Blockchain - Perhaps the Most Important Invention Ever Since the Internet Was Discovered

Blockchain is one of the most promising technologies of the future and perhaps the most important invention since the Internet was discovered, as it is based on the two pillars of the fourth industrial revolution, which is communication and connectivity.

Blockchain technology has been well known for its use in cryptocurrencies, but it is expected to be implemented in the coming decades in most of the sectors, activities and industries as well as in everyday life, around the world.

The technology offered by blockchain has never been the case in the past. Its use will not only allow the creation of new instruments for financial services but also will reform and redefine government, legal services, accounting, insurance, supply chains and energy distribution.

The remarkable matter is that Blockchain technology, as it preserves central management in one overall system, will drive us to review the notion of citizenship, will revise the way of handling people and goods, and will challenge the way governments manage the economy and policymaking since it allows the transfer of power.

Blockchain can help control over a transaction effectively, where the controller instead of sending requests for information to a bank or other type of organisation, simply verify transactions in a Blockchain book.

Thanks to the trading capabilities offered by blockchain technology, transaction costs can be dramatically reduced coordinating by effectively the relevant assets, thereby helping businesses and countries to grow. By using the blockchain as a mechanism for the exchange of value and as a mechanism for creating millions of transactions, even small companies would work better and even compete with world players.

Blockchain technology can support environmental sustainability as it could reduce unnecessary freight traffic around the world and thereby help decrease environmental damage. Also, Blockchain technology has a great potential for trading carbon emissions, water distribution management and tracking materials.

Blockchain technology is most likely to dominate the next few decades not only for the reasons mentioned above but also because it will be the key pillar in improving transparency and efficiency. Therefore, it will contribute to the implementation of the global compliance standards and the anti-money laundering and combating terrorism.