Since then, we learned that it has the key to disrupt any centralized system, whether private or public. In other words, blockchain can replace today’s gatekeepers – private corporations or state institutions – to become a decentralized guardian of virtually everything that matters to us, from personal data to democracy.
In essence, a blockchain is a shared digital registry that can hold data about anyone and anything, anywhere in the world, on every computer that’s part of the system. This means that any information stored into this ledger is unchangeable, super-safe due to cryptographic encryption and 100% verifiable.
It’s impossible to make the explanation of what a blockchain is simple; however, this highly complex technology will simplify everything we do online today.
We’ve always relied on third parties to be moderators of any given transaction. And for each of them there’s always been a certain cost to be paid – in money, time and, more recently, data, an increasingly appreciated asset.
Now, the blockchain technology basically eliminates the need for this centralized approach and transfers the control over personal data, from intermediaries, such as public & private companies, to their rightful owners.
In an increasingly connected, data-driven world, democratizing information and giving people 100% control of their data is the natural next step to take. Cristi MIHAI, MP, STRATEGAD.
Strangely, a technology that was invented as an alternative to our present financial system is warmly embraced by it – setting an example for companies in all areas of expertise. The benefit of organizations is, once more, data – more accurately, the way it’s controlled, accessed, valued – and secured.