Episode 7: How Will Blockchain Impact Me?

Hey everybody,

Jason King here from Kingsland University School of Blockchain, KingslandUniversity.com.

Counting down the top 100 questions about blockchain technology that have been asked to us. Today’s question kind of excites me because I’m going to get to delve into the things that I’m most passionate about about blockchain technology. How will blockchain affect the average person? How Will Blockchain Impact Me? Great question. Because there’s a lot more average people than not average people, right? Blockchain and the cryptocurrency aspect specifically allows for you to do a lot of things that we would traditionally need banks for. Your checking and savings and things like that. It allows you to hold those in a way where you don’t have to physically keep it on your person. Now that’s probably something that doesn’t mean a whole lot to you. If someone steals my wallet they’re going to get whatever cash I have in there and they’ll get my bank cards, which I’ll immediately cancel. So they’re not gonna get access to most of my funds. But something that a lot of people don’t realize is that we have two to three billion people worldwide that are completely unbanked. They don’t have access to that. So, they’re at risk of loss if they, you know, their house gets destroyed or they get robbed or something like that. They can literally go from wherever they were to zero in the blink of an eye all because they didn’t have access to basic financial services. The blockchain and cryptocurrencies provide a lot of those services in a completely decentralized manner. 

So, you don’t have to rely on third parties and you don’t have to rely on banking systems and things like that to utilize them. And so that’s why I think it’s going to have a whole lot to do with making the life better of the average person. On top of that also blockchain is going to underpin a lot of the apps that you use and you’re not even going to realize it. When you send wire transfers, banks are already starting to switch to protocols that are blockchain based. So, you’re going to send a wire and all that’s going to happen is your money is gonna move from your bank account to someone else’s bank account and blockchain is going to be used in the middle and you’re not even going to realize that it happens. Because blockchain is basically going to be everywhere. I’m Jason King, KingslandUniversity.com. Thanks guys.

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