Blockchain technology is on a rise and it will not slow down. It is expected that digital assets will be a solid alternative to fiat currencies for global finance in the next five to ten years. A financial revolution is coming, and we should all better prepare.
Being prepared means understanding the processing of transactions, managing data, and delivering services.
What is blockchain technology?
In simple words, blockchain is a decentralized system of recording information in a way that can’t be changed or hacked and there is no way to “cheat the system”. Blockchain is a public ledger that exists across a network, and it is most known for cryptocurrencies.
How promising is blockchain technology?
Blockchain technology has endless possibilities and it has taken us a step closer to the decentralization of the internet. Currently, the most relevant use cases are cryptocurrencies, and every day they become more powerful.
But, there is a powerful new technology called NFT (non-fungible tokens) that is on a rise.
Non-fungible tokens are a new way of trading digital assets that represent real-world items. Each of them is unique and can’t be replaced but only purchased, traded, or sold by the original creator.
In 2021, there was nearly $400 million in sales for the top ten collectible items and made an increase of 400% in just two months. NFTs can be used for digital collectibles (made with an NFT Generator), artworks, videogames,… you name it and you’ll probably be able to buy it with NFT.
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One other promising factor of blockchain technology is faster transactions due to the secured and decentralized system. Data stored in blockchains are highly secure and probably impossible to hack.
It is predicted that more than 50% of banks will have blockchain solutions available within the next three years. The transactions of blockchain are not conditioned by banking hours so it is possible to process transactions 24/7.
Easier life with blockchain
As we already mentioned, blockchain technology’s possibilities are endless. Blockchain can replace our current digital identity system with a system that is safe, secure, and impossible to alter. The National Institute for Standards and Technology is already looking into this option.
Having a secure and easily verifiable digital identity means a lot in terms of buying property. When buying a house or an apartment, it can take up to 45 days for a bank to complete the Know Your Customer process, and you can’t close a deal until then. Imagine how much easier that would be with a blockchain system.
Also, blockchain technology could be of great value for healthcare providers as it would reduce redundancies and speed up the process of diagnosis with patients’ privacy protected at all times.
Life will be so much easier with blockchain: from voting to buying cars, the speed of this technology and its security will be a real big upgrade to the system we currently have. The potential of blockchain technology is constantly expanding and we don’t see it stopping anytime soon.
With all that being said, it is best to start learning about it now, so it doesn’t come as a surprise later.