How hard did the blockchain merge into our lives and what will happen next?
Contents
ToggleHow Blockchain Can Change Our LivesThe history of civilization is linked to contracts. Since men began living in groups, it was necessary to establish contracts of good coexistence. The first is the Social Contract, a kind of tacit agreement among all men who lived in groups to respect each other's lands, women and property.
Then the contract evolved into relationships between two or more people. In ancient Rome the contract was a legal document that guaranteed the fulfilment of an obligation between creditor and debtor. Until then, to ensure that an obligation was fulfilled, the use of force, as provided for in the first of the codes, was required. Hamurab code.
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Created by the Babylonian peoples, who lived in the region of Mesopotamia, the cradle of civilization, the Code is the first source of law that has been reported. He provided for a series of penalties for those who would waive legal obligations. From the loss of hand, in the case of thieves, to the death penalty, to the billionaires. All the penalties were violent and linked to physical punishment.
What is and how does Blockchain work?
As in the Code of Hamurabi, in Roman laws the State protected the contract, guarantee and execution of it. In Rome, the Preachers played this role and became important figures in the Empire. It was the Preachers who originated the figures of the Judges, auxiliary arms of the State in guaranteeing the execution of laws and contracts today.
The Romans, unlike the Sumerians, realized that mutilating citizens was not the best way to guarantee the execution of contracts, since once unable or dead, the debtor was unable to comply with his obligation. Thus, they have laid new penalties for debtors, such as the confiscation of goods and even the conversion of the debtor into a slave of the creditor.
But you must be wondering why I'm talking about contracts being the title article refers to Blockchain, cryptocurrency technology. Well, blockchain and contracts have everything to do with it. The technology developed by legendary programmer Satoshi Nakamoto is one of the most evolved forms of contract of civilization.
Blockchain Application Areas
Developed to back the value of Bitcoin cryptocurrency, in recent years Blockchain has spread to several other areas. Currently, it is possible to find Blockchain in transport, health, real estate rental companies and many others. It's possible that technology pierced the world's cryptocurrency bubble. But why?
Basically, the technology developed in 2008 allows two people to contract with each other. The difference for the contracts that existed is that the blockchain negotiations are independent, that is, they do not depend on the state's protection. Thus, two people from two different countries can close a negotiation in Blockchain that the data and information contained in the contract have been reserved and will be valid.
Moreover, the contract is totally intact, i.e. there is no chance that Blockchain will be invaded by third parties. Only the key bearer can access the book account in which all information relating to his contract is inserted. That's a big difference when compared to physical contracts that can be tampered with and falsified.
Another point is execution. Because of the fragility of physical contracts, any problem that exists during the obligation, it is necessary to trigger the State, through the Justice, so that the necessary actions are taken to comply with the obligation. This is a bureaucracy that costs time and money, with lawyers, experts and judicial fees.
Using blockchain, the commitments made by both parties are executed automatically, according to the conditions previously established. Imagine how fast new business will be with the use of blockchain. Automatically and without the need to depend on the goodwill of the other party, the contract is executed.
What are the new ways of development?
The entire blockchain trading model is direct and free of obstacles. Without the need for intermediaries, the parties save time and money in their negotiations, being fully safe, auditable and intact. Besides practical, negotiating in blockchain is a matter of economics as well. In a world full of crossers, using the encrypted data network ensures greater autonomy of the parties throughout the process.
Forget the long meetings with lawyers, accountants, directors and investors. Using blockchain technology anyone is able to develop secure and fully executable businesses. Take Bitcoin for example. This cryptocurrency came out of nowhere in programmers' forums. In a little over 10 years she became one of the most valuable assets on the market.
All this, without being an official stock exchange asset and without being recognised as a currency by the central banks of the main countries. Until a few months ago, no State guaranteed the execution of the purchase of a Bitcoin. This is worrying, because a buyer could be left empty-handed if the asset is not delivered by the seller.
However, because it is a blockchain-based currency, once the buyer acquires the coin, it automatically passes to the property of the coin. No middlemen or crossers. Therefore, this appreciation of buying ethereumit is due to the security and confidence that blockchain technology provides to the negotiators involved in the process.
Conclusion
Realizing this, several startups are investing in new blockchain-based businesses. In Brazil, for example, there are 181 startups who use technology in their business. Since financial services, through digital security, asset management and tracking, marketing and digital media, several companies are investing in technology to develop new businesses.
No one knows where society will come with the increasingly widespread use of blockchain, what is known is that in a short time the technology will be accessible to every single person and we will see a real boom of new forms of contract based on this technology that promises to revolutionize the business world.
So anyone who is aware of the new features of the blockchain world will have more chances of dropping ahead in any branch of economic activity. Stay within that which is the great discovery of the millennium and secure a captive place in the future of smart contracts.
