New Developments In Blockchain And Cryptocurrency Technology
Predictions have stated that the global blockchain market with experience a compounded annual growth rate (CAGR) of 71.46% over the next three years. Growth at that rate puts the estimated value at a staggering $4.4 billion! So, what is it exactly about blockchain technology that is fueling this incredible growth?
One of the main reasons that blockchain technology is so popular is the variety of new applications it can be used for. While still synonymous with cryptocurrency, the blockchain technology is in no way limited to crypto transactions. The implications of the technology are far reaching and there have been some exciting new developments in the area.
Development that are making the tech so popular
Financial organization: Distributed ledger technology has made using the blockchain favorable for a variety of online financial transactions. Charities are using the technology to invite donations with a more transparent approach to where the funds are going. The verification process of both organizations and donors can also be carried out much faster over the blockchain speeding up the entire process considerably.
Banks: The blockchain technology has been developed to allow banks to use it for faster and more secure financial transfers. With new layers of security being added to centralized ledgers and decentralized ledgers being virtually impossible to hack, blockchain technology is ideal for use in highly secure situations.
P2P content sharing: Blockchain technology is developing in leaps and bounds to create online marketplaces for content streaming and sharing. Using blockchain technology, individuals are being able to avoid having to post their content on a third-party site like YouTube or Facebook. Using a decentralized marketplace allows content creators to retain full ownership of their content. The marketplace also permits direct peer to peer (P2P) sharing or selling of content. This approach has also helped maintain the integrity of the content created making room for more creative expression.
HR: Blockchain technology has given Human Resources departments all over the world a big sigh of relief. Using the technology recruiting has become a lot more streamlined as all candidate information can be stored securely on the cloud and verified and cross referenced easily. Everything from a candidate’s education qualifications to work experience and even possibly criminal records can be stored on the system and pulled up using a QR code.
Smart contracts: Any interaction that needs a contract to be signed can benefit from blockchain technology. Smart contracts that are stored on the blockchain are more transparent and more difficult to tamper with. The increased security and quicker verification time offered by smart contracts make them a lot more reliable than hard copy contracts.
Digital identities: People give out a lot of personal information on the internet or a regular basis. Whether it is to make an online payment or to fill up a form for a health checkup, the information is put out there in the hope of it being secure. Developments in blockchain technology allow people to have complete control of all the information that they post on the internet and the only thing they need to divulge is a digital identity or key which can verify them while keeping all sensitive data protected.
These are only some of the developments in blockchain and cryptocurrency technology, the tsunami is yet to come.