The most common question is why someone engaged in Blockchain technology is so passionate. The answer for most is always the same – Because it’s the future we’re living today. Czech philosopher Radovan Richta once rightly said that the transformation of society is owed to the emergence of technology. Ten years ago, no one could believe that fourteen-year-olds would be using smartphones and have accounts on various social media platforms like Instagram, which has millions of followers. Furthermore, no one could believe that the word “selfie” would become widely known or that ordering a taxi would be as simple as a click on a mobile app. Society itself increasingly develops the technology field. Thus, humanity discovers the world in which we live. We explore and realize the various prospects of our imagination and our capabilities, and in doing so, we create and give value to different things.
What’s happening with blockchain? What does it have to do with us?
Blockchain technology is part of our daily lives without knowing about distributed ledger technology, variability, miners, and smart contracts. The list is enormous. Nevertheless, briefly mention how each function works and its benefits to society. However, merely recording the elements cannot truly explain Blockchain technology. Nonetheless, it would be easier for society to understand Blockchain technology with the following example, namely the explanation of digital car passports by VeChain: A car’s mileage is recorded on its odometer. Traditionally, prospective buyers would inspect the car’s mileage by reading the odometer. However, dishonest sellers could profit additionally by tampering with the odometer and deceiving buyers. With the implementation of Blockchain technology, a car’s mileage is recorded by its digital car passport on the Blockchain platform, preventing dishonest sellers from tampering with the car’s odometer. As a result of this technology, consumers are better protected because they cannot be deceived by inaccurate information. This example is, of course, one of the few real-world applications of Blockchain technology.
Many people believe that Blockchain technology equals Bitcoin or that its ultimate purpose is to eliminate banks and intermediaries and thus cause “decentralization.” Of course, there are many Blockchain projects which, according to some views, can be considered “decentralized.” Some projects are extreme as they either believe in complete decentralization or present themselves as decentralized but are, in reality, fully centralized and controlled by a single entity. Some projects appreciate the benefits of decentralization but do not understand that a decentralized process will create chaos in decision-making. Therefore, these projects do not inspire trust. Trust is essential and fundamental in this field because for various businesses to be willing to try Blockchain technology, even on a political level, they must first believe that the entity and Blockchain technology understand how the traditional business model works.
Surely you have heard of Revolut, but most people have yet to learn exactly what it is. Revolut is an Electronic Money Institution (EMI), a bank without physical branches where all transactions, i.e., deposits, payments, transfers, and currency exchanges, are all electronic. Although EMI still has most of the functions of a bank, which has personnel not behind cash registers but behind computers, Blockchain operates only with the same guiding principles. They are not trying to abolish or render the system obsolete. On the contrary, they want to solve the problems of this system. They indirectly support a system like that of the example of mileage, which has been mentioned above. Blockchain projects that want to be complementary rather than alternative, that want to solve problems and make existing businesses and industries more efficient and productive, are the projects that will remain and have real value in today’s society. Of course, it will take time to achieve all this. Nevertheless, for those unwilling to move forward, “to them truth would be nothing but shadows of images.”