How blockchain works: An infographic explainer

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Societal impact of blockchain technology

Experts predict that the list of blockchain use cases — and the technology’s impact on society — will continue to grow. According to Don Tapscott, author, consultant and CEO at The Tapscott Group, blockchain’s promise to change how wealth is created across the globe is one of the most significant societal impacts to note.

At the DC Blockchain Summit in Washington, D.C., Tapscott also suggested that blockchain will:

  • Enable people living in the developing world, who currently don’t have bank accounts, to participate in the digital economy. 
  • Protect rights to property ownership records.
  • Help create a sharing economy based on actual sharing.
  • Improve the process of sending money to family members in foreign countries via electronic remittance.
  • Help consumers monetize data — including their own data.
  • Reduce the costs of doing business. 
  • Hold government officials accountable with smart contracts.

In the graphic below, U.S. Rep. David Schweikert (R-Ariz.); Bart Chilton, former chairman of the U.S. Commodity Futures Trading Commission; Carl Lehmann, research manager at 451 Research; and David Furlonger, analyst at Gartner, are each quoted this year speaking on the impact of blockchain.

Blockchain quotes from SearchCIO by Linda Koury