Blockchain technology: a largely untapped goldmine

Feb. 23, 2020 | by Edward Levin

It's been over a decade since the birth of cryptocurrency, and bitcoin has remained the buzz word for the most part of this time. Past financial events (such as the infamous global recession of 2008) made it undeniably clear that conventional economic systems cannot meet emerging global needs. This however only confirms that cryptocurrency and blockchain technology, in general, is here to stay. Various factors still keep people away from exploring blockchain in its full glory. Check more on the meaning of blockchain in coinratecap.

The governments and numerous financial agencies are not left out. Their own fear is however very selfish. They're afraid of the power blockchain technology offers to the public. Cryptocurrency offers a transparent and decentralized financial system, amongst other potentials. Thus, many governments are actively desensitizing people from knowledge cryptocurrency. There are sanctions on blockchain in a few countries, while many agencies still refuse to recognize bitcoin, ethereum, litecoin, pi, etc. as a means of value exchange. These institutional setbacks form the basis of the doubts people harbor about cryptocurrencies.

The sense of illegality that governmental setbacks create, keeps the public uninterested in cryptocurrency. Consequently, this separates people from the knowledge of blockchain technology. The understanding of cryptocurrency is critical to its acceptance. People need to know how virtual money works and its nearly inexhaustible benefits. Cryptocurrency (or blockchain) education will erase whatever abstract nature people have ascribed cryptocurrency. They'll understand blockchain beyond bitcoin (literally the most populous cryptocurrency).

The volatility of cryptocurrencies has been of great importance in securing high trading turnovers. Volatility shouldn't be regarded as an absolute turn off. Cryptocurrencies are not dangerously volatile. In the blockchain, time rewards any unfavorable change. Cybersecurity is also no longer a problem. Cryptocurrency owners (such as Coinbase, Kraken) now offer the highest cyber protection and prevent hackers from accessing cryptocurrencies.

There is also a limitation due to the confusion caused by the presence of numerous cryptocurrencies. Bitcoin enjoyed a dominating reign and that geared people towards having trust in it. Many well researched, viable cryptocurrencies abound with lots of potentials. The stress of identifying these is now being undertaken by cryptocurrency experts. Several cryptocurrency academies offer similar services and ultimately prevent investors from making wrong decisions.

The transparency that blockchain technology offers is mind-blowing. It ensures a direct transactional encounter and reduces the incidence of fraud. It removes the need for paperwork and ledgers which are easily compromised and destroyed in the execution of a fraud. As a legal tender, cryptocurrencies will further phase out intermediaries in monetary transactions, thereby reducing unnecessary transactional costs.

Blockchain technology goes beyond cryptocurrency trading. Blockchain has proven applicable in many aspects of life. Blockchain technology is used in developed countries for many purposes such as legal services (contracts and agreements), property ownership and transfer, data production and management, humanitarian services, etc. These are going to be the tip of the iceberg with the full acceptance of blockchain. Many prospects abound in the blockchain. Its rise already requires a need for several job opportunities such as cryptocurrency educators, blockchain developers, web designers, cryptocurrency trading investors, technological engineers, legal consultancy and so on. The future of blockchain remains exciting and we really cannot wait to experience it all.