A disruptive technology supersedes an older process, product, or habit.
Disruptive technologies like blockchain have enormous potential for making social and economic transactions. blockchain is more secure online by guarding against an attack and removing the need for any third-party intermediary.
Today, most people use a trusted intermediary like a bank to make a transaction. By contrast, blockchain allows groups of users, like consumers and suppliers, to link directly. It can be used to record transactions conducted across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the collusion of the network.
This provides an inexpensive and effortless way to verify and audit transactions, which then become traceable and transparent. Both are essential elements to fight against financial fraud.
Blockchain technologies can also allow mathematics and algorithms to create trust between parties that interact. The two parties can co-create and share the database safely and securely.
In its White Paper on blockchain published last year, the World Economic Forum said that the technology was “pulling us into a new era of openness, decentralization and global inclusion.”
Unlike the internet alone, it said: “blockchains are distributed, not centralized; open, not hidden; inclusive, not exclusive; immutable, not alterable; and secure.” It is early days, blockchain is moving out of the lab and going mainstream.
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