Well there is no doubt in it that blockchain technology is doing a great job in present time. But I believe that still there are so many sectores those are not educated or aware much about blokchain technology yet. An unkown person Satoshi Nakamoto had invented this technology in 2008 and this is still remans a secret that who is the that guy (Satoshi Nakamoto) actually.
Blockchain technology is already growing day by day and now days we can easily see in news that so many big sector’s has started to use this technology for them. I think still it will take some time to boost, and due to smartness and goodness of this technology in future every single sector Govt or Private would like to use this strategy for sure.
Blockchain technology features are very impressive and fair which make this technology so much differ from other technlogy.Personally I believe that the future of cryptocurrency and blockchain is bright, lets take some of the examples they are as follows:
- Banking Sector:
Private sector bank’s are in a positive mood to use this technology, and there are so many banks already who are using blockchain technology for their transactions management. Blockchain technology is cost effective also which take’s a very lower amount of fee for the transaction compare to other fund transferring system, especially when we send and receive money from abroad. So this technology can help banking sectors to keep a fair ledger data as well as it will help them to make the abroad transactions under charge too.
For Example: according to the current banking system if you have to send money from USA to India it does take a huge amount of fee, time etc. But if blocakchain technology use is there fee will be very less, and transaction will be quick too. So blockchain technology can reduce the cost and time period if we have ot send money from one country to other counry.
- Govt Sector:
This technology can be so much helpful for any country’s govt. As we know that this is impossible to hack this technology and the power of decentralized system make this technology very transparent. In every country there are so many govt sector’s like education, office, hospital, banks, etc and all of these start to use this strategy a big change can be seen in the whole system like removing fraud, accurate data, a transparent working system etc. Lets take some of the example that how this technology can help in govt sectors.
- All the data can be stored in million of computers by using blockchain rather than a register
- Fraud activity can be reduced by blockchain authentication easily in all govt sectors.
- Due to its cost effective role govt can save a lot of money and that money can be used in other govt works
- Every technology does helps to reduce the work load, the same thing we can see with blockchain technology use too.
- Private Sector:
A blockchain technology can be used in so many ways and the good thing about this strategy is that it does work in all types of sectors, private sectors can be related to differ types of business. It does not matter what business they are doing they can take the advantage of blockchain technology to make their business profitable for them. There are so many private sector companies who operate E-Commerce websites and this technology is really helpful for them too. For example:
- Technology may provide authenticity of goods and services
- Transparent ledger system of checking of goods and stocks
- Cost effective in term of transferring money
- It may reduce the problem of duplicate products or fake products
- Impact of Blockchain Technology on Cryptocurrencies:
This is an very crucial question that, can blockchain impact the cryptocurrencies? Personally I believe that yes a blockchain technology is related to a cryptocurrency, a cryptocurrency does work on the basis of a blockchain technology. Even if you have to create a new cryptocurreny you have to use the blockchain technology for that.Some of the crypto currencies has shown a great response over the year’s For example bitcoin. Nobody had any idea that bitcoin gonna touch a level of $20,000.
In starting days it the value of per bitcoin was in cents but see now, there is no doubt in it that 2018 was a worst year for the cryptocurrencies where we had seen a market pull back and price dropped to less than $3500 level. But still I believe that future is bright and a blockchain technology fair algorithm making the use of cryptocurrencies more reliable. Only a small percentage of people in the world are using crypto currencies right now and if we see in future that more people are coming to join the party, then for sure this type of dealing would surge the price of bitcoin and other cryptocurrencies for sure.
cryptocurrencies working for people in so many ways, they are using it as an investing thing, they are using cryto as mining, and cryptocurrencies does already traded in so many exchange’s from where trader’s and investor’s can participate directly online. There are so many countries in the world, where bitcoin is legal now, and transactions can be done through bitcoin without any problem.
Along with it bitcoin ATM machines can be seen all over the world, from where people can directly buy and sell their cryptocurrencies. So overall if we see the fundamentals are going in the favour of cryptocurrencies and blockchain technology.
Furthermore so many educational institution’s in the world are looking forward to adopting the blockchain technology education, this can help so many new generations to find out a new possibility of earning for them. After completing the reading they can start their own company, they can work for someone, etc.
So the future of blockchain technology is seeming endless. Because everyone is getting some kind of benefit from this technology and its not only about the use, its about earning also which can be done by the mining, investing, trading of crypto currencies.