Ups and Downs of Blockchain

The sudden blossom of “blockchain” technology is becoming the new talk in the business world due to its revolutionary technology that make all aspects of a business more efficient. With its abilities, blockchain will make tasks such as payment verification and the implementation of “smart contracts” that automatically enforce policies and procedure, more simple and enforces all legal activity amongst an organization. Many companies have adopted this technology, such as Microsoft, who has launched their “blockchain as a service” amenity to actively and accurately record any amounts of company transactions digitally in blocks of data. While blockchain is revolutionary, a lot of debate has begun about the enforcement level of its technology. For example, Toyota Financial Services has toyed with the notion of a smart contract for their customers and their cars. If payment for a car isn’t received, the smart contract would notice and legally transfer ownership back to the company and shutting off the car for the driver. Many people view this as a transfer of power from human to machines and eliminate the need for human hierarchy with its easy accessibility across all users. It unites different ideologies of how soon blockchain will be commonly used amongst most businesses. With the force that blockchain technology has and the impact it’s ready to make on our society, we must find way to control the technology before it controls us. A more automated approach also eliminates the need for some jobs such as accountants, lawyers and bankers if their roles can be done on a computer. We must utilize its skills meticulously and not heavily rely on its purpose to operate a business in order to reap its true value for our business cases and situations.

Link: https://www.bloomberg.com/news/articles/2016-08-25/this-is-your-company-on-blockchain