Why Do We Need Blockchain?

While traders are shooting for speedy gains and million dollar moonshots, many can overlook the underlying technology behind cryptocurrency. Blockchain is the technology behind Bitcoin and altcoins that makes the storing of value possible. Blockchain stores data in a distributed ledger that potentially billions of people can access and update securely.

Blockchain technology will soon reach into areas beyond the digital currency movement and begin to affect everything from real estate to entertainment as startups increasingly integrate blockchain into their business models. Even the democratic process and the way countries are governed will be impacted by the coming wave of blockchain disruption. Voter fraud and election hacking is a concern that has been widely discussed in the past few years. Blockchain advocates assert that a public ledger voting system could provide an unhackable system for governments while also counting the votes way faster.

The buzz-worthy technology isn’t just a fad spreading for no reason. Businesses are starting to adopt blockchain systems more and more because it makes transactions faster, cheaper, and more efficient. In addition, with every transaction being visible to users worldwide, transparency between businesses and consumers will rise to unprecedented levels. Not only does the decentralized transparent ledger aid to prevent corruption and corporate fraud, it can also help in the fight against hacking. Hackers would be left without big databases of sensitive information to target. Breaches and thefts of huge amounts of social security numbers, passwords, or credit card numbers as seen in the past with companies like Equifax or Yahoo would be a thing of the past, and consumers and businesses could make transactions with true security.

With the adoption of blockchain technology, people around the globe can be free from the constant dependence on banks and other middlemen, and also not be at the mercy of businesses who collect and hold on to their sensitive information. Instead of submitting to companies who are careless with their information, consumers can turn to decentralized options such as Bithemoth. In opposition to traditional contemporary financial services, Bithemoth will allow users to store value and trade it instantly without being tethered to a central system. Decentralized systems will never allow for a catastrophic outage like the one recently suffered by Visa.

While still in its developmental stage, blockchain promises to breakthrough and disrupt multiple industries in the coming months and years.

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