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Blockchains are crafted because of the urgent need to digitize money. And for that reason, cryptocurrency is the ultimate proof we can provide that blockchains really matter in this digital age we’re living in. If the focus of the topic is keywords like “Bitcoin, Ethereum, Ripple,” and all other related variants, it would be impossible to avoid the keyword blockchain as well.
Its role has been mentioned earlier already. But here, let’s delve into it a bit further. If we are to regard blockchain as an employee, the following would be its best job descriptions in cryptocurrencies:
During the earliest days of the world-wide-web, there was a famous saying that goes, “Nobody knows if you’re a dog on the internet.” Of course, nobody would ever think if you’re a dog in any online undertaking you may participate in since dogs can’t really log on to web portals and converse with people. But what the saying implies is that anybody can make a fool out of anyone by just doing a few simple tricks.
Of course, the habit of fooling and deceiving people will always be present, no matter how advanced computer networking can get. But the cool thing about the existence of blockchains is that because of them, deception is kept at a minimum. Since smart ledgers and smart contracts became a trend, digital fraud is really diminished, and for that, we can have great proof of.
When the internet boom was in its infancy stages, there was really a huge set of concerns as to how online monetary transactions could be facilitated securely, how sensitive data can be on transit without the fear of corruption, and how kids could be safe on their browsing habits.
But with the launching of the Bitcoin whitepaper more than a decade ago, everything has changed. We are not 100% safe yet data-wise, but we are very close to getting there because of blockchains.
When we view the concept of money, most of us would visualize paper bills and glittering coins inside our heads. But with cryptocurrency, the idea of “cash” and “banknotes” are now being embraced as numbers and alphanumeric characters, at least from a cryptocurrency investor.
Decades ago, people also have this view of how their money would grow: money ledgers and record books worked on by accountants and tellers, and those bank passbooks that they treasure to keep track of their earnings. But today, such a method is being replaced by phones and tablets.
People are also using the same to look at trading charts and currency dashboards to see how stocks would rise and fall. While people in the past would need to wait for financial news items on TV or buy magazines and journals from news-stands to keep updated with monetary trends, they can view the same on their laptops and mobile gadgets nowadays.
Truly, the way people perceive money is now fully revolutionized, and we have blockchains to thank for that.
We’ve mentioned already about blockchains eliminating the need for middle-men in conducting any type of modern business. But here’s the thing, they are actually acting as meddlers, though not the kind that we might hate or get annoyed with. Unlike most middle-men who would often lie and tell a lot of exaggerations just to get more money from us, blockchains never twist the truth.
How a transaction goes, when it exactly happened, who really sent it will forever be etched in a unique information block that’s why we can always trust the data blockchains give. Though they can’t talk to us and give us comforting words the way insurance agents can, they can give us accurate, up-to-date information that directly comes from real people.
Such a feature is a sure way of initiating and implementing trust among the conversing parties within online portals. Cryptocurrencies will play a super-important role in the global economy of the future. If you worry about human authorities who would not be directly honest with you, blockchains will be there to the rescue!
With online technologies becoming more crucial to man’s modern living, privacy is something that must be faced with the highest level of seriousness. With more and more people spending a majority of their time on social media, many of them are giving away significant information about themselves without even thinking about it deeply.
Furthermore, online monetary transactions are becoming more commonplace that it’s almost impossible to think of anyone not involving in paying for consumables online just so they can be delivered straight to people’s doorsteps.
These modern realities make it clear that automated systems that can manage people’s finances and identities much more efficiently and securely must exist and must be easily accessible. By delving into the bits of knowledge explained on the pages of this book, it is quite clear that Blockchain Technology is the solution.
Blockchains have revolutionized the way money and finances are handled nowadays. Also, they have proven to be highly useful in other areas of modern living such as in medicine, politics, the government, and even in entertainment. It is not only fair to assume that they are in fact, vital elements of our future, but it is also affirmative as well, that all persons in authority should start implementing them if they haven’t done so yet.
It is quite understandable that doubts and apprehensions will always be present. Even in this modern age where digital technology is very prevalent, people are still unsure if cryptocurrencies which are by far, the most profitable by-products of blockchain, can ever be trusted at all. But a such setback is just a very minor reason for not implementing decentralized networking to improve the quality of our modern lives.
Security will always be an issue, but since technologists and visionaries are relentlessly working to eliminate present and upcoming problems, we can have the assurance that things like privacy and anonymity will be handled to near-perfection not too long from now.
The future of financial transactions, human privacy, and information management in general lies in the efficient usage and implementation of blockchains. It is the main reason why posts like this are written and published. Now, it’s up to you reader, to promote this published material, and share it with others.