cryptocurrency and blockchain technology have the potential to radically transform our entire world. They have already begun to do so. US senator Judd Gregg recently remarked that Bitcoin could alter the world, according to Coindesk.com. Making banks obsolete is a prime example of how blockchain could revolutionize everything we have ever known.

The end of centralization

For the first time, human beings no longer need to rely upon centralized third-parties, thanks to blockchain. Large centralized organizations have a strong tendency to become corrupt and control the actions of those whose business they intermediate.

The larger the centralized organization, the more power it has. The more power it has, the greater the potential for corruption and overall detrimental impact upon society.

Banks are the quintessential disease to which blockchain is the cure. Giving near total control over the personal finances of the population and broader financial markets, banks like Wells Fargo, JP Morgan Chase, Deutchebank, and HSBC have ample opportunity and incentive to rig the system. They have been caught doing so time and time again.

Consequences for such corruption are virtually non-existent. They receive a slap on the wrist in the form of a small fine and continue business as usual. As I’ve written about previously, HSBC, for example, was caught laundering hundreds of millions for deadly Mexican drug cartels. They still conduct business today as if nothing happened. Cryptocurrency makes banks obsolete.

Cryptocurrency transactions do not require a bank.

They only require two users with private wallets. Transactions happen much faster and at much lower rates. The bitcoin blockchain is immutable and transactions cannot be reversed. If a third-party at a bank decides your transaction is not valid, they can alter it without your knowledge or consent. With the bitcoin blockchain, the distributed network confirms transactions, eliminating the potential for any singular point of control or attack.

While semi-anonymous for users, all transactions are still transparent and bad people can be seen and potentially routed out. The distributed nature of the network makes attacking it all but impossible. The encryption inherent in such a cryptographic coin makes hacking it equally implausible absent a quantum computer.

Blockchain has far-reaching relevance

Banks are only one example of how blockchain will put power back into the hands of the people. Countless other examples abound of technology entrepreneurs endeavoring to create a better world on the blockchain. Steemit.com, for example, is the world’s first decentralized blogging and social media platform.

Steemit rewards users for their interaction and contributions with STEEM, a cryptocurrency native to the platform.

In addition, existing centralized platforms have begun to embrace the blockchain revolution. They have no choice. They must do so in order to stay relevant. Otherwise, they risk becoming obsolete. Minds.com, for example, has announced its plans to introduce a cryptocurrency that will be native to the Minds platform. Similar to Steemit, users will be eligible to receive this cryptocurrency. While Steemit rewards users with STEEM directly, Minds offers “points”. These points will soon be exchangeable for crypto.

All things considered, the blockchain revolution has only just begun. The new technologies, new jobs, and new freedoms that have already been created will continue to increase and multiply. The world as we know it will never be the same.

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