The Ten Commandments of Blockchain Technology
IV: Smart Contracts
Blockchain supports programmable contracts, known as smart contracts, which automatically execute and enforce predefined rules when specific conditions are met. This can streamline and automate various processes, reducing the need for intermediaries.
V: Reduced Intermediaries
Blockchain eliminates the need for intermediaries in many transactions. This not only reduces costs but also minimises the risk of errors and fraud associated with third-party involvement.
VI: Financial Inclusion
Blockchain technology can provide financial services to those who are unbanked or underbanked, enabling them to access a wide range of financial services without the need for a traditional bank account.
I: Decentralisation
Blockchain operates on a decentralized network, reducing the need for a central authority. The immutable ledger ensures transparency and trust among participants.
II: Security and Cryptography
The use of cryptographic techniques ensures the security of transactions, making it extremely difficult for malicious actors to alter data. This is especially crucial in financial transactions and sensitive data management.
III: Transparency
Transactions on a blockchain are visible to all authorized participants, promoting transparency and reducing the risk of fraud. This can be particularly beneficial in supply chain management, voting systems, and financial transactions.
VII: Data Ownership and Privacy
Users have greater control over their data on a blockchain. They can grant and revoke access to their data as needed, enhancing privacy and putting individuals in control of their personal information.
VIII: Global Accessibility
Blockchain operates on a global network, enabling cross-border transactions without the need for traditional banking systems. This can foster economic growth and financial inclusion on a global scale.
IX: Supply Chain Traceability
In industries like food and pharmaceuticals, blockchain allows for end-to-end traceability of products. This ensures the authenticity of goods and helps in quickly identifying and recalling faulty or contaminated products.
X: Tokenisation of Assets
Blockchain facilitates the tokenisation of physical and digital assets, allowing for fractional ownership and trading of assets that were traditionally illiquid. This can democratise access to investments and asset ownership.
“Bitcoin is a remarkable cryptographic achievement, and the ability to create something that is not duplicable in the digital world has enormous value..”
— Eric Schmidt, CEO of Google