This article is written by Mohammad Eslim, a Contributor Author at Startup Istanbul.
The world is always changing in a function of time. Time makes wondrous effects in everybody’s life, covering every aspect of the life we know. It was just a mere 83 years prior that computers had been invented, and almost a 30 since the first foundation of the World Wide Web by Tem Berners-Lee in 1989.
When all of these changes are happening, we are in turn subjected to what those changes entail. This world became more dangerous yet more secure. How so?
First, as the world advance in time, it is turning into a polluted mass of heated space rock.
As if it was not enough, governments can not stop experimenting with chemicals and nuclear weapons on the clean nature since the last century!!
As a result of the awareness of the power conflict a nuclear weapon entails, there is always threats of war floating in the air.
Crimes have become too common that there are many people who found it safer to walk carrying some kind of weapon on them.
The stock, the banking system, the judicature and the government laws and taxes have been so much stressful on citizens. Too many laws and regulations and the services are not good enough.
National economic status in a country plays a strict role in each citizen’s life regardless of their own financial problems. For instance, when a hospital faces a low-income issue it causes the rising costs of its services on behalf of the patients.
Due to these givens, there were trends to computerize alot of services. As we know, a human flaw is various; from illnesses, exhaustion, distractions, retirement and stress. Whereas programmed machines can not do that.
Now, with complex algorithms and advanced technology, the client’s money and transactions are protected by the blockchain technology.
The invention of the blockchain for the bitcoin made it the first digital currency to solve the double-spending problem without the need of a trusted authority or central server.
The blockchain, in simple words, is a growing list of records (blocks) linked using cryptographic algorithm. These records contain transaction data hashed and encrypted.
Whereas the bitcoin is a form of electronic cash, it is a decentralized digital currency without a central bank or single administrator that can be sent from user-to-user on the peer-to-peer bitcoin network without the need for intermediaries.
All this brings us to the point where we can imagine how this Bitcoin will work as a replacement for our current currency, just give it a few years.
Not only we can secure our banking services, we now have designed our devices, vehicles and home-appliances so they can interconnect through sending and receiving data over network. Available for all the things in our houses, transportation, equipment, actuators and software services. This technology is called the Internet of Things.
Aside from that, a few years ago, there was a medicine student who suggested to make a personal health database with the person’s data stored in Cloud. Moreover, there are now electronic clinic applications.
A few years later, we might have auto-driving flying cars, whole houses functioning using internet, and electronic government services for five cents on a dollar. Hospitals on your phone. Might as well start to think how to invent an electronic government!