Blockchain is inevitable for human beings

At the time, since we are at the very early stage of blockchain technology, most people would consider it making money related or a scam because the noise happened during the last ten years. However, if we look into the history of human beings and the technology development process, we can see it is inevitable.

First of all, let us talk about what blockchain is. Blockchain is a digital system that records transactions across many computers in a way that ensures security and transparency. Unlike traditional systems controlled by one central authority, blockchain is decentralized, meaning no single entity has control. Each transaction is grouped into a block, linked to the previous one, creating a secure chain that is nearly impossible to alter. This technology not only powers cryptocurrencies like Bitcoin but also has uses in many areas such as tracking goods in a supply chain, securing medical records, and ensuring fair voting. In a simple way to explain it, it is networking to bring the most efficient and transparent way to complete any type of transaction.

As we trace the development of human society and technology, certain innovations stand out for their transformative impact. Blockchain technology is one such innovation, poised to become as fundamental to our future as the internet is today. To understand why blockchain is inevitable, we must consider its place in the broader context of human history and the evolution of the internet.

If we look into the innovation history of human beings, from the earliest days, humans have sought ways to improve communication, record-keeping, and transaction methods. The invention of writing systems, such as cuneiform and hieroglyphics, allowed civilizations to record and transmit knowledge across generations. The advent of paper and the printing press further revolutionized information dissemination, making it more accessible to the masses. In the late 20th century, the internet emerged as a groundbreaking technology that fundamentally changed how we communicate, share information, and conduct business. Initially developed for academic and military use, the Internet rapidly expanded into commercial and personal spheres. The World Wide Web, e-commerce, and social media have reshaped our world, creating a globally connected society.

However, as the internet matured, it became evident that it had limitations and vulnerabilities:

• Centralization: Many online services are controlled by a few large entities, creating points of failure and control.
• Security: Cybersecurity threats, such as hacking and data breaches, have become pervasive.
• Privacy: Personal data is often exploited by corporations, raising concerns about privacy and data ownership.

Science we already have enough infrastructure from that period, now, it is time to advance, blockchain technology.

Blockchain technology, introduced with the advent of Bitcoin in 2008, addresses many of these issues by offering a decentralized, secure, and transparent way to manage transactions and data. Here’s why blockchain is seen as the next inevitable step in technological evolution:

Blockchain brings decentralization and trust to digital transactions by removing the need for intermediaries, much like how the internet reduced reliance on traditional communication intermediaries. This not only cuts costs but also enhances efficiency by ensuring transactions are valid without requiring trust between parties. The unchangeable nature of blockchain records provides a level of security and trustworthiness similar to early record-keeping systems, while its public ledger offers visibility and accountability, akin to how the internet democratized access to information.

In terms of efficiency and cost reduction, blockchain automates complex processes through smart contracts, reducing the need for manual intervention just as digital tools and software have streamlined various industries. By eliminating intermediaries, blockchain lowers transaction costs in a manner similar to how the internet reduced the cost of information sharing and communication. Blockchain also addresses modern privacy concerns through encryption, offering selective transparency. Additionally, blockchain promotes global accessibility by bringing financial services to unbanked populations and simplifying cross-border transactions, much like the internet has facilitated global communication and commerce. Blockchain's ability to tokenize physical and digital assets makes them easier to trade and manage, paralleling how the internet enabled digital representation of media like books and music. This tokenization allows more people to own portions of high-value assets, democratizing investment opportunities. Blockchain also ensures secure data storage and interoperability across different systems, similar to the internet's role in connecting networks and platforms. Furthermore, blockchain supports the development of decentralized applications (DApps) and has the potential to disrupt traditional business models, mirroring the transformative impact of the internet on various industries. Its transparent and immutable records simplify regulatory compliance, and as a key technology for Web 3.0, blockchain aims to decentralize control, giving users more power over their data and online activities.

Let me give you a quick example: when most people buy a home, they need to apply for a mortgage. This involves a rigorous underwriting process where you must provide credit history, financial statements, and pay stubs for both yourself and your spouse. If you don't meet the criteria, you might not get the loan. If you do, it usually takes 45-60 days to close the deal, and you'll have to accept the current interest rates set by big financial institutions, which can be over 7% right now. With blockchain technology, you could list your financing needs on a decentralized network, which would match you with funding that meets your criteria. All underwriting and closing procedures are built into the blockchain (lending protocol), and your financial information is transparently available on-chain. You could simply press a button on your phone to complete the transaction. Additionally, the interest rate (or a future term we might use) would be flexible based on the needs you put on the network.

At ManageLife, we are excited to be part of creating a blockchain-based real estate transaction network. We invite you to join us in this journey, making homeownership accessible and achievable for everyone.