Innovation, Renovation, and Adoption of Blockchain in the 20s
Photo by André François McKenzie at Unsplash
While there are multiple industries that have changed over time, there are those industries that have always remained necessities. Industries like health, food, education, social, and a few others. While industries have evolved with time and also with the help of technology, there are many industries that have yet to evolve to their full potential.
One such industry is the cryptocurrency industry. Many believe that this may be the industry that can affect the most in the future along with the way block-chain works. Automation of payments, full accountability of resources, and the availability of resources to everyone in the world are great options to have. While paper will still be available, the switch can be understandable.
The money remittance industry is currently valued at a high value due to its ubiquitous need in developing countries. While individuals may not have bank accounts, there are stores that allow individuals to send money back to their loved ones. Some new ways to improve upon this has developed through the use of the smart phone. Individuals can send money to their family or friends through the use of the internet and either an app or a block-chain wallet.
Many blockchain projects have interesting projects concerning this procedure of allowing everyone on Earth to experience their own banking experience. Whether you are a Stellar or Ripple believer or you prefer Bitcoin or Litecoin, there is no denying that the effect of such technology can allow previously financially ignored individuals to receive, send, or even loan money to other individuals. Such innovation allows everyone to participate in the economy, not only of their specific country but that of the whole world.
While it is not only previously economically disenfranchised individuals that would now have the ability to build, it also allows start ups and new technologies to build plans above the block-chain. What can be more empowering than allowing for a new economic ecosystem where ideas and innovation pave the way for new ways to monetize content as well as keep their money secure.
Censorship can also be bi-passed efficiently if the block-chain is kept in a decentralized mode of command. With the use of decentralization, no one entity or person has the complete control of the block-chain meaning if a person tries to assume complete control or block content it would not occur. This is in the case of decentralized models. If the block-chain model is centralized then that would allow any one person to completely and selectively block content out. While no one wants gruesome videos and morbid content on the web, censorship has attempted to stop the flow of important ideas. Think about the efforts to stop the Civil Rights March of 1964, Cancel Culture, and age of McCarthism fitting into censorship. Orwell’s Animal Farm gives a clear description of what power can do to anyone and as such it is always good to have a digital decentralized model.
Not everything is positive as well. It would be naive to think that everything is positive. With it comes responsibility and several difficulties as well. What happens if someone forgets their specific wallet key or fails to back up their password? What happens their wallet has a flaw and prevents them from sending or receiving currency? Can funds be recovered if they are lost?
Meanwhile the number of electronic wallet addresses has been increasing each year. Currently there are 460 million addresses and growing. Ethereum has 35 million addresses currently. Both have seen a steady amount of transactions between addresses since the big boom that occurred in 2018. With enough time, more and more people will be able to utilize the option of having crypto-currency stored and available to send when needed.
Stores have been using crypto-currency to get paid. From the Miami Dolphins accepting Litecoin for each football game to Microsoft accepting payments made with Bitcoin, businesses all over the world have begun to incorporate payment systems. There are also payment applications that are allowing sites to receive payment through crypto. While the learning curve may seem steep, once innovation in the payment systems arrives or a learning program that facilities the complexities of crypto-currency arrives, individuals will feel the need to use or at least hodl their crypto in secure wallets.
Whether being used as an investment instrument or as a digital payment currency, crypto-currency will allow for an increase in options when opting to secure one’s finances.
Whether you love the idea of crypto-currency or you loathe it with all your being, you have to acknowledge the importance of use cases and the advantages and disadvantages this new technology can bring to the world and local communities. This new decade will see the rise of cryptocurrency adoption as well as the exchange of great ideas to go along with it. How do we best use digital currencies to help in charities around the world? How do we use digital currencies to help improve our planet and communities? How can knowing how to use cryptocurrencies benefit me and those around me?
Exciting times are ahead and each year allows for a more in depth approach to understanding cryptocurrencies, use cases, and their benefits or non-benefits (depending on points of view) to society.