How are the businesses affected and where is the technology headed?
Intermediaries are eliminated and development to replace the traditional ecosystems in the long run.
Back in 2008, during the housing industry breakdown, the concept of independent currency was implemented, the popular Bitcoin. The ecosystem evolved into cost-effective services affecting the industry directly and indirectly.
Short Term Applications
Solving the frictions in the existing processes by removing middlemen. The immutable nature of single, shared database also opens up opportunities for transparency, traceability and automation.
The current scenario mainly provides enterprise solutions and pros are higher speed lower cost.
Long Term Eco-System Development
Decentralization. The technology was initially conceptualized to counter the follies of large centralized authorities. Although feasible, decentralization comes with decentralized responsibility to an individual. Which restrict the use to technology-aware participants, and poses as an obstacle for mainstream adoption.
The tri-disciplinary concept accounts for the well publicized immutability and decentralized nature of the technology. Economic game theory ensures value as an incentive, as an enforcement mechanism of best practice. Peer-to-peer network makes up for integrity and distribution of authority, while cryptography ensures security of information, privacy of an individual and accountability of every participant.
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