10 Ways That Blockchain Technology Could Change Our Lives
The emergence of a new technology often involves the deposition of an existing concept. Most times, the traditional technique is improved upon by a factor of 10 and this makes the technology appealing to investors and users alike.
Blockchain is one such revolutionary technology with the potential to drastically cause a worldwide paradigm shift. In this article, we will discuss what makes Blockchain truly radical and how Blockchain will change your life.
What makes Blockchain technology special?
When the Internet came about, it provided a means of connection for the whole world. The World Wide Web is one of the reasons for the rapid technological advancement we have enjoyed in such a short period of time. Facebook, Google, and other successful tech startups thrived as rapidly as the Internet did.
However, the only problem with the existing infrastructure is centralization. Our data is stored in a centralized hub which, albeit protected with sophisticated tech, is still prone to attack. Blockchain technology seeks to correct this anomaly by three inherent characteristics explained below.
Blockchain technology facilitates faster transfer speed
You must have heard about cryptocurrencies by now, especially Bitcoin. The processing time for the transactions on this network is roughly 10 minutes. Ethereum and Ripple are even faster, verifying and authenticating blocks of transaction in 30 seconds and five seconds respectively.
The Blockchain network is secure
For transactions involving a huge amount of money, trust and security are two prominent issues which should be addressed. Blockchain particularly solves the underlying problem by using a double-layer of authentication and verification for every transaction.
Blockchain allows for anonymity
In the past, several financial institutions were probed by the government for fraudulent activities which thrived based on the mode of operation. With Blockchain technology which has been utilized extensively in cryptocurrencies, transactions can be executed very easily without necessarily revealing your personal information.
Now, its time to explore the different ways in which Blockchain will change the world according to research by renowned organizations.
Blockchain will facilitate easier banking payments
Regular users of Western Union or other payment solutions for sending funds across the sea will attest to the pains and rigors of this simple task. Blockchain will change your life by authenticating and allowing high volume transactions to go through in a very impressive and reassuring manner.
The advent of cryptocurrency has also promised to revolutionize the traditional banking system. Financial institutions are already employing decentralized technology for some of their operations with Ripple and Ethereum leading the pack. Without a doubt, the tech will be widely ad ...