In the last two decades, modern technologies have changed our lives and industries for the better. New to the line of technologies set on changing the world is Blockchain technology and its many cryptocurrencies.
But how exactly is Crypto affecting the technological industry and what exactly has changed due to cryptocurrencies?
What Is Blockchain Technology?
Before we look at how cryptocurrencies are affecting our tech industries, we must first understand the tech these cryptocurrencies are founded on. Essentially blockchain technology is an innovative new type of ledger that records information, except for one major key difference… it’s impossible to change the system, hack or even try to cheat it.
Think of Blockchain as a digital ledger that’s shared across millions of computers across a network. Henceforth any time a new transaction takes place on the blockchain a record of that transaction also known as the block is added to all the ledgers across several computers.
So How Exactly Are Blockchain Technologies Affecting The Tech Industry?
Truth be told, blockchain hasn’t just affected the tech industry, as a matter of fact, blockchain has made its way into several industries.
Trading
Cryptocurrencies gave traders a whole new market to exchange and invest in. Cryptocurrencies are renowned for being volatile and traders take advantage of cryptocurrency volatility to make a quick buck. Today cryptocurrencies also helped the creation of auto trading platforms such as Quantum AI, these auto trading platforms are programs specifically designed to try and forecast the crypto markets.
By monitoring social media and several cryptocurrencies at the same time these auto trading bots can predict quite accurately the right time to buy and sell crypto assets!
Supply Management
Since blockchain is a form of digital ledger it has a lot of uses in the supply management industry. Essentially it allows business owners to go back through the supply chain process and understand which suppliers supplied what and when. It’s a simple, permanent and transparent way for businesses to communicate clearly what was purchased when and how much it was sold for if problems ever arise.
Medical Technologies
For what seems like forever medical records have had a pretty standard system for storing medical records. Unfortunately, when healthcare workers store data locally it’s very susceptible to breaches.
Blockchain technology eliminates the need for 3rd parties like central bodies/authorities while also providing a super method of encryption. This allows healthcare officials to store medical data safely while also allowing/permitting access to those who really need to access the data. It’s also extremely rapid which is the cherry on the cake.
Perhaps this explains Amazon’s move to acquire health company One Medical in recent times.
Voting Systems
In the last major U.S. elections, there has been a lot of chatter and debate on whether or not the elections got hacked or were rigged. In an attempt to transform the traditional form of voting which required voters to stand in long lines to cast a vote or mail which in some cases never made it to the final count, the U.S. tried to go the online voting route.
This solved a lot of logistical issues while at the same time providing a list of new problems.
Online voting is susceptible to fraud and has a lot of arguments against it, enter Blockchain technologies which have the power to change how online voting is cast. Since with Blockchain, the ledger cannot be altered or manipulated, once someone casts a vote it cannot be used to swing the election in any direction.
