Blockchain Technology and Trust

It is without doubt that one of the most promising and emerging technologies that will
prevail in the next decade, is blockchain, which was the core inspiration in order to create
the famous currency of bitcoin in the fintech industry.

Nevertheless, blockchain is an integrated technology that could fit almost to the majority of
industries and not just to financial transactions or payments.

Some people are worried about the regulation environment and whether can affect these
kind of technologies, some others believe that it is just a starting point and no authority can
at the end of the day interfere in the evolution of blockchain in the markets.

But the main question remains. What is the real effect of blockchain in the modern
societies? Is it all about disruption and a new methodology to develop new strategies and
make business profits?

In my opinion, blockchain is already affecting the markets business wise, creating some
change management effects gradually in the business models, but the most powerful thing is
found in the word trust.

Trust is all about democracy, new opportunities to share, equal opportunities to develop and
having the feeling of security on your thoughts, transactions, writings or files.

Trust, is connected with transparency in the data created and driven and this is actually the
major success of blockchain and the challenges that is going to face in order to get better in
the future.

Through this new technology for instance, a new permanent and secure identity can be
created for all kinds of citizens in the world, if any country of course wants to develop such a
system.

All the transactions that a citizen makes with the government in a secured e-government
portal, could be stored in a secured way using blockchain, monitoring real time all the data
and securing that nobody can break the chain by changing one or more bulks of data, since it
is always visible to everybody and not just to the creators and developers of the database.

Apart from that, blockchain could substantially help in the medical industry in order to store,
secure and exchange historic patient’s data between hospitals or keeping safe the personal
file of a patient inside a portal, that only him will have access or the right to share under
specific only conditions.

Moreover, in the legal industry imagine how many legal cases need thousands of pages of
digitization in order to be secured.
Blockchain could help in the developing of smart standardized contracts, that could be a
single point of registering and updating new data about a legal case, changing its status
under specific access rights and keeping it secure in any database, having the ability to watch
real time whether anything has been changed.

In order to conclude, we could say that the emerging technology of blockchain is here to
change dramatically in the new era of automation and robotics the way that we think,
exchange data, make business and complete any kind of transactions.

It is now at the discretion of new enterprises to take advantage of this new opportunity,
transform their products and offer new features and services to their clients, in a more
personalized and secure manner to administrate their data.

At the end of the day, it is highly probable that the quality of the products will be increased
and the consumers will enjoy more valuable services based on trust and transparency.

Meletis Rentoumis is an economist, banker and an independent economic

researcher.