Why is Blockchain Technology Important?

Smart contracts running on a blockchain shift the paradigm away from central control and towards community driven principles in which individuals have direct control over their assets with a private key.

We currently live in a world where large, multinational organisations have control over our data and our assets. We are obliged to trust these companies to do the right thing and to keep our valuable assets safe and free from any unauthorised manipulation or use.

We trust financial institutions with our money, government organisations with our health history, organisations such as Google and Facebook with personal information. The list is endless and we rarely question it until it feels restrictive, manipulative, or something goes badly wrong.

The blockchain has the potential to revolutionise this state of affairs. It changes the way in which data and processes are managed and puts the ownership and control into the hands of individuals, consensus driven communities and autonomous applications. It’s a flat structure which eliminates the need for trust in a central point of control.