As technology continues to make our lives a little bit easier, some fairly new technologies still have much potential for growth. The launch of a new technology is only the beginning of a revolution; once it gets into the hands of users, it starts taking on a life of its own. According to a Use The Bitcoin article, “the best use for a new technology is only discovered well after the technology has been invented and turned over to the market.” Blockchain is a technology that holds major potential for societal benefits.
When we think about blockchain technology, it’s hard to overlook the benefit of making financial transactions securely. Furthermore, people can appreciate its flexible use. Since blockchain transactions are automated (smart contracts), people can make transactions globally without any reliance on a central authority or concern over fraud. Moreover, the transaction “only occurs after both parties have met preexisting conditions defined in the blockchain system.”
With advanced technology comes rising concern over the safety of our identities. Blockchain can mitigate the risk of identity theft during transactions with its independent verification over a network of nodes responsible for validating transactions in each block. “A blockchain ledger could be adapted to verify identities when party authentication is required to conduct online business securely.”
It’s an exciting time in the technology world. Blockchain is only in its beginning stages, and an increasing amount of businesses are delving into it. We can all look forward to blockchain technology’s impactful developments in the near future.
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