One of the technologies that will potentially have the biggest impact over the next few years has arrived. It's not about social media, or robotics, or AI, but rather the technology behind cryptocurrency called blockchain. I believe this is the future of the Internet and holds great promise for business, society and all of you! Over the past few decades, we have been surrounded by information about technology. Analogy: now when we send emails, photos, PDF files, we are not sending the original but a copy of it. But when it comes to things like cash, votes, contracts, and loyalties, sending you a copy is a really bad idea... When I send you a hundred dollars, it's important that I don't always have not the money, and I'm not sending it to anyone else. This problem has long been called “double spending” by cryptographers. Say no to plagiarism. Get a tailor-made essay on “Why violent video games should not be banned”?Get the original essayTo avoid this, we rely on large intermediaries like banks to build trust within our society. These intermediaries carry out all our business transactions from record keeping, identification and authentication. But the biggest problem is that it is centralized, which means it can be hacked. Which big companies like Equifax, Target and Home Depot have learned the hard way. They exclude people from the global economy who don't have enough money to open a bank account. They slow things down when it comes to transferring money from the city and take a whopping 10-20% cut to transfer money to another country. But what if there was a technology accessible to everyone that would make it possible to move, transfer and carry out transactions of all kinds without involving large intermediaries? Well, in early 2009, Satoshi Nakamoto developed the first and still the largest cryptocurrency to date called Bitcoin. Definition: It is a peer-to-peer system where transactions take place directly between users without an intermediary. No central authority controls the Bitcoin network or your funds, you have full ownership of your wallet and can transact wherever and whenever you want, without any interference. In other words, it's decentralized. How does this change the future? Bitcoin, like all other cryptocurrencies on the market, is used to facilitate payments of any value, in real time, with very little or no transfer fees. It runs on a technology called blockchain which is a decentralized digital ledger, run by miners whose computers' main purpose is to decipher codes to "receive" more Bitcoins. Its popularity is based solely on the idea that it is completely free from any interference from government or authorities and because it can facilitate anonymous transactions. Cause-effect: This means that cryptocurrency transactions cannot be faked or reversed. Additionally, due to its low cost of use, this makes it more reliable and efficient than global currencies. The fact that it is decentralized means that they are accessible to everyone, while banks can impose limits on who can open an account, how many accounts can be sent or received and from where. Eliminate Money Transfer Scams We are all aware of the ridiculous fees involved in transferring money between banks, especially if the transactions take place across the border. These transfers can usually take up to a week,and sometimes even more. It also involves clearinghouses and correspondent banks, making the process much more complicated and time-consuming. Using cryptocurrency, on the other hand, removes all of these obstacles, and domestic and cross-border transfers can be done instantly at very little cost. Additionally, the technology used to execute the smooth transfer of cryptocurrencies, called "The Ledger", can be used to transfer fiat currencies such as the US dollar, in the same way, meaning that the need for banking intervention becomes obsolete. It also helps migrants from third world and developing countries who have moved to Western countries to send remittances to their families. Example: With international transfer fees exceeding 10%, this poses a huge burden for those less privileged. Cryptocurrency and ledger technology can solve this problem and save them a fortune by allowing instant transactions with a flat fee of 0.0007. USD. 2. Eliminates Security RisksEquifax is a multi-billion dollar company specializing in credit monitoring and fraud prevention services, and yet it was still caught in a cybersecurity breach, revealing Social Security numbers, credit card information credit and other data of more than 19,000 Canadians. customers, and approximately 150 million customers in the United States. This shows how vulnerable and questionable enterprise security is outside of blockchain technology. Because of these concerns about credit card fraud, many online merchants are being forced to shy away from these great deals. The problem with fraud is so common in global transactions that many businesses do not accept international payments. With digital payment such as bitcoin, the transfer cannot be reversed once made, eliminating the risk of fraud and allowing them to sell globally. This also protects your personal identity because it is not attached to any financial identity and uses pseudonymous information during transactions. 3. Empowers people, allowing ordinary men to invest. Finally, the power of blockchain can attract a large percentage of the world's poor in the 21st century by allowing them to participate in the global economy through cryptocurrency. Allowing common men to invest in cryptocurrency can solve one of the biggest problems of the people of the world. third world countries are facing. In some countries, people are poor because their money is worthless, and this is usually due to government corruption that mass-prints money. This is the current situation in Venezuela, which suffers from inflation and hyperinflation of over 1,600%. Their money is worth so little that it only takes almost half a month's salary to buy a Big Mac at McDonald's. This leads some citizens of these countries to lose confidence in their currencies and often resort to converting their cash into a more stable currency, such as the US dollar. Cryptocurrencies like Bitcoin offer people facing an unstable economy another option to protect themselves against these problems. So, while the value of these currencies continues to depreciate due to unstable economies, cryptocurrency offers much better stability, increasing in price. Conclusion Overall, cryptocurrency as a whole has proven itself worthy of being a new paradigm that can change the future of our economy. for the best. Whether it's enabling real-time fund transfers in..