Thanks to blockchain technology, the use of Bitcoin and other cryptocurrencies to transact financial payments is accelerating throughout the world. Virtual currency platforms are making it possible for customers to use a medium of exchange other than government issued currencies. These convenient alternative online cryptocurrency platforms rely on blockchain technology to securely track financial transactions. Many IT experts and software developers believe that blockchain technology is the future of International Finance, not to mention countless industries that are searching for more accessible and secure virtual data storage options.
The Rise of Cryptocurrency
Believe it or not, the worldwide capitalization value of cryptocurrency now exceeds $100billion. The value of a Bitcoin is now around $2,000. It’s evident that cryptocurrency and blockchain technology are on the move. International political and financial instability are contributing to this trend. Blockchain based cryptocurrency software creates a continuous linear chain of validated transactions that is automatically downloaded to the computer device of the appropriate network members. The chain of transactions is never deleted from the record.
Bitcoin has been joined by a growing number of Bitcoin alternatives, or altcoins. The cryptocurrency revolution has the potential to undermine the policies of central banks and global financial institutions. The value and availability of a particular cryptocurrency operates strictly in accordance with the network software code and the purchasing decisions of independent consumers.
Blockchain Technology is Growing Up
The development of blockchain technology is now a worldwide phenomenon. Countries such as India, China and Japan are investing heavily in blockchain research and application. One major Indian IT firm now employs no less than 500blockchain specialists to develop new software applications for industries throughout the world.
Although blockchain technology has primarily been associated with cryptocurrency and financial institutions, IT firms such as Infosys are taking advantage of the expanding opportunity to develop blockchain applications for a variety of industries. Blockchain software solutions can be used to document contracts and transactions between companies, customers and other stakeholders. Blockchain software applications provide a comprehensive dashboard for all parties involved in a business relationship, making it easier to access information and make decisions.
Data Storage Security
Traditional Internet and data storage network technology is vulnerable to hacking and unauthorized access to confidential records. Unfortunately, tampering often goes undetected or recorded. Blockchain technology offers more security and privacy than traditional firewalls and defenses.
Even though there are data storage concerns related to the use of blockchain technology, the blockchain format is inherently more secure than traditional software applications. There are any number of pilot projects in process to explore security and storage options using blockchain technology, but it appears that blockchain technology is well on its way to revolutionizing the way that the Internet does business.