You must have heard about the new and emerging forms of currency in the economy today, which is more popularly known as a cryptocurrency. Bitcoin is one of the types of cryptocurrency which has become extremely famous among the rich and famous as well as those involved in the finance industry today. This cryptocurrency has brought in a whirlwind of a revolution in the industry of finance mainly due to the fact that it has introduced a payment system which does not really need any firm or individual or bank to function as an intermediary.
This peer to peer payment system makes use of a technology called as blockchain technology, where the identity and transaction details of both the parties are effectively protected. It is believed that blockchain technology has a great future, especially in the financial industry owing to its mechanisms of storing legitimate information in such a way that it can be traced thoroughly. There are many experts in the industry who claim that bitcoin would soon do to the field of finance, the exact same thing that was done by email for communication around the globe.
Also Read: Importance of Blockchain in Big Data
Banks although are extremely apprehensive about dealing with blockchain as there aren’t many countries which have still not accepted bitcoin as a legal tender due to its many liabilities, but there are great chances of rapid adoption of this technology in the near future. This technology has immense potential especially when it comes to reducing the cyber risks by offering various types of identity authentication methods, which would be offered through a visible leger.
The future would definitely see blockchain technology being brought in to the mainstream all thanks to electronic ledgers, which would do the job of numbering, maintaining as well as indexing all of the records and communicating the information that is stored in all of them. Smart devices can also make great use of blockchain technology in the future. For instance, a refrigerator can do a lot more than just storing food. It could track its own warranty, call for its delivery of the various food items that are required by the household and so on.
Did you know that blockchain can do a lot more than just restricting itself to finance? There is a great application of blockchain in the sphere of crime, wherein its software can be so developed so as to enable the speedy catching of criminals and reducing the amount of money spent on catching them on a regular basis as well.
There is a huge potential in this technology to new opportunities for employment in the industry as well as increasing the ability of professionals to innovate a lot more. It has an immense potential to transform the world into a much smaller place as it goes on to increase the speed and the efficiency of the transactional activity. The future of blockchain encompasses even the governments of the countries worldwide.