Cryptocurrency has become a hotly debated topic in the past few years and has already started to take ground over the globe.
The use of cryptos as a means of transactions became more popular in the past decade with China as the major force behind this invention.
Howeve r, there is a lot still to be reached upon by the cryptocurrency sector just like any other new technological discovery.
There are absolutely many things to be learned, altered and corrected in this evolving financial invention not forgetting that it still faces vehement opposition from the traditional financial systems which see it as a threaten to their financial monopoly and superiority.
Crypto currency however has the capacity create many opportunities across different sectors in the world economies.
First it’s important for someone to understand how this system works.
These can be explained as decentralized data bases.
They are digitally dispensed ledgers (records) and can be obtained by numerous users.
Block chains are described as transparent, secure and permanent.
This is due to the fact that cryptography is used in the access, filtering and verification of all transactions.
According to block chain technology, there are two common types of cryptos and this is permissioned and permissionless.
For permissionless, anybody is able to join while the permissioned demands of the participants to get permission and verification from the managers of the block chain.
For people to have trust in something, they always first make research to know which credible individuals or companies are using this type of technology.
According to internet searches, some big companies such as Deloitte, Goldman Sachs, Google are already taking a huge steps in investing in block chains.
IBM is one of the companies that has already delved into using block chain technology to create tracking records for shipping entities plus retailers.
Music app Spotify also uses block chain to control copyrights while Eastman Kodak uses it in making space to keep stock pictures.
Therefore since it’s still developing, lots of things both negative and positive are expected to unfold.
Owing to the current global economy, a global digital currency is going to be needed.
Therefore it is expected to be a great democratizing force for the world because it’s expected to level the playing field since it allows anyone with a smartphone to access financial services.
It also will influence how people term a global economy since people can be coordinated through money.
With the current financial system not enabling people to move money freely, it’s expected that block chain technology and crypto currency will ease this.
Paper money that is printed always has its value depreciating and therefore digital currency provides an answer.
It’s estimated that around 1.8 billion people have a cell phone but few of these have access to financial services.
That’s where crypto currency comes in because anyone with a cell phone and internet connection can access it.
Block chain will be able to eliminate the thought of single failure where a single bank has all the people’s money and once it fails, then chaos looms over.
Further when digital monetization takes over, it will be able to eradicate the issue of unevenly distributed opportunities since all people are able to access the financial services.
The digital currency is expected to have an impact on humanity just as the internet has done and impact people’s lives positively.
According to Visa CEO Al Kelly, they see crypto currency as big player in the e-commerce and are already urging people to use their Visa cards to purchase crypto currencies.
Some banks are already harmonising their services with crypto currency and therefore the future looks bright for the block chain technology.
According to a TechRepublic Research study, it was found that 70% of the professionals who responded have never used the technology.
In the same study 64% responded by saying that they think the technology will alter their sectors in one way or the other but mostly positively.
A Trend Insight report also made the following highlights:
“Through 2022, only 10% of enterprises will achieve any radical transformation by using blockchain
By 2022, at least one innovative business built on blockchain technology will be worth $10 billion
By 2026, the business value added by blockchain will grow to just over $360 billion, then by 2030 grow to more than $3.1 trillion.”
With many businesses globally facing the problem of data altercation, cyber security is an optimistic field for the invention.
This will be able to do away with the altering, securing the data and verification and authentication not files.
This was a sentiment echoed by the president of the Acronis For in Forbes John Zanni.
“We believe that blockchain technology will be transformative in the tech and IT sector in the coming years, similar to what the internet did for the world back in the 90s and early 2000s. Today, part of our storage and backup software lets users notarize any digital data and put that fingerprint on the blockchain to ensure it can’t be tampered with.” Zanni said.