Blockchain technology and cryptocurrencies in our future

· 6 min read
Blockchain technology and cryptocurrencies in our future

A real revolution in the field of technology, blockchain represents a real opportunity for the future. Some experts believe that it could, like the web, radically change the course of our lives. What for?

Simply because it offers a completely different way of conceiving things and especially exchanges between users. However, this new technology is still poorly understood by the general public despite the growing presence of crypto-currencies. Several billion dollars have already been invested in this new jewel that seems to hold bigger and more beautiful surprises in the future. Zoom on a technology that has not finished talking about it.

Blockchain: a new look?

With the advent of the web, we have witnessed a real liberalization of information around the world. No need to belong to a specific community to benefit from the data that passes on the web. We are all now part of a global village where everyone can feel concerned, no matter where they are. However, the catch with this system is that it relies on centralized servers that handle transactions. A control that will be undermined by the creation in 2008 of the blockchain.

Blockchain, blockchain by definition is a computer protocol that allows data to be transmitted and stored transparently and securely without the need for a central control body. Unlike the traditional system that passes data through servers, the blockchain ensures decentralized exchanges. Each piece of information is managed in blocks and protected by cryptographic processes that prohibit the unilateral modification of this data by one of the users.

In this way, everything is transparent and there is no way for a transaction to be changed without the knowledge of another stakeholder. A real revolution has given the difficulty of securing the data that passes through the servers of web giants such as Google. And if the blockchain is very often confused with the cryptocurrency popularized by Bitcoin or Ethereum, it represents much more than that and offers incredible opportunities in several areas. And the possibilities that will arise in the coming days suggest that this technology will play a leading role in the digital world.

Cryptocurrencies: a major challenge

For a few years now, Bitcoin to speak only of it has managed to make the buzz in the global economic sphere. And for good reason, this crypto-currency offers a new way of conceiving financial exchanges between third parties. Freed from all constraints due to intermediaries during monetary transactions, Bitcoin allows you to interact without having to wait for whole days. A real boon that is born thanks to blockchain technology.

Cryptocurrency prices are in perpetual motion which leads specialists to question the intrinsic value of this virtual currency. Does it have a place in a well-crafted economic system? While waiting to answer this question, the fact remains that it is present in exchanges and the price of cryptocurrency greatly testifies to this.

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Moreover, because of the venture capital invested in electronic money, we are entitled to say that the coming days are more than promising. And this is even if some experts believe that this crypto-currency is too fluctuating to be considered a medium of exchange in the long term. We certainly cannot predict the future, but the truth remains that we are not at the end of our surprises. The cryptocurrency rate in euros predicts that this virtual currency still has a bright future ahead of it. It is only enough to look at the efforts made by governments to thwart public virtual currencies.

This is a strong argument that speaks for itself. And we are not at the end of our surprises. Various conventions are already being held as recently in France to talk about the situation of cryptocurrency and blockchain. This is to say that even governments have become aware of the preponderant place of this new technology and the advances it represents for everyone.

Towards trade liberalization?

That seems to have happened. Indeed, the birth of blockchain and virtual currencies has given a new lease of life to the way exchanges have been conducted until now. We seem to be moving towards the end of banking intermediaries such as Western Union or MoneyGram. With the transfer system set up by the blockchain, it is enough to establish a smart contract that will facilitate the exchange without the need for an intermediary. Blocks created by different users can only be modified by the consensus of both parties. Thus, no way to create a falsification and everything happens in real transparency.

Moreover, even if cryptocurrencies such as Bitcoin are still very little liberalized, they have already changed the way the financial world works. Billions of dollars flow in this way and to the delight of non-supporters of the traditional system. We are still far from a generalization of this method of exchange, but the fact remains that the coming days are promising.

Seasoned experts like Blythe Masters believe that blockchain is the financial challenge of our time and that it will truly change the way the financial world works as we know it. Is this true or is it possible? The next few days will answer us. But we can already be sure of one thing, it is a real revolution that has started and it is far from stopping so well.

A possible collapse of the current system?

Even if some skeptics think that blockchain and cryptocurrencies will undermine the system established by their actions, we can also not recognize the relevance of their presence. The fact is that by their mere presence, they have managed to shake things up in such a way that politicians are beginning to look into the issue. We must channel this system at the risk of seeing all the efforts hitherto put in place collapse. Especially since it is necessary to continue to camouflage the small shenanigans that feed the traditional system.

The decentralized exchanges favored by the blockchain give a completely different way of conceiving not only financial transactions but also the transfer of data between users. It is even estimated that this technology could have an impact on the political management of the state, in the sense that elections would be easier to organize. And, there would be real traceability and easy counting of results.

Major brands such as Carrefour in France are already using this technology on certain foods. Simply scan the QR Code to have all the information about the food in question. A way to liberalize information and to be fixed on the origin of what we consume. AXA does almost the same by facilitating compensation in the event of a claim.

Control measures, and then...

Cryptocurrency prices are so unstable that they give food for thought. This is one of the reasons why politicians are thinking about a certification system that would somehow frame this new technology that is the blockchain. So in a few years, we would have trained people who would issue authorizations to be able to create blocks.

Other professions will inevitably develop in turn in this movement. But there is still a question that acts like a splinter in the foot: will there still be coveted freedom? There remains the whole problem. We are of course far from having found the right compromise and while waiting for this moment, the blockchain and cryptocurrencies continue their little bit of the way.

Should we worry about the creation of some anarchy? We are not there and we doubt that we will ever get there. And the fact is that by taking the blockchain as a whole, we quickly understand that it is not limited to the financial aspect. It is a technology that represents a real breakthrough in a world that wants to be more and more digital. It would therefore be necessary to reflect on the ways and means necessary to obtain a protocol that is beneficial to all and free of evil intentions. Because yes, it is quite possible because of its immutability that this technology is used for malicious purposes.

In the end, even if we do not yet master all the workings of the blockchain or crypto-currencies, it is nevertheless true that this technology is promising. We are looking to a future that promises to give even more freedom and possibilities by talking about exchange and financial transactions. In the manner of the internet and the web, we can speculate on the future of the blockchain. There is still a long way to go, but we can already say that the current systems will have to align themselves with the new situation at the risk of simply disappearing.