Cryptocurrencies are still a very hot topic and the technology that they are based on, blockchain, has yet to reveal all of its potentials. Blockchain has caused a disruption in the centralized financial sector, and it seems that it will continue to do so as the technological advantages are revealed to us, such as in the infographic we found on Bitfortune.
So, what is blockchain and what are its current uses and its potential uses in the future?
It’s a platform for transferring information both anonymously and with transparency at the same time, which at first seems contradictory, but here is an explanation of this. If you open an account for the use of a cryptocurrency, you are given an identification number which is long and very complex.
Whenever a person makes a transaction over blockchain, other viewers can see a long list of these transactions as they happen, but because of the number of transactions taking place and the number of identification numbers, it is next to impossible to pinpoint a number, decipher it and find out who that person is. Blockchain technology is also very secure, and it lowers the cost of transferring funds to another country by 2-3%.
Why use blockchain? Well, transferring funds over blockchain means that the funds reflect in the recipients account sooner because blockchain does not go through a regulator, it’s a straightforward, peer2peer transfer. By 2020, 80% of bankers are expected to use the technology for their transactions/a>. Moreover, 33% of level C executives are considering or are currently using blockchain within their businesses already.
Companies have recognized the advantages of blockchain and are creating systems to use it for their industries. These companies include Maersk, British Airways, and FedEx who all see unique opportunities in implementing blockchain technology.
The future of blockchain is massive, and we are yet to see the true value of this system. The infographic below has all of the facts that you need to know regarding this revolutionary technology.