Blockchain Revolutionary Technology

There is no doubt that blockchain is a revolutionary technology and holds the potential to solve various problems. For those who are new to blockchain, it is basically a digital ledger that records transactions securely and transparently across a decentralized network of nodes i.e. machines that act as validators of the transactions.

Unlike in traditional financial systems controlled by centralized authorities and intermediatries, blockchain operates on a peer-to-peer basis. This means no middlemen, so common people like you and me can send money directly to each other without needing the approval of anyone.

There is a host of benefits that blockchains offer. For example, it is regarded to be theoritically tamper-proof, which makes it an attractive technology in sectors where data security, accuracy are transparency are crucial. If you live in a country where corruption is rife, just imagine the host of societal benefits that a open blockchain system can bring forth.

The first major innovation that emerged from blockchain is cryptocurrency. Bitcoin was the first cryptocurrency or just short, crypto. There are now literally thousands of cryptos in the market that people like you and me can invest in, as long as it is legal in your country. However, only a relative few cryptos actually managed to retain significant interest among investors over the years.

Do We Really Want To Live in a World Monitored By Blockchains?

You may not realize it but within the blockchain world, anyone with enough tech knowledge can create a form of digital money that people want to use. Just think about how revolutionary cryptos are when you put it in the context of money has always been issued and controlled by governements and banks for centuries!

Therefore, on the surface, the combination of blockchains and cryptocurrencies sounds like a wonderful invention for the people. However, have you ever imagine what will be the consequences in society if masses of people favor cryptos and begin to abandon the use of government-issued money? In modern countries, credit cards, debit cards and e-wallets are increasingly favored by people over cash, so it's not that far fetched to say that the use of digital money can prove to be very alluring if it offers convenience and speed.

Furthermore, would you really desire anyone in the world to be able to see where all your monies goes in a blockchain? It seems like the democratization of money that is happening now comes at the cost of having our money transactions monitored even more closely in addition to the government. Hmm, it's beginning to sounds like a open communist system if blockchains dominate our global financial systems in the future.

All is not gloom as there are some very smart programmers who are inventing various ways that would allow people to maintain some privacy over their cryptos' transactions. However, how many of us are really that tech-savvy to navigate around the technicalities of the digital world? Furthermore, I hope you are also well aware by now that total data privacy is practically non-existent within the digital world as every bit of our data can certainly be tracked by someone who possesses technical know-how.

Blockchain technology is still very much in its infancy at the moment but it is already in the experimental stages of redefining how industries operate. Some major countries are even considering adopting Bitcoin as a strategic reserve. While the adoption rate of cryptos among consumers is still currently very low, consumer trends could change very rapidly if laws and regulations around cryptos grant more freedom and accessibility to the people.