Blockchain Technology is one of the most popular topics in the world right now. It is currently one of the most revolutionary technologies in recent memory. Blockchain is a decentralized database that records digital transactions. Technology continues to increase our dependence on the internet. New advancements make it easier for us to do close to everything online. The rise of digital currency (cryptocurrency) is no different. Cryptocurrencies and the blockchain technology behind it are already starting to have a significant impact on our lives.
Without Bitcoin and other cryptocurrencies, most people would stick to cash as their means of exchange. However, it would be risky to walk around with large amounts of cash on your person. These digital currencies provide a level of security and privacy that you do not see with the basic credit card. Each time you swipe your card, you enter your personal information into various databases. Unfortunately, these databases are not secure enough to protect from data breaches. There are also people who outsource their security and payment processing. This also inadvertently compromises privacy in the event the someone tampers with the vendors. Cryptocurrencies like Dash can help as they focus specifically on confidentiality and blurring user data.
Censorship Resistance has always been an important topic in the cryptocurrency community. There are forms of digital currency that specifically enable communication over their protocols. One is DigitalNote. A story in International Business Times explained that dissidents in repressed countries used the technology to communicate with each other free of tracking and possible prosecution. The token, in this instance, is a form of postage stamp that ensures the validity, security, and delivery of messages. Cryptocurrencies like DigitalNote give citizens in free expression zones a financial incentive to aid those in repressed countries using its blockchain. The usage of such technology is beneficial as it prevents the need to create a new social media application.
Eliminating the Middlemen
The design of most cryptocurrencies excludes the process of a third-party approving or denying transactions. Previously, there were extra fees people would spend in order to pay their bills or send money. For example, the cost to send $20 with Western Union was once $14.99. Until the development of Bitcoin, customers did not have any other viable option.
Cryptocurrencies and blockchain technology can shape the future of humankind in other ways as well. It can make online voting a more effective way to vote in elections. Its unprecedented security also minimizes the possibility of a hack or online fraud. History shows that as technology advances, our lives can improve, and cryptocurrency is at the forefront of these changes.