How did we arrive here?
Broadly speaking, there are three underlying forces – 2008 financial meltdown, technological research and the emotional need to restore trust and security – that are leading to the breakthrough of Blockchain technology.
The first force is the 2008 financial meltdown which happened due to sub-prime crisis and had subsequent global impact. This financial crisis also meant crisis of trust. From historical perspective, initially, communities used to be the network of trust for exchange of values. Then, Sovereign was the central authority acting as the intermediary; later, with the progress of economy and with the increase of trade and commercial activities, institutions backed by systems, rules and regulations became the intermediaries to facilitate transactions. However, this economic progress came at the cost of economic waste – inter-mediation, contracting and arbi...more