It seems like the technological world has been shaken once again with the rise of new cryptocurrencies, such as Bitcoin, and new methodologies in recent years. With unknown creators and decentralized operations, cryptocurrencies are taking the world by storm.
No, we aren’t talking about artificial intelligence or a form of robotics or a new machine learning system. We are talking about the cryptocurrency Bitcoin and its blockchain technologies.
Bitcoin is a cryptocurrency that is set to change the world, being labeled as the future of money and just about anything else you could imagine. The one central aspect of bitcoin is its true innovative underlying technology, which is known as the blockchain. This innovation could either evolve bitcoin into something entirely new or replace it altogether as a separate entity.
For those who don’t know what a cryptocurrency is, cryptocurrency is a type of digital currency that uses transactions and other digitalized files as money. Usually being made with the same method as cryptography, cryptocurrencies are decentralized, meaning they aren’t monitored or controlled by a person or government body.
Now you know what cryptocurrencies are, what is bitcoin, you may ask. Bitcoin is a type of cryptocurrency invented back in 2008 by an anonymous person or body. With its open-sourced technology, bitcoin was released in 2009. There is a supply limit or currency limit of bitcoin, which is 21 million units and is not being raised at all. Bitcoin uses a blockchain style of technology to operate.
One way that bitcoin is changing the technology field is by its underlying blockchain operating methods.
What is the blockchain? Well, blockchain keeps bitcoin safe and acts as a security measure for transactions, and allows every user to agree on who holds what number of bitcoins. Every new block needs a record of transactions done recently and a string of letters and numbers, also known as a hash value, which is based on the old block using a cryptographic method.
It’s known that bitcoin is the first-ever decentralized autonomous corporation, which means no one is in charge of governing the services; This could set an example in the technology field by offering similar approaches to autonomous cars, banking, networks, and or cybersecurity.
Blockchain offers vast potentials that will significantly help the banking, government, and cybersecurity sectors due to its safety and security parameters. One thing that blockchain technology also allows is it makes transactions transparent and encrypts any information to come out of a transaction.
It’s stated that blockchain and bitcoin technologies will provide the future with a safe banking system that is affordable, secure, and extremely fast compared to the conventional methods we use today. It will also provide a safe means of global currencies that do not fluctuate or crash like the ones we currently use in our day to day lives.
Now you could be asking what impact this has on a person who’s not involved in the financial, government, or security sector?
The average person will be encountered with far fewer fees than currently faced with, which could help identify and contact people online in case of emergencies. Because the government does not control Bitcoin, if you say you don’t like politicians or don’t agree with how your countries’ currencies are being handled, you could ultimately jump onboard a decentralized system.
Keep in mind; these are only the known effects of blockchain and bitcoin technologies today. The true potential of blockchain technologies has not even been investigated extensively or to its full extent.
Just about any business, government, and individual will benefit from blockchain technologies in multiple ways. As we speak, blockchain technologies are continually affecting the current financial market industry.
Blockchain is opening up doors to modern capitalism in the business sector. With the peer-to-peer capabilities of blockchain, which can be used for identification, reputation, and financial transactions, businesses of today will be able to reshape companies’ structures for further innovations and value creation in the future.
Think that this is all? How about imaging billions of people worldwide being connected to smart appliances, applications, and systems that will sense, respond, share data, generate data, and trade using their own powering methods.
Not only will this provide ease and more productivity, but this will also help protect the environment as it will reduce the use of energy down to its bare minimum and provide us with better health practices as pollution will be reduced significantly.
Finally, picture a world with equality, removing the social inequality throughout the globe by using blockchain. Blockchain can help redistribute the currency and wealth across the world, providing equal value to every person and giving everyone a fair chance at life.
All this may seem like a dream, and you may think that we will still not be able to create such changes with blockchain. Nevertheless, if blockchain is implemented and used correctly, it can help develop a technological age of prosperity and equality.
Bitcoin and blockchain technologies are set to change the world entirely, from providing ease, security, and efficiency throughout all sectors of life. Blockchain, Bitcoins underlying technology can help shift inequality and possibly remove it altogether by sharing equal wealth, equal opportunity via its decentralized autonomous methodology & corporation.
The total impact that blockchain technologies will have is not yet entirely researched or explored, but what we know is that it will greatly impact our day-to-day lives.
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