Blockchain under the spying glass series
Since blockchain technology is in a relatively infant state, discussions regarding it’s disruptive nature are still a main theme for bloggers, geeks, investors and media. From solid arguments to pure speculations the real potential behind the technology should NOT be a subject of debate, but rather an objective analysis of what really can be accomplished with it.
Centralised vs decentralised models
Outlining the very base of blockchain we need to talk about centralised versus decentralised models. Currently, the majority of business, social and government platforms incorporate traditional centralised models, where they serve as a regulator and admins and validators for all operations that take place on the platform. This can be view as a default setting for limiting an environment where participants are not granted with absolute freedom over the data they store and also the data they exchange with other users on the platform. The same goes for the users within centralised environments. Blockchain allows mutual trust, as participants serve as validators for data exchange in a secured environment without its potential tampering or manipulation. These processes apply the idea for transparent interactions infused within the latest regulations for personal data protection. The integrated traceability should be added to the series of benefits the blockchain unlocks for real time application.
These quickly listed beneficial traits of Blockchain suggest the disruption of the zero-sum game. A term often used to describe the equal proportions of loss and gain for opposite participants in a competition. The variety of cryptocurrencies, and especially those that allow the development of useful applications are one such argument in support of the non-zero sum game and a “Win-Win” scenario. Beneficial to new business models, blockchain can incentivise honest behaviour and contributions among businesses and consumers. These advantages are inherent to products and their digital life extension on blockchain. Items can be featured with digital passports inclusive of validated facts and full history of origin with time stamps and immutable records on the decentralised network.