For just over a decade cryptocurrency has fast become a recognized term and a real part of many of our lives. But what often technology behind this modern phenomenon? It’s what gives cryptocurrency its name, the blockchain technology behind the system is a method of encryption. What is fascinating about this technology is that is virtually impenetrable to hackers; due to the way that complex mathematical problems solved by users provide security for every transaction on the network in return for new coins. This inventive peer-to-peer system is unlike anything previously seen. Here are some examples of how this technology is changing the world.
Cryptocurrency has made international trade easier. The fact that cryptocurrencies are not geographically bound to a single nation, unlike traditional money, makes them ideal for global transactions. Users can bypass high fees charged for international bank transfers and not be subject to security checks as with more traditional methods.
Cloud computing is all the rage in recent times. We can see the emergence of systems and devices that require very little in the way of psychical storage. Streaming services for video and tv and even cloud gaming are becoming the norm. But even more importantly, cloud storage must have excellent security; and if you are storing sensitive documents or irreplaceable family photos online, then you need to be sure they won’t be lost. Many cloud storage companies are turning to blockchain technology to provide this.
Online shopping is very soon going to be the dominant force in the retail sector. With this in mind, businesses will be looking for the most universally accepted payment methods to take advantage of. Cryptocurrency opens up a whole new market to any online business; the international customer will be able to buy with ease from anywhere in the world. The most commonly used cryptocurrency in retail is Bitcoin, and it’s simple to create a BTC account and get shopping.
As with financial transactions, a high degree of security is required when voting is changed from the tried and tested system of using pencil and paper to record and count votes. Sure, the old method can be witnessed and verified by human observers, but digital voting machines can speed up the process and eliminate human error. If we make this switch, we need to be absolutely 100% sure that the process is virtually impossible to hack. Blockchain technology can give us this peace of mind; being an autonomous and independent security system, no group of people control it and therefore cannot subvert it. There are areas of technology where we should be rightly concerned with the impact on democracy, such as deep fakes, but the blockchain is not one of these.
Having a foolproof system of determining intellectual property ownership is not easy; how do we definitively prove something has is genuine? If we use the same decentralized ledger technology that cryptocurrency does, we can create an unhackable log of ownership.
This article has been contributed on behalf of Paxful. However, the information provided herein is not and is not intended to be, investment, financial, or other advice.
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