Do you think blockchain will take over as the universally adopted way of doing business? Let me know your thoughts on the comments.
Blockchain only makes sense when there are parties that don't trust each other. If they trust each other, why should they use an inefficient data structure that can't be edited to undo mistakes? Besides, even traditional databases can be audited. The whole world somehow lives without blockchain and our civilization didn't collapse from people scamming each other.
And blockchain isn't the only system that exists when parties don't trust each other and instead decide to trust a network.
"Blockchain" I don't know but for "Bitcoin" to take over as a way of doing business, it's not just about displacing traditional banking (a challenge in itself) but about displacing other informal money systems that millions use today. Talking about hawala.
Hawala, for all its illegality and decidedly unsavoury reputation in "the West", is probably an example of something that has proven to be universal-capable and without the tech reliance of blockchain. I might even go as far to say it's probably going to have a long life because of continuous needs of emerging markets.