How Blockchain Technology Will Transform Society
When Satoshi Nakamoto announced the creation of Bitcoin, a lot of people found it funny. Today, Bitcoin is a growing digital currency used by many people around the world. In the last few years, it has reached new heights of popularity, achieving recognition as an asset class that some investors love, and others despise.
There are many rumors about the future regulatory issues facing cryptocurrencies. Nobody knows, exactly, what will happen next, what we do know is that these cryptocurrencies are bringing a significant shift to our global financial system.
A revolutionary paradigm
The biggest change is that of a new paradigm. Bitcoin and the underlying technology have shown that you don’t need a bank. You can trade with whoever you want without a third party. Many people are realizing that they don’t need anyone overseeing their activities.
As such, the very way the society works is being questioned. Bitcoin is proving there is no need for a government when it comes to creating money. What else can the society do on its own?
More access to the global economy
Within the current system, it’s hard for someone to succeed without a bank account. Bitcoin allows you to start a business with nothing but a digital wallet. This means that countries that haven’t got a solid banking system can trade on the global level.
This could be a very radical path for the society. The world’s top currencies could lose their accepted value. Competition within any marketplace is likely to increase as more people join in. This trend will likely result in an increase in global production. More importantly, your location will have less impact on your ability to do business.
Blockchain as a technology is relatively new. Besides being the foundation on which Bitcoin is built, new uses are created every day. For example, it has birthed many new cryptocurrencies.
Other uses could include the blockchain being used as a voting system. This would allow anybody to verify the validity of each vote. The public records would show the voting public the that the election was fair. More confidence could result in more voters having their say.
There other industries that seek to innovate using the blockchain technology. This includes the medical field, real estate, and legal firms. The options are endless. It’s clear that the society is just seeing the beginning of what is possible with blockchain.
Increase in computing power
Bitcoin and other cryptocurrencies will become more widely used. There will be a need for more computing power. That’s because the number of transactions per second will increase. This will make it harder for new blocks to be added.
This is already evident when you study the history of Bitcoin. In the beginning, you could mine it with your personal computer. Now, miners use complex rigs that include elaborate cooling systems. The need for faster processing could slow down the progress of Bitcoin. Or, it could be the incentive to create more powerful computers.
Bitcoin could be looked at as a new “gold rush”. The mainstream media have brought a lot of attention to the cryptocurrency. Bitcoin is now seen as a legitimate investment. To support the Bitcoin economy, new industries and businesses are emerging.
For instance, there are trading platforms that allow you to buy and sell Bitcoin. There are companies that specialize in software and hardware used for mining Bitcoin. New programming classes are created to meet the need for blockchain developers. With each new business case, there is another opportunity to serve.
How long this will last, nobody knows. Consider the fact that the value of Bitcoin has grown multiple times. It’s likely that the trend will continue for a while. At the very least, doors will be open to a new way for people to live and trade together.
Where do you fit in the Bitcoin puzzle? How can you benefit from the blockchain and the technologies derived from it? What can you do so you don’t miss out on this opportunity? Get in touch so you can find the answers you need.