Blockchain technology is revolutionizing the way in which information is stored and shared.
The world is changing incredibly fast, and we are not all aware of it. Blockchain technology and cryptocurrencies are an irreversible advancement that is disrupting established industries and the ways in which we interact financially. For that reason, I believe understanding and being aware of this blockchain wave is incredibly important.
Blockchain advancements will financially affect the majority of citizens in both underdeveloped and developed nations, and are already doing so.
Most importantly, I evaluate whether this change is positive or negative for both individuals in society or large institutions such as banks. After extensive immersion into this subject which includes tremendous amounts of research and actual ownership of cryptocurrencies, I became extra confident in the results I found.
To gather accurate information, I utilized scholarly articles written by prestigious university departments, current events concerning the subject, and finally I conducted interviews and extensive discussions with cryptocurrency and blockchain pioneers. I found that Blockchain tech is being heavily implemented throughout the financial sector by banks. Meanwhile, advanced and more modern blockchains which utilize Smart Contracts disrupt countless different industries, but especially the music and energy sectors. In a way, Smart Contracts democratize business, as they give more power to individuals rather than big and rich companies.
Blockchain and all its benefits will indeed change business and how we financially interact. However, this change will come about very slowly and cautiously. Bitcoin, the most renowned cryptocurrency, is already impacting the lives of many people due to its decentralized attributes. I do not believe bitcoin will replace dollars or euros anytime soon, but it is indeed an uncontrollable force which transforms assets and the idea of money in our modern era.