How Blockchain Has Potential To Change Daily Lives?
When Goldman Sachs, one of the leading companies in the world in its field says, Blockchain technology is finally “moving beyond the hype.”, it is something to take a due note of. In the past decade or more, blockchain technology has grown and grown. What’s shocking is, that it does not seem to be stopping just yet either. Goldman Sachs, in their new study on the potential use cases of blockchain have made certain discoveries to reimburse the potential of this technology. What might these be?
A very big advantage with blockchain technology is its safety along with its modernised and reliable record-keeping of one’s individual digital payments. With this, middlemen like Uber, who provide similar such facilities could be cut off. How massive is this development? Well, according to people at Goldman Sachs, they believe that they will be able to generate $9-$3 million in incremental revenue opportunity through the year 2020, by facilitating more P2P relations with the help of blockchain.
With resources declining, there is incremental pressure on the natural resources. Many people have taken heed to these warning signs and began producing their own electricity, with solar panels and other battery electricity generators, as their best friends. Imagine if these people could sell electricity to other people and dilute the monopoly of the current electricity company? The transfer of something like electricity seems far-fetched but Goldman Sachs believe that blockchain has the potential to develop a secure means of trading for such people. This would indeed be huge.
It seems that blockchain could also play a hand in reducing the costing of title serach, for various insurances. Goldman Sach’s believe that by passing over of the process through blockchain, it will ultimately reduce errors and manual effort, thereby playing a role in reducing the price the people have to pay.
Two other fields in which blockchains seems to have a future in are, trading stocks and prevention of money laundering.