You will definitely agree with me when I say the last couple of years have been a good one for consumer techs. Basically, consumer techs are simply those technological tools that Individuals purchase to satisfy their needs. They range from mobile phones to other household and kitchen utensils that make things a whole lot easier for you.
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With the global disruption, most industries are experiencing today, there is every chance that consumer tech may also be disrupted. The blockchain technology is that technology that is capable of disrupting consumer tech, and for the purpose of this piece, we will discuss what the blockchain technology is, how it works, and how it will affect consumer tech in the future.
What is Blockchain Technology
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Basically, blockchain technology is a distributed ledger that is capable of storing information in a safe, verifiable, and permanent manner. With the help of cryptography, blockchain technology is secure.
I found this interesting video about what exactly is blockchain.
One of the main features of this technology is that it is immutable. That is, all information recorded cannot be altered or modified by anyone on the network. This completely sets this technology apart from others that have been developed prior to this time.
Although being a distributed ledger, you will find it interesting to know that the blockchain has a number of use cases. It is capable of totally revolutionizing consumer tech, and we will discuss that.
How The Blockchain Technology Works
Checkout this interesting video about how blockchain works.
Before we can find out how this technology affects consumer tech, we’ll take a look at how it works. The blockchain technology happens to be an advanced technology that has been modified by Satoshi Nakamoto to offer increased security by eliminating the need to store information in a central authority system.
Instead of having to store information in a central authority system, the blockchain technology has been designed to store data on a public chain that have been linked with a number of peer to peer (P2P) networks.
Each blockchain that is added to this technology come with a timestamp, the hash that points back to the previous block data, and updated transaction history and detail.
Each information stored on the blockchain is duplicated and sent across the network. This is done to ensure that the information is verified. As mentioned earlier, the blockchain technology is immutable, meaning that any information recorded cannot be altered or modified by anyone.
How Blockchain Will Affect Consumer Tech
While we have discussed what the blockchain technology is and how it works, the next thing to do would be to discuss how it affects consumer tech. Some of these ways include:
1. Blockchain Will Offer A Wider Opportunity To Consumer Tech
If you have been following the recent trends on consumer tech, you will definitely concur to the fact that the mobile app development is one of the fastest growing trends. In fact, Forbes has named this trend as one of the growing ones in the consumer tech industry.
One of the main things that have slowed down the growth of this trend is that fact that there are a number of people competing for the same target audience. Aside from that, most app developers have found it difficult to identify the most profitable niche. This makes it difficult for consumers to have even an atom of interest in the product or application as they have been given a large number of them to choose from.
In addition, most of the app users have this old school mentality which makes it difficult for them to buy an app or pay for a service on the application through any other payment method asides credit card transfer. With the blockchain technology, these developers will be able to create quality applications while leveraging on this amazing technology. It would also offer them the opportunity to enable a safe and verifiable payment method.
Surprisingly, a number of companies are currently embracing this blockchain technology. Tech giant Microsoft is planning on launching a blockchain enterprise service.
2. Blockchain Will Threaten The Dominance of Tech Giants
There’s every chance you must have thought about the influence some of these tech giants have on the consumer market. While you may wonder how they are able to do this, I’ll tell you. Their centralized nature makes it quite easier for them to totally control the market.
An example of this dominance can be seen in social media platforms. Social media platforms like Facebook have been involved in a number of unauthorized data processing cases. Aside from this, you will agree that they do not actually let you view what you want. They have certain rules that limit users from carrying out a number of activities on their platforms.
Being a decentralized technology, the blockchain is capable of loosening the dominance these tech giants have on the consumer market. With blockchain decentralizing these platforms, there would be no need for a central authority system that would be in charge of what consumers do. With the blockchain technology, you have the right to choose whatever you deem fit. This ensures that you are in total control of how a platform is run.
When it comes to sharing data, the blockchain technology will ensure that no social media platform is capable of sharing your information without your consent. With the blockchain technology able to give power to the people, the influence these tech giants have on the consumer market will be reduced, impressive right?
3. Blockchain Will Offer Faster Transactions
One of the many problems some of the consumer tech trends have suffered from is lack of a faster and more secure means of carrying out transactions. If you have used any of the payment methods, you will definitely agree that they are not as secure and as fast as they claim.
With the blockchain technology consumers would be able to carry out faster and cheaper transactions in a secure environment. This would restore trust to the consumer tech market at the same time encouraging users to buy more products.
How do you think Blockchain will change this world? Tell me your thoughts in the comments section below.