How Blockchain Will Change the World By 2020
If you don't know what is #Blockchain, you better do so now!
#Blockchain will make many bank jobs useless by 2020.
Many workers in banks will become redundant.
They either reinvent or become extinct.
~ Ekenyerengozi Michael Chima, CEO, International Digital Post Network Limited
Blockchain banks will replace ordinary banks.
About 80% of banks are developing their own blockchain technology.
In September 2016, Barclays carried out the world’s first trade transaction using blockchain.
They cut a process that normally takes 7–10 days down to less than four hours.
Thought Machine has already created a “blockchain bank.”
The real value of blockchain is that it renders intermediaries obsolete. They make a living off being a third party that establishes “trust” between parties unknown to each other. Blockchain replaces these middlemen.
Dubai’s government said it plans to shift all transactions to blockchain by 2020.
Voting in ElectionsClick here to read the report.
In future elections, votes could be cast through a blockchain. Blockchain’s audit trail would authenticate voters’ identity and keep track of votes while allowing anyone to verify no votes were altered.
This would make fraud virtually impossible and ensure there is no question of electoral foul play.
Music Streaming
Music streaming is great—well, maybe not for the musicians. It’s estimated that artists lose up to 86% of the proceeds from their music because of illegal downloading. Blockchain is making it possible for artists to earn royalties on their music without going through a record label.
Grammy-winning artist Imogen Heap has created a blockchain-based streaming platform called MYCELIA that is facilitating this.
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