Read This To Understand Blockchain Technology & Cryptocurrency
Time to start learning about blockchain technology and embracing the future… today.
Recently, more people than ever are exploring blockchain (block chain) technology and jumping into cryptocurrency.
Family members ask about setting up a Coinbase account. Thousands of start-ups are building products and services on blockchain technology. Parents at kids soccer practices are asking each other if they should buy Bitcoin or other cryptocurrency. Financial Advisors are making bold proclamations that clients should invest 5% of their savings into cryptocurrency. The digital world as we know it is changing and everyone needs to understand blockchain technology as it will be the future in everything we do (communication, transactions, digital engagements & more)
What is Blockchain Technology?
Modern technology allows people to communicate directly utilizing voice and video calls, email, pictures and the ability to send instant messages from point A to point B. This communication happens while maintaining trust between individuals, no matter how far apart they are. However, when it comes to money and making payments people have to trust a third party to complete transactions.
Blockchain technology is challenging the traditional mechanism for these transactions. By using a combination of math and cryptography, blockchain provides an open, decentralized database of any transaction involving value. Things such as money, goods, property, work or even votes can now have a record created with an authentication that can be verified by the entire community and doesn’t require a dedicated third party to complete the transaction.
The current and future global economy is headed towards the notion of distributed property and trust and a world where anyone with access to internet can get involved in blockchain-based transactions and third party trust organizations (traditional financial institutions) may no longer be necessary.
What Can Blockchain Be Used For?
The uses of blockchain are absolutely limitless. It has been stated that in 10 years the blockchain will be utilized to collect taxes. Blockchain technology is already making it easier for immigrants to send money back to countries where access to financial institutions or banks is limited or non-existent, artisans can connect with fans and customers on a global level and actually earn a fair pay; the medical field, service industry and other antiquated industries can be drastically improved.
Financial fraud will be reduced as every transaction will be recorded on a public and distributed ledger which will be accessible by anyone who has an internet connection.
Still Don’t Get It?
Think of Blockchain technology as wills and contracts that execute themselves or as a dated proof of existence for an idea, much like a painting. Blockchain will become a global decentralized source of trust but not everyone is willing to embrace this evolution. A massive number of trust services, institutions and financial leaders from banks to notaries are already facing challenges on price volume, services becoming obsolete, and their entire existence and survival will be tested.
In the future, public authorities will find it more and more difficult to enforce traditional financial regulations due to the new possibilities allowed by the bitcoin network to bypass traditional financial intermediaries. With that, a new network will evolve to meet societies needs more cheaply and more securely than ever before. In fact, even top celebrities & athletes are showing their support for blockchain and cryptocurrency.
Will governments, financial and legal institutions embrace blockchain?
What will happen to the ones who don’t?
How will blockchain technology and cryptocurrency change our lives in ways we can’t even imagine?
Has this been interesting to you? If you’d like to discuss more, let’s find time to have coffee and chat blockchain and cryptocurrency.
My company, Mile Square Labs, is quickly becoming an expert in ICO companies, cryptocurrency and Blockchain based start-ups. More traditionally, we work with late seed to series A start-ups, providing our clients with a productized approach to building and improving sales operations before hiring a VP of Sales or CRO. Http://www.MileSquareLabs.com
