JOHN GLOVER: Hello and welcome to another Pendragon Straight Talk. This week’s question is what are the other uses for Blockchain?
Blockchain is going to make a massive impact on a lot of things, not just the currency of the world Bitcoin, which is run on Blockchain.
Blockchain is basically a ledger of transactions that are locked in time within a chain so they are impossible to hack.
For a far better explanation of how Blockchain actually works, because it’s too much to go into now, I suggest you look at Don Tapscott’s TED talk ‘How the Blockchain is changing money and business.’ Look that up and it will give you a good insight into how Blockchain is all together.
Blockchain will affect all contracts going forward – car contracts, house contracts, employment contracts. Anything that has what we call the trust factor behind it, so anything that has to have a trust factor, like contracts, it will affect those, it will be utilised with those.
Blockchain will create a global trust factor for individual’s personal information. We won’t have to keep filling in all those forms every time we ask for a loan or a contract with anyone or anything it will all be done automatically. Our information will be dragged in, a bit like now when you go on a site and you are asked to log into a website either via your Facebook or your LinkedIn details, it will be similar to that. However, our details will already be locked into a Blockchain and therefore no one will see them physically and no one will have to see them going forward, this is called the trust protocol.
And these then will become legal documents, set in stone as soon as both parties are pressing the button to agree.
An example of this would be buying a car, so if I came to your house and you said to me here is my car and I said I want to buy it off you, I looked around it and I liked it and we agreed a cost of say $10000, I would put that amount into my phone press the button and instantly you would have that money in your bank and coming up on your phone. You would then accept the $10000 and at the moment, in the future and this is happening right now by the way, money will move instantly and you will see that money has arrived and then instantly all the relevant documentations will be completed wherever it needs to be for any relevant third parties, such as the insurance company, road authorities, RTA, and that means you can give me the keys and I can legally drive away in your car.
All transactions have happened instantly, and now I am the legal owner of the car and all parties that need to be informed have been automatically.
Think about this, this can also be done just the same for the sale of a house.
All lawyers are aware of this, and along with artificial intelligence, are well aware the contracts will be changed forever going forward.
And its here already so watch this space. Please check out Blockchain and see for yourself what is here now and coming our way and where you see and where you will hear where Blockchain will be used in a lot of things we are dealing with going forward in the future.
Thanks for listening, I look forward to talking to you next week.
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