The two largest industries in New Zealand are government and financial services. These two entities also stand to benefit the most from blockchain technology by increasing efficiency and transparency and reducing moral hazard and human error. However, the use of this technology goes far beyond these industries and therefore requires special care in understanding how it works so that regulators and industry members can harness its full potential.
Imagine that in addition to the World Wide Web, there is a World Wide Ledger. This WWL solves a unique problem that allows us to instantly prove who owns what in the world, so that people, companies, and governments don’t have to. The ledger technology, and its underlying protocols, are transparent and in a constant state of being audited. All of its transactions are immutable by consensus. Millions of computers around the world independently hold and secure the ledger, making it borderless. It would require thermal nuclear war around the globe to disrupt the WWL.
The rare qualities of the ledger gives us the ability to transfer digital assets, settle transactions, authenticate identity, transparently vote, store public records, titles, and contracts, and give IOT devices identity and the ability to microtransact resources, without any middlemen. There are tens of thousands of use cases for this technology and we have only beginning to harnesh and unleash its full potential. The uniqueness of this peculiar technology makes it difficult to describe and even more difficult to classify, putting it into its own unique classification of blockchain technology.
Much like the internet with its numerous networks and intranets, there will be numerous public, and possibly private, blockchains servicing different markets and communities.