The Blockchain is a trust-less ledger of transactions that prevents forged data at extremely cheap costs. P2P payment systems are probably the largest change that will occur in this new age of technology. Never before have individuals been able to skip going through a bank or other financial institution to send money to someone on the other side of the world.
Also read: Blockchain Technology Can Significantly Simplify Modern Banking
Prior to Bitcoin, the mass production of unique, mobile apps began to rise. Developers, having access to new technology, were able to create many apps that empower users to do something for free that would have normally costed them money through a third party. Users of these apps are thus empowered beyond the scope that they were without the apps. As technology continues to grow, it creates unique, economical models that distribute the power to buy and sell across the population. In addition to Bitcoin, people can create their own cryptocurrencies that have their own markets and values which are established by the laws of economics. P2P payments and creation of currency are all possible through the technological breakthroughs of Bitcoin.
With the continual development of 3D printing, individuals will be empowered to manufacture some of the goods they would have otherwise purchased. Eventually, even things like healthcare will be decentralized, people will be able to purchase healthcare services like any other good that they would purchase out of pocket rather than through a third party insurance company. By cutting out third parties, individuals will get the best rates possible, have greater access to a wide assortment of goods and services, and be able to control all of their own finances without needing a bank which lends out their money for profit.
With the P2P revolution comes the collapse of fractional reserve banking, the need for insurance, and individual empowerment. All of these remarkable changes are made possible through the innovations of Bitcoin and the Blockchain. Eventually, all documents, contracts, and ledgers could be stored on the Blockchain. Once something is verified and stored on the Blockchain, it is permanent and cannot be tampered with. This public ledger would serve to protect all documents stored on it.
The P2P movement is indeed gaining traction, and the technologies created by the private sector such as Bitcoin are spearheading the movement. In these changing times, people will be empowered and gain financial potential that never would have been possible without Bitcoin and other P2P technologies.
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Last modified: June 10, 2020 1:45 PM UTC