A Wake-up Call on #Blockchain #Technology

Quite a lot of people around the globe are still yet to grasp the kind of disruption that is hitting the world with the advent of blockchain technology. Sad it may seem, but I'm sorry to notify us that this technology will displace many people out of jobs! Topmost among those that would lose their jobs are the bankers! Yes, you heard me right - THE BANKERS.

Many of us won't believe that several bankers today still do not know that there is such a thing called the #bitcoin, not to talk of even having the minutest idea of the broader scope of cryptocurrency or blockchain technology.

I'm not making stories up, but I've met and interacted with numerous bankers and even bank managers who do not even know "jack" about this disruptive technology.

In case you doubt me, let me give you an overview of what I'm talking about. The blockchain itself is an automated digital ledger in which transactions are documented. Don't forget that the technology that drives the blockchain is coordinated by a set of mathematical algorithms and encryption techniques associated with cryptography.

Alright, let me take you a bit further to mention about #Smart #Contracts: which are a set of self-executing contracts pre-programmed on a blockchain.

Now, how would this "simple technology" cause many people to lose their job? Imagine walking into a filling station with no pump attendant, you simply grab the dispensing nozzle and fill your tank. Your charges are instantly calculated, you make payment from your blockchain wallet, the transaction is detailed on the blockchain upon which the account of the filling station runs, then your receipt also gets printed automatically, then you zoom off with your full tank - ALL OF THIS WITHOUT A SINGLE HUMAN ATTENDING TO YOU.

All these are made possible by Smart Contracts. The programmers of the blockchain must have given specific instruction to cause the blockchain system to work in an automated manner.

I mentioned earlier that bankers should start looking for another job or get involved in cryptocurrency and it seems you want to ask me why. Alright, I will just answer you: you see, the blockchain system is a #wallet to #wallet transaction system, in which all third parties are phased out of any transaction. The major third party here are the banks!

What that implies is that all it will cost me to send $200000 to a friend in New York is just to have him send me his wallet address (which our banks call account number), I simply enter the wallet address into its right place in my own wallet, then enter the amount of "coin assets" equivalent to $200000 and he gets to receive it at the other end almost instantly!

You'll see now that the conventional system of moving bulk cash into banks, which the cashiers will first count for hours, then pack and repack, after which they document and then transfer through Western Union, Money Gram and all is already phasing out. My dear that system is already becoming obsolete, wake up!

You either ride with this new system or find yourself to blame. Few months from now, anyone not on at least one cryptocurrency ecosystem will be like someone using an analog phone in the smart phone age. You'd better wake up!

Reallionaire™
©2017

Wow! That's educative