Have you ever felt like the world is changing at a dazzling pace, making it hard for you to keep up? We are exposed to such a vast amount of news and information about recent technological developments, that it is only too easy for some people to feel overwhelmed and anxious. But even if you have never heard of such modern developments as blockchain technology, there are still ways in which it could be useful for you, because as a web infrastructure, it can be beneficial for people without them even knowing.
However, let us try to sum it up for you in a nutshell: blockchain is a digital ledger system designed for economic transactions, but it can also be programmed to record other valuable information as well. With regard to this technology, information exists as a shared database, and is stored in a decentralised way. The system’s data is easily attainable for anyone on the internet, as it is hosted by so many computers at the same time, which also makes it hard for hackers to impair.
Developed by a person or group of people under the pseudonym “Satoshi Nakamoto”, it has been heralded as the basis for a new type of internet by many. The technology was initially designed for the cryptocurrency Bitcoin, which has become a highly valuable currency in and of itself. Beyond that, however, the digital community is discovering more and more possible uses for the technology.
Despite all its benefits, blockchain has of course also sparked its fair share of controversy, since it goes against the grain of all previous means of conducting and recording transactions. As a system which cuts out the middleman in these processes, it has mainly attracted criticism from established banks, some of which might have been anxious to face this new and innovative competitor. With blockchain’s origins, of course, the finance sector is still the one that can profit the most from the technology, with the demand for blockchain developers rising in the industry.
In all, blockchain technology represents a considerable step forwards in enabling a decentralised, modern peer-to-peer sharing economy, contributing to the rise of cryptocurrencies and alternative loaning methods such as crowdfunding. Thus, it may present a more accessible and timely way of attaining business loans or making – and accepting payments. There would also be no need to save copies of invoices, bills, or financial statements, which effectively means cutting through all the usual red tape. This infographic clearly shows the potential of blockchain technology to improve the lives of both individuals and business owners alike.