Blockchains Could Add Trillions of Dollars to the Global Economy | HuffPost

Imagine if the entire global economy could run simply on connected smartphones: no cloud, no servers,no central power, no government. This capability is coming, like it or not. Servers and cloud computing can provide ledgers to be queried along with other elements that are nice to have when stored on the cloud such as large files, audios, videos, etc. Other than that, everything can be enabled on the distributed and decentralized non-ledger-based blockchain.

What is the Blockchain technology?Think of the ability to transfer ownership without an intermediary. Then think of a system that records the correlation of these transfers as time goes by, and it does so every 30 seconds (block) while ensuring correlation with the next block, and so on. This is what is meant by a “blockchain.” As long as the representation doesn’t divulge information on the transfer event itself, then you are safe from a privacy perspective, and you can therefore store sensitive data representation with proof of your transaction. This could be used for patents, images, titles, deeds, audit trails, smart contracts, etc.

Source: Blockchains Could Add Trillions of Dollars to the Global Economy | HuffPost