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Blockchain Technology and Its Benefits

Any time new technology is introduced and revolutionizes any industry, it tends to receive a lot of backlash. Most people don't like change, and blockchain technology has completely turned the financial industry upside down. It provides more security for transactions and transparency amongst the market, but it also has an endless list of use cases. This section will dive into what blockchain technology is and how it will benefit the future as a whole.

Before you go headfirst into the long list of applications that blockchain technology can have, you must have a core understanding of what it actually does. The blockchain is simply a digital record of transactions that is replicated and distributed throughout the blockchain's complete network of computers. Furthermore, due to the structure of this technology, every single transaction for each cryptocurrency is viewable to the public, which helps reduce fraudulent activity amongst traders and the crypto market.

The blockchain is a type of DLT, which stands for Distributed Ledger Technology, and DLT's have multitudes of characteristics that help create a healthier and more prosperous financial sector. Although many crypto investors have complaints about various aspects of the blockchain, it's still miles better than our traditional financial system. Below you'll find a brief list of DLT's properties that benefit the industry significantly.

Properties of DLT’s

  • Immutable - Any approved records are irrevocable and unchangeable.
  • Unanimous - Each record's authenticity is accepted by all network participants.
  • Programmable - Smart Contracts allow you to program the blockchain.
  • Distributed - To provide total transparency, each network participant has a copy of the ledger.
  • Time-Stamped - Each transaction’s time-stamp is recorded on the blockchain.
  • Secure - Every record in the blockchain is encrypted individually.
  • Anonymous - The identities of each participant are either pseudonymous or anonymous.

Aside from what blockchain technology has done for the future of our financial system, it can also be utilized across a wide range of other industries with a seemingly endless list of possible applications. We'll see the technology blend with other industries, in addition to new applications and services being created with the blockchain. All of the technology's benefits listed above can aid many different sectors that require such security and transparency.

Furthermore, with the current state of our long-standing financial system, many individuals all over the world don't like how our monetary system works for a few reasons. One of the biggest complaints is that there is a central power behind the money, controlling it all, including yours. We may be used to such a financial system, but that doesn't mean a better one can't be built.

Of course, governments don’t like this too much, as they generally don’t like their citizens having this kind of opportunity. Governments want and need you to rely on them and their resources, and the moment crypto came along, they saw thousands of people start to walk away from our current financial market.

Everyone can expect laws and regulations to pop up on a global scale, but with the way cryptocurrency and blockchain technology works, it will be almost impossible to stop. So, over the last few years, some governments' narratives went from a combative approach to wanting to join in on the new financial market for their own benefit. This is one of the true beauties of technology and non-tangible assets, as there are many ways to manage it and keep it protected without needing a banking system.

Recently, China announced that it had banned cryptocurrency in its country, and for the most part, this won't stop anyone from acquiring cryptocurrency if they really want to. Sure, some cryptocurrencies will come and go. It may be more difficult to obtain certain currencies, but with the options of converting currencies, operating in markets in other countries, or even using VPNs to hide their internet traffic and purchases. At the end of the day, governments worldwide will have to adapt instead of trying to destroy the new financial market.

I hope this information provided clear insight into how blockchain technology works and how it will benefit everyone globally. With the endless list of use cases and applications, the blockchain is here to stay, and it's evolving faster than most can keep up with.