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The Blockchain Revolution Essay
The Blockchain Revolution Assignment
Blockchain is way of proving that a transaction or an occurrence took plane as shown by computers, as well as, algorithms. Blockchain is going to be the single source of truth in the near future. The Blockchain Revolution is regarded as the next big unlock due to its immense potential that has not been fully exploited. This technology came into being when the sharing economy bursted at the time of 2008 recession (Forbes.com). The various sharing startups include Uber but other areas did not take up the new trend. The idea of blockchain and the concept of sharing economy can be put together to enable the distribution of wealth from the few companies and few individuals to include many people. Blockchain revolution can help to bring out the fractional ownership of wealth into various homes.
Besides, the idea of block chain and help to unlock the potential of the sharing economy through affordable creation and operation of online platforms. For instance, the technology can be tailored to simplify transactions thus lowering the costs and reduce the current inequalities (Tapscott and Tapscott 21). Competing providers can be made in such a way as to carry out transactions at a cheaper cost.
Blockchain can be viewed as a way of keeping track of the information and record since it is an avenue for storage of data in a single location. For instance, Airbnb’s database can make several copies and facilitate distribution in a network (Kakavand et al. 6). The potential of blockchain lies in the smart contract sharing economy. Blockchain will bring about the integration of sharing and enhance the value of extractive economy. Majority of the businesses are characterized by extractive nature in terms of obtaining labor or use of resources. Also, blockchain will dictate the future by setting our values. Sharing has to be integrated into the economy.................GET A PLAGIARISM FREE COPY