Blockchain – Internet of Information to value
Trust is critical for business. Today, we trust banks to hold our money, eCommerce companies to deliver the products we buy online, and payment platforms to protect our transactions from fraud or misappropriation.
Ever wondered that if you had the right connections in bank, you could end up finding out lot of critical information about people whom you want to target or in general sense get a lot of important pre hand information about the person’s / companies financials. Even worse these banks and middle men are few and big and if chaos has to be injected in the society, all it requires is a team of hackers or a group of corrupt people in the organization to act in bad faith and our value, specifically money in this case is in trouble.
What if we could mathematically embed trust into the very nature of transactional activities?
People are essentially trying to develop solutions to solve these kind of inherent problems and this is the genesis of block chain.
Welcome to Blockchain!
Blockchain is a distributed (decentralized) digital network that enables the exchange of value or the ability to confidently share data—including financial assets and contracts—in a secure environment .By design, blockchain builds trust into every transaction and shared data source, enabling greater security, cost efficiency and optimized reconciliation processes.
Block chain will enable value to be exchanged as quickly as information without any intermediaries. Information is travelling around the world with a blink of an eye however a single payment from one country to another is still relatively slow, expensive and unreliable. Even today a typical international payment takes 3-5 days to settle and there is a cost that you have to pay to the intermediaries i.e the banks involved to discharge the transcation.Worldwide, there are million dollar worth of cross-border payments made every year.
With the Internet of Value, a value transaction such as a foreign currency payment, can happen instantly without involving the intermediaries, just as how people have been sharing words, images and videos online for decades. And it’s not just money. The Internet of Value will enable the exchange of any asset that is of value to someone, including stocks, votes, contracts, music etc. The transfer is validated, time stamped and completed instantly. At last value will be able to move around the world as information does. The implications of this technology is mind numbing.
The World Economic Forum has predicted that, by 2027, 10 percent of global GDP is likely to be stored on block chain platforms.
We at Allwyn, recognize the potential of this technology and we are following the developments in this technology gearing our resources to take advantages of it as it enters mainstream of business.