When an industry transitions from using one or more \u201csmart\u201d and centralized networks to using a common, decentralized, open, and dumb network, it provides a significant benefits to the industry.<\/p>\n
First of all, the internal costs shrink considerably. The costs of contracting are reduced via software contracts which take care of policing, timely payments, transaction execution, bargain, etc. On this foundation a tsunami of innovation that was pent up for decades is suddenly released. All the applications that could never get permission in the closed network can now be developed and deployed without permission.\u00a0At first, this change involves reinventing the previously centralized services with new and open decentralized alternatives, which involves the removal of entire layers of intermediaries which are no longer necessary.<\/p>\n
The Internet effected such disintermediation by replacing brokers, classified ads publishers, real estate agents, car salespeople, and many others with search engines and online direct markets. In the financial industry, the Blockchain creates a similar wave of disintermediation by making clearinghouses, exchanges, and wire transfer services obsolete.<\/p>\n
Therefore, this will enable Peer-to-Peer exchange of values where significant values can be held by people involved in value creation, then those involved in capturing of values. As internet reduces the cost of search and co-ordination, Blockchain cuts the cost of bargaining, contracting, policing, and enforcing the contracts. Thereby, decentralization will also create a truly sharing economy.<\/p>\n
Source:\u00a0https:\/\/www.linkedin.com\/pulse\/blockchain-real-sharing-economy-uberisation-dr-mihaela-ulieru<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
When an industry transitions from using one or more \u201csmart\u201d and centralized networks to using a common, decentralized, open, and dumb network, it provides a significant benefits to the industry. First of all, the internal costs shrink considerably. The costs of contracting are reduced via software contracts which take care of policing, timely payments, transaction … Continue reading What happens when an industry transitions from centralized network to a decentralized network formed by Blockchain?<\/span><\/a><\/p>\n","protected":false},"author":1711,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"qubely_global_settings":"","qubely_interactions":"","kk_blocks_editor_width":"","_kiokenblocks_attr":"","_kiokenblocks_dimensions":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-1398","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"gutentor_comment":1,"qubely_featured_image_url":null,"qubely_author":{"display_name":"vinaykjay","author_link":"https:\/\/blogs.scu.edu\/finis\/author\/vinaykjay\/"},"qubely_comment":1,"qubely_category":"Uncategorized<\/a>","qubely_excerpt":"When an industry transitions from using one or more \u201csmart\u201d and centralized networks to using a common, decentralized, open, and dumb network, it provides a significant benefits to the industry. First of all, the internal costs shrink considerably. The costs of contracting are reduced via software contracts which take care of policing, timely payments, transaction…","post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts\/1398","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/users\/1711"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/comments?post=1398"}],"version-history":[{"count":3,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts\/1398\/revisions"}],"predecessor-version":[{"id":1401,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts\/1398\/revisions\/1401"}],"wp:attachment":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/media?parent=1398"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/categories?post=1398"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/tags?post=1398"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}