Essay Example on Most of the time the Blockchain is usually described as digital Ledger









THE FUTURE IS BLOCKCHAIN Introduction Most of the time the Blockchain is usually described as digital ledger In a nutshell the Blockchain is simply a ledger a distributed as well as a digital ledger The Blockchain is a distributed database that offers an unalterable and semi public record of digital transactions Each block aggregates a time stamped batch of transactions to be included in the ledger Each block is also identified by a cartographic signature Furthermore these blocks are all back linked meaning that they refer to the signature of the previous block within the chain and that a chain can be traced back all the way to the very first block created Consequently the Blockchain contains an un editable record of all the transactions made Way forward It is a fact that among the younger generation digital currencies have taken over from gold as the choice of investment and sooner or later currencies such as bitcoin and ethereum will be competing against nation state paper currencies In case Blockchain is used in various industries there will be a digitally integrated global economy that will boost economic growth and lower the levels of poverty Blockchain has a huge potential because it provides the chance to distribute digital ledgers to others via computer networks all over the globe An example is in Sweden Georgia and Ukraine where property registers are being moved on to the blockchain In the world of finance people never lend to each other directly most of the time hence the need for banks as facilitators 

The good thing about cryptocurrencies is that they eliminate the need for a third party and instead use an encrypted and secure database Another beauty of blockchain is that storage is done digitally without needing an equivalent in reality For example contracts wills and deeds may only require a code stored on the blockchain that represents an exchange Since all transactions stored on the blockchain can be independently verified and traced it will be easier to fight crime counterfeiting as well as fraud Blockchain will enhance entrepreneurship in developed and developing countries breaking down the barriers brought about by bureaucracy and corruption What is the future of Cryptocurrency The value of cryptocurrencies will continue growing Crypto assets will be volatile there will be meltdowns but expect an overall hike in value provided innovation continues In the coming years most of the cryptocurrencies in the top ten will be superseded by platforms that have more powerful functionality Emergence of a new platform for value creation Look out for new platforms such as Cosmos Aion and Polkadot which will address issues related to scalability and governance These third generation Blockchains are unique because their goal is to achieve smart contract functionality customization and the ability to be both multi asset and multi industry 

Entry of digital giants Late last year it was announced that the head of messenger at Facebook was to join Coinbase s board Additionally Google is already this year s second largest investor in blockchain technologies Entry of these companies creates a lot of opportunity for everyone Implementation of fiat cryptocurrencies Expect cryptocurrencies to deepen their use as a real medium of exchange There are many companies that accept bitcoin for payment of goods and services and it is expected that many more will follow suit New opportunities with cryptocurrencies Bitcoin IRA This is a new concept for investing in retirement and shows how cryptocurrency can be a viable monetary source Bitcoin IRA is a compliant entity that assists people start a retirement account On the other hand if you already have an IRA you can move the funds and convert them into cryptocurrency Bitcoin Teller Machines This is one of the coolest innovations BitAccess is one of the very first of these machines to show how cryptocurrency can be more accessible These machines enable users to deposit cash and in return they get a digital wallet that has the equivalent in bitcoin cryptocurrency The machines also work the other way users put in cryptocurrency and receive traditional currency Social media payments Kik enables people to use cryptocurrency to accept payments through social media This allows people all over the world to transact without having regular bank accounts Money transfer and payments In Kenya there is BitPesa which works similarly to Western Union but more affordable CashU is another innovation that allows people to pay their bills without a bank account or credit card Microfinance Lending is an expansion of Bitcoin Emerging companies are such as Bitbond

Furthermore Kiva is another company that does bitcoin loans Career opportunities to explore 1 Web development With the current craze of being digital there is a high demand for web developers Skill in this field can offer you a great career related to Bitcoins If you have the experience education and interest in cryptocurrencies then jobs will flow your way 2 Angel investors If you are a venture capitalist and need better opportunities to invest your funds in then Bitcoin is your answer Investment in the huge Bitcoin start ups can lead to potentials and big returns 3 Marketing Any new product in the market needs aggressive and rigorous marketing for it to mark its presence New bitcoin services need to be noticed by new entrants Moreover it needs great presence through websites Consequently it will open up opportunities for SEO specialists marketing experts as well as media communication professionals who have the ability to reach out to the public and spread the word 4 Writers Those who invest in Bitcoin always want people to know about them and their products A lot of content has been written on Bitcoins and cryptocurrency but there is still more needed Growing publications have increased the demand and need for writers bloggers as well as publishers In case you are a skilled writer this is a chance for you

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