How Is Blockchain Shaping The Economy Of The Future?By Toby Tunwase February 22, 2021
Does cryptocurrency come to your mind anytime Blockchain is mentioned? Of course, it should. Blockchain and cryptocurrency are like two sides of a valuable coin. The intersection between blockchain and cryptocurrency is very noticeable. While cryptocurrency is a unit of currency exchange, blockchain is the platform that hosts cryptocurrency transactions.
With valuable cryptocurrencies like Bitcoin and Ethereum, most countries are now adopting these currencies as legal tender. Unlike regular currencies, blockchain-enabled transactions are more secure, encrypted, and can be closely monitored.
In essence, blockchain technology is a database that houses a digital record of transactions. But what most people fail to see is that Blockchain can serve far too many purposes beyond cryptocurrency. It is expected that through its many other uses, blockchain will pave the way for a digital and advanced economy.
Notably, Blockchain has applications in areas like smart contracts, digital identities, and asset management. Essentially, smart contracts under blockchain allow people to make faster transactions and sign agreements without third party interference. Entertainment record labels and technology transfer industries get to benefit from self-executing contracts. This application will also be useful in government’s fiscal policies and international lending activities.
Also, with Blockchain, authorities save time and money in keeping your personal information. Your financial details are secure and easily verifiable. Blockchain technology also comes with fast and error-free transactions between parties. In an industry like insurance, blockchain aids faster claims and cancels out tendencies of fraud. In all, blockchain is not just the future of financial transactions; it is indeed the route to a vibrant and innovative economy.