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Imagine that there's an global database that describes ownership of assets. A database that people trust. That in short is the blockchain.
At this time, people need to trust companies, governments, banks, insurance companies and other intermediaries. But their role as intermediary is going to be disrupted by blockchain based alternatives because the contracts and functions that underpin their transactions can all be described in the blockchain.
The blockchain is not just about bitcoin and money, it is far more capable. But let us give a current example based on currency: Venezuela. According to Transparency International, an organisation that tracks corruption, Venezuela is one of the most corrupt countries in the world. For example, people linked to the government can buy a single US dollar for 10 Bolivar (the local currency) and then sell that dollar on the black market (which for many Venezuelans is the only market) for thousands of Bolivar, pocketing massive profits. Also, currently inflation in Venezuela is at over 4000% a year. In response, many ordinary Venezuelans have embraced bitcoin and other cryptographic currencies to buy goods and services with but also as a hedge against hyperinflation. Rather than trust their government and central bank, Venezuelans increasingly trust the blockchain. While cryptocurrencies are very volatile, bitcoin's value is relatively constant compared to the Bolivar.
In the short and medium term, abuse and negativity will most likely dominate stories around the blockchain, much like these stories dominated the narratives around web and internet two decades ago. But in the longer term, mature services will materialize that will challenge a great many if not most companies. That's where we help anticipate and prepare.
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