The first advantage the blockchain technology mainly provides is the ability to always send money to all over the world in just seconds like an email. This is now called the Internet of Value. In near future value transfers and asset ownership will be recorded through these technologies.
Diversification of distributed databases and communications between them started to provide our lives with many innovations and conveniences. This change that started with the finance sector now creates a huge impact on all sectors with the implementation of alternative blockchains.
These systems consist of tokens (values), accounting mechanism and protocols. These protocols are like email protocols, file transfer protocols. They enable distributed databases to communicate with each other by allowing the joint transfer of information and value. In the early years of the internet, email was something that could only be used on computers within the same network and was not using shared protocols that run just on the manufacturer’s protocol. In a very short time it became possible to communicate with each other, shared protocols were developed and therefore, information became accessible for all computers regardless of which network they are on.
Blockchains are also in a situation similar to that of in the early years of the internet and experience a cooperation in protocols. Value transfer will, on the other hand, start to operate as fast as information transfer with the logbook independent but compatible. These, in turn, will provide humanity with new fields of development.
Another important feature of the distributed databases is that they eliminate the need for trust. They render unnecessary intermediaries and the third parties that should be trusted. The only things that should be trusted are mathematics and software. By this means, parties that do not know each other can engage in joint trade actions and operations in safety.
These technologies opened the door for important gains in transportation as is the case with all other sectors. Transportation of a good depends on numerous correspondences and documentations and the collaboration of dozens of companies. Studies have been made on distributed databases that can enable the provider to see only the permitted information and carry out the relevant operations. This way information can be entered by its authorized person and notifications can be sent to all relevant parties through a decentralized system. Such structures not only provide their users with low costs, high safety and speed but also gain them skills to follow-up, report and measure.
Thanks to smart agreements, all processes from insurance transactions to shared use of resources can be performed and micro payments can be made upon the realization of certain conditions or steps. As value transfers can be performed as cheap and fast as emails, it becomes possible to make payments in smaller amounts and in each and every step. In the future, there may be collections per transaction and even per transaction steps.
Now there are blockchains that allow one to follow-up the journey of a product from farm to table and all the details of the relevant procedures, as well as those ensuring identity approval and also those private or open blockchains that serve in many areas including insurance, credits and accreditation. All transactions that can currently be performed thanks to tokens, accounting books and protocols will be updated at an infrastructure level and some intermediaries will disappear but the user side will be easy, simple and quick.
Blockchains will make it possible to ensure the standardization of the data kept, and their distribution, processing and interpretation will become easier. Users will be provided with machine learning, artificial intelligence, automatization, optimization and rapid and correct decision-making opportunities as data becomes structured and turns into something that can be obtained in large amounts. These new technologies will bring inevitable changes into our work and lives in the upcoming years. As is the case with the internet technology, this technology will also uncover many opportunities.