Wake-Up Call To #Blockchain #Technology
So many people around the globe are still yet to fully grasp the kind of disruption that recently emerged in the world space. The advent of blockchain technology is no child's play! Not at all. Sad it may seem, this technology is here to usher in some remarkable and revolutionary paradigms, that will displace many out of their 9-5 jobs; while thousands of thousands will also take up new jobs at the same time.
Topmost among those that would lose their jobs are the bankers! Yes, you heard me right - THE BANKERS. Many of us won't believe that several bankers today still do not know that there is such a thing called the #bitcoin, not to talk of even having the minutest idea of the broader scope of what cryptocurrency or blockchain technology is.
I'm not making stories up, because I have met and interacted with numerous bankers and even their managers - many do not know "jack" about this disruptive technology. In case you doubt me, let me give you an overview of what I'm talking about. The blockchain itself is an automated digital ledger in which transactions are documented. Don't forget that the technology that drives the blockchain is coordinated by a set of mathematical algorithms and encryption techniques associated with cryptography.
Alright, let me take you a bit further to mention #Smart #Contracts: which are a set of self-executing contracts pre-programmed on a blockchain.
Now, how would this "simple technology" cause many people to lose their job? Imagine walking into a filling station with no pump attendant, you simply grab the dispensing nozzle and fill your tank. Your charges are instantly calculated, the payment gets deducted from your digital wallet, and the transaction gets detailed on the blockchain: upon which the account of the filling station runs. Your receipt also gets printed automatically, then you zoom off with your full tank - ALL OF THIS WITHOUT A SINGLE HUMAN ATTENDING TO YOU.
We see all these being made possible through Smart Contracts. In which case, the programmers of the blockchain ecosystem must have given specific instructions to cause the system to work in an automatically.
I mentioned earlier that bankers should start looking for another job or get involved in cryptocurrency and it seems you want to ask me why. Alright, I will just answer you: you see, the blockchain the system is a #wallet to #wallet transaction system, in which all third parties are phased out of any transaction. The major third party here are the banks!
What that implies is that all it will cost me to send $200000 to a friend in New York is just to have him send me his wallet address (which our banks call account number), I then enter the wallet address into its right place in my own wallet, then enter the amount of "coin assets" equivalent to $200000 and he gets to receive it at the other end almost instantly!
You'll see now that the conventional system of moving bulk cash into banks, which the cashiers will first count for hours, then pack and repack, after which they document and then transfer through Western Union, Money Gram and all. All that is already phasing out fast. My dear, that system is already becoming obsolete, wake up!
I'm not making stories up, because I have met and interacted with numerous bankers and even their managers - many do not know "jack" about this disruptive technology. In case you doubt me, let me give you an overview of what I'm talking about. The blockchain itself is an automated digital ledger in which transactions are documented. Don't forget that the technology that drives the blockchain is coordinated by a set of mathematical algorithms and encryption techniques associated with cryptography.
Alright, let me take you a bit further to mention #Smart #Contracts: which are a set of self-executing contracts pre-programmed on a blockchain.
Now, how would this "simple technology" cause many people to lose their job? Imagine walking into a filling station with no pump attendant, you simply grab the dispensing nozzle and fill your tank. Your charges are instantly calculated, the payment gets deducted from your digital wallet, and the transaction gets detailed on the blockchain: upon which the account of the filling station runs. Your receipt also gets printed automatically, then you zoom off with your full tank - ALL OF THIS WITHOUT A SINGLE HUMAN ATTENDING TO YOU.
We see all these being made possible through Smart Contracts. In which case, the programmers of the blockchain ecosystem must have given specific instructions to cause the system to work in an automatically.
I mentioned earlier that bankers should start looking for another job or get involved in cryptocurrency and it seems you want to ask me why. Alright, I will just answer you: you see, the blockchain the system is a #wallet to #wallet transaction system, in which all third parties are phased out of any transaction. The major third party here are the banks!
What that implies is that all it will cost me to send $200000 to a friend in New York is just to have him send me his wallet address (which our banks call account number), I then enter the wallet address into its right place in my own wallet, then enter the amount of "coin assets" equivalent to $200000 and he gets to receive it at the other end almost instantly!
You'll see now that the conventional system of moving bulk cash into banks, which the cashiers will first count for hours, then pack and repack, after which they document and then transfer through Western Union, Money Gram and all. All that is already phasing out fast. My dear, that system is already becoming obsolete, wake up!
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