The Capital
Published in

The Capital

Blockchain has the power to revolutionize the 21st century

Consider the possibility that you didn’t have to trust a stranger in order to make a deal with them. Think what it would be like if you didn’t have to trust your bank with your money. Consider what it would be like if you didn’t have to trust the government to know it was behaving justly and reasonably.

What would happen if that happened?

It will alter the course of history.

This is exactly what blockchains offer.

The concept of decentralization underpins the theory of blockchain transforming the world. Satoshi Nakamoto, a pseudonymous inventor, is credited with inventing the cryptocurrency bitcoin, which led to the development of blockchain technology. If you look at the timeline, you’ll notice that the decentralized blockchain was developed about the time of the last global financial crisis, which elevates the significance of this discovery.

In fact, the transformation has already started. Many major organizations are now using blockchain to incorporate their own implementation of the technology. However, no one can really predict where this technology will go in the future. You will hear about the potential consequences when we look at how blockchain can change the world.

SO WHAT IS A BLOCKCHAIN

It’s a distributed, decentralized, tamper-proof ledger of records by default. It provides a means of digitizing real-world bodies, such as information and properties, and ensuring that they are exactly as entered into the system without relying on central institutions’ guarantees. At this point, it should be clear that blockchain technology is aimed squarely at enabling peer-to-peer transactions without the use of middlemen, which could drastically reduce transaction costs.

The use cases of blockchain technology in finance and capital markets is a no-brainer. Bitcoin has proved to be a competitive method of producing digital currency and monitoring its possession. There are hundreds, if not thousands, of cryptocurrencies available today. However, as any perceptive economist will tell you, a currency must perform three functions: it must be a store of value, a medium of trade, and a unit of account. Cryptocurrencies today are much too unpredictable to be used as a store of value or a means of trade. Stablecoin is one solution that aims to address this issue by proposing the development of low-volatility cryptocurrencies indexed to the US dollar or some other index. Such secure cryptocurrencies could be the first breakthrough app that blockchain technology has been waiting for to help it gain widespread acceptance.

WHY IS BLOCKCHAIN SO IMPORTANT?

Since it does not depend on a single monitoring party or source, a blockchain is a significant departure from traditional financial and authoritative structures. Because blockchain necessitates cooperation, it fosters a communal environment in which people can openly share value and returns power to the people. People may track, enhance, and manipulate transactions rather than having a central authority govern their conduct. This removes the risk of foul play or fraud.

THE FUTURE OF BLOCKCHAIN TECHNOLOGY

With blockchain, the possibilities are infinite, and the future of its applications is already here to some degree. Ethereum, for example, enables users to incorporate business applications into the blockchain. This means that, unlike bitcoin, the value of Ethereum’s blockchain will rise as new business applications are introduced. Furthermore, the concept of a trustworthy and truthful financial system appeals to almost all. Despite the fact that it is unregulated, the openness aspect has the potential to identify and eliminate threats before they become too large to handle. The blockchain has the potential to prevent future financial disasters. This is why banking institutions are betting on blockchain’s potential, and some have already implemented it.

Professional opportunities will expand as Blockchain technology develops. Since the Blockchain is here to stay, Blockchain experts will continue to be in high demand for many years to come. Whether or not you are a techie, a career in Blockchain is a fresh and exciting opportunity worth pursuing.

Now that you’ve got the run, the next step is to figure out how to learn blockchain. Blockchain certification courses are a common option since they are both short-term and flexible. The Certified Blockchain Professional training program from blockchain councils focuses on the information and skills you’ll need to get a job, all bundled in a versatile learning module that suits your schedule.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Sophia Casey

Sophia Casey

35 Followers

I’m a Blockchain Expert | I’ll help you to make a good understanding of Advance Technology —Blockchain.