Why blockchain is more than just a cryptocurrency network

Blockchain branches beyond cryptocurrency

18Jun

Blockchain technology is increasingly becoming a global economic phenomenon. As hackers, internet fraud, and identity theft are becoming an increasing issue, blockchain technology efforts work to eliminate some of these issues by providing crypto tags that cannot be altered, changed, or modified in any way whatsoever.

Blockchain technology works by creating a crypto tag that is on a block every time a transaction or record is recorded. That block is then linked or chained to other blocks. Those blocks become chained in a series of blocks that all contain information of records and transaction history that cannot be altered. With the inability to be modified, blockchain networks allow for transparency in network communication. Blockchain managers can recall information quickly by pulling it from the shared ledger. Traditional methods of tracking transactions involved bookkeepers and accountants with paper records. These traditional methods made a historical shift when most financial information communication began utilizing digital records online through internet banking systems.

Although it did speed up the recall or recording time for the transaction, traditional digital internet banking systems still have to go through several points of communication before being concretely stored in the system. These modern forms of digital banking communication can take days to record just one basic singular transaction from an individual or a company. Blockchain technology advances these communication processes by increasing the rate at which transactions are recorded and where they are recorded. Now, transactions can be recorded and stored on a shared ledger instantaneously. Because blockchain networks mainstream the communication to one point of communication rather than reaching multiple servers and network points, it allows for monetary gains because financial assets are not tied up in a holding or waiting period to be processed. This allows companies and consumers to have a more accurate and updated transaction history.

Blockchain networks are great for multidimensional companies because all of the company transaction histories can be stored on one shared ledger rather than having multiple places and accounts. Blockchain networks are supposed to be more secure and protected against fraud since transactions remained unaltered. Blockchain networks also have the opportunity to either be private or public. Private blockchain networks require member access and are regulated by managers. A public network is open to the public and runs through a series of public computers.

As more industry professionals look at obtaining a career in the blockchain sector, there are many certifications that professionals can research to utilize their skills more effectively. There’s a known value of PMP certification in the industry. Learning coding and other internet technology to further understand the new world of the blockchain industry can be highly helpful to consumers and business professionals.

As the blockchain industry continues to grow, so will the jobs in that area. If one chooses to become employed in the industry, the first thing to do is learning and researching the field. Many blogs and online networks are dedicated to understanding exactly what blockchain is and what the future of blockchain may look like. Even if someone doesn’t choose the financial and technology industry as their field of chosen work, it is still a beneficial idea to learn about the blockchain industry as it may well be the future of many official records and transaction history ledgers.

Governments are already looking at blockchain for data storage and collection. As they continue to learn the benefits of instantaneous record keeping, they may see it as a benefit to utilizing it in health records, government records, or even licensure and certification records and transactions. As with any new technology, governments will have to research ways of standardizing and regulating the industry to reduce the risk of criminal activity and make sure blockchain technology is following laws. Blockchains may reach global market sectors, in this instance, governments will have to work together on global diplomacy as a means of creating laws that work best for everyone. As this diplomacy moves forward in regulation, it may prove to be beneficial in guiding and building economic relations across nations.

Blockchain technology does have global and individual benefits. Digital currencies and traditional methods of record keeping have many risks to corrupt, hack, or alter records and transaction history. With blockchain networks, these transactions and records are concrete. The unmodified records provide transparency in recall, presentation and review. Blockchains shouldn’t be seen as a threat to democratic stocks or capitalism, but as a way of storing information. Cryptocurrency is run through blockchain networks, but blockchains provide so much more to consumers and business economies than just an association with cryptocurrency.

The future of blockchain networks and technology will be reliant on the advancement and willingness of industries and market sector professionals to understand and learn about this new form of digital storage. As cloud and digital data storage become increasingly in demand, the supply market for this will continue to increase. Blockchain networks provide an efficient option for absolute storage that cannot be changed and can be easily found. 

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