The following is part 2 of a 3 part opinion series on the blockchain by Daniel Sutton.
Blockchain is going to change the way you transact. Drastically.
The Atlantic recently reported that to read all the user agreements that you encounter in your year would take 76 working days. That’s why we don’t read them, for better or worse. Extrapolate then, the time you spend filling in bank forms, applications, online memberships, rental agreements, insurance, tax, and the thousand other daily identity verification procedures you go through to essentially establish: a) that you are who you say you are; and b) that you can be trusted.
This is, point blanc, a waste of time. Lots of time. Hours per day. Weeks per year. Years per lifetime. Blockchain represents technology that can move these mundane transactions (and less mundane ones, like transferring the deed of a house, or sending money overseas) into the software age.
In a world where form fills, signatures, legal stamps, and third party verifications are a part of our daily life; it is hard to appreciate just how much time we would save by automating the steps of identity verification and authorization with digital assets. If you spend 30 minutes per day on these kinds of transactions, that is 16 day’s worth of waking hours every year. 16 days is more than the average North American vacation period. In 16 days you could visit every major city in Europe, on an admittedly hectic road trip.
This is the core value offering of the Blockchain. By leaning on intrinsically secure mathematical algorithms and an indelible register of transaction history, Blockchain represents a novel medium to enable trustless, two-party transactions. With a click you can be identified and transact assets instantly, irreversibly, and with a miniscule cost. The long and short of all this? The same way that the internet revolutionised communication, Blockchain will revolutionize transactions.
Disclaimer: Views and opinions in this article are those of the author and do not necessarily represent the views of, and should not be attributed to Blockchain Tech Ltd.