Blockchain Revolution

Contracts, records and transactions are among the most basic and important things in our economic systems. Despite that, these things have not been able to keep up with the digital revolution. There are a lot of problems in using these things in the old fundamental way. In today’s world this has to change. A solution needs to be provided here.
Blockchain gives us the solution to this. This is the technology which drives the bitcoin. It is a public decentralized and distributed ledger that records the transactions in a verifiable and a permanent way. This chain itself can be used to trigger transactions automatically.
So imagine a hypothetical world with blockchain, in which all the transactions and contracts are in a decentralized and transparent database with utmost security. In such a world, all the transactions will have a digital signature and could be easily validated. So the middle men like Lawyers, Bankers might no longer be required. All the contracts would be honoured and the transactions will take place in a free way.
However, for this to happen, there are many barriers. The main thing that needs to be understood here is that: blockchain is not a “disruptive” technology, which can attack a traditional business model with a lower-cost solution and overtake incumbent firms quickly. The blockchain is a foundational technology: It has the potential to create new foundations for our economic and social systems. But while the impact will be enormous, it will take decades for blockchain to seep into our economic and social infrastructure. The process of adoption will be gradual and steady, not sudden, as waves of technological and institutional change gain momentum.

source: www.hbr.org