and clearing. Most importantly they keep records that can be validated by regulatory authorities, counterparties in the transaction and other stakeholders. They are good at what they are doing but have very serious limitations.
First of all, they are centralized. They are very vulnerable to cyber attack or tampering of data. They have fair chances of failures and that's why our financial institute keep on facing crises.
Secondly, they totally slow things down. It takes 5-7 days to send money overseas. The settlement time for all sort of transactions can last for several days or the weeks. Most importantly they have data about us and it could potentially undermine our privacy.
Thirdly, they are very costly and exclude the big part of a population. Approximately Two and a half billion people on earth don't have access to banks or any other financial services. These people can't benefit from globalization or internationalism because they are trapped due to less resources.
But blockchain is the solution to all these problems.
We have seen the potential of bitcoin based on blockchain in the past few years. Bitcoin is the answers to all our crises when it comes to financing and economic collapse. It is decentralized and safe from all kind of cyber attacks. Bitcoin can make transactions really really fast! It will only take few minutes to send money no matter how big the amount is. The transaction fee is very low. Most importantly, Bitcoin empowers globalism to unbanked areas in the world. Since bitcoin is based on blockchain, so our identities are totally anonymous.
It will be right to say that blockchain is the new model that will outdate all these existing models, and Bitcoin is eating all financial institutes - especially wall street.