Blockchain: impacts for the future in the financial and digital market
This text is a matter of UssCyber with the intention of educating all those who wish to deepen their knowledge of technology.
Have you heard of Blockchain?
Blockchain is undoubtedly one of the most extraordinary technological creations today.
Even with a lot of people talking about it, some people still don’t quite understand what it is about.
Blockchain is a type of distributed database designed to record transactions in encrypted currency, extremely secure and highly resilient. It allows digital information to be distributed rather than copied. Although it was invented to support digital currency, it has been gaining new functions that have been developed and reveals a very promising future for the financial and digital market.
Want to understand a little more about Blockchain and learn more about its future, how can it revolutionize the financial and digital market? Follow.
What is Blockchain?
Blockchain technology records a virtual currency transaction, so that registration is reliable and immutable. It records information such as: the amount transacted, who sent it, who received it, when this transaction was made and where it is registered. This shows that transparency is one of the main attributes of the blockchain.
Blockchain is a type of distributed database that keeps a permanent and tamper-proof transaction record. It is a technology that aims at decentralization as a security measure. Each transaction is signed with the aim of guaranteeing its authenticity and considered to be of high integrity.
The blockchain is not meant to record only financial transactions, but practically everything of value.
How can it be used in practice?
Despite not being applicable in any situation and business, Blockchain can be great for your company if you need to record information in a reliable and transparent way, such as, for example, selling non-falsifiable tickets, land registration, identity registration, contracts , document authentication and product tracking. It may seem that we are talking about the future, but these situations already exist and are already working.
The future of Blockchain
Blockchain will take a while to gain society as a whole. But, there are some very promising future predictions.
The financial market will be the first to adopt Blockchain technology because of its roots in cryptography. The technology can dramatically reduce the amount of time needed to settle transactions and could add an unprecedented level of security.
More use cases involving Blockchain are expected to emerge: hotel and leisure companies, automotive companies have already invested in technology, healthcare companies, energy and mining companies and technology, media and telecommunications companies plan to invest.
Countries are considering regulating Blockchain because some government agencies and international organizations have already started preliminary work to regulate the technology.
Investors will continue to fund Blockchain startups. In addition, well-established technology companies are also interested in projects in the field.
Ethereum will grow in importance because, despite competing with bitcoin, Ethereum is one of the most interesting projects. Because while bitcoin can only be used as an encrypted currency, Ethereum has many other uses. In addition, the fact that it is open source is attractive to many organizations.
Regulatory companies and organizations will drive Blockchain interoperability: large organizations intend to unite around a specific standard and this could contribute to accelerating the acceptance of payments based on bitcoins and other solutions.
Many of the technology companies currently working on blockchain projects are looking for ways to make blockchain transactions even faster and more scalable.
The demand for developers and other workers with experience in blockchain is likely to increase very fast as the technology takes off.
Blockchain can become particularly important in emerging markets, as blockchain technology and encrypted currency could help the developing world to overtake more developed economies.
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