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I'm far from an investing guru. I've tried my hand at a slew of different investment opportunities, with a varying degree of success. Whether it's real estate, cannabis, or just acquiring dividends from some blue-chip stocks, I've tried my hand at almost everything.
Recently, I added blockchain technology to that list. I decided to invest in a few of the major cryptocurrencies—Bitcoin, Ethereum, and Ripple. I'm in this for the long-haul, so the recent volatility in the market hasn't scared me off.
What I've learned through this tumultuous journey, is that blockchain technology, as a whole, has immense potential to affect our daily lives. For those who don't know much about blockchain, I'd like to outline some of the ways learning about blockchain can help you out. Again, I'm not an expert, nor a teacher, but I think there are certain things everyone should be aware of, as it could be impactful in the very near future.
First and foremost, blockchain could be a huge game changer in the data security space. This has essentially been the backbone of the argument for the general use of blockchain and cryptocurrency since its inception. What many don't realize, at least in terms of technology, is that data security and data breaching actually represents a major risk. Whether it's your credit card getting stolen or your checking account being hacked, we're not as secure as you might think. Luckily, blockchain can help eliminate some of those inherent risks when it comes to storing your money and sensitive data.
Integration with New-Age Technology
The truth is, learning blockchain technology isn't just helpful for that specific space—it's going to come in handy when it comes to ALL tech. I know some people might be thinking: is cryptocurrency dead? However, that's certainly not the case, especially considering its compatibility with other tech. Slowly but surely we will be seeing, and to an extent are already seeing, blockchain integration with new-age technology. Voting systems, commodities trading, and even real estate can all be facilitated through blockchain tech, and for good measure.
Brining in a New Financial Era
To put it simply: We may be on the verge of an entirely new era of currency and transactions. Bitcoin and other cryptocurrencies could serve as an entirely new way to do business. With the stigma attached to big banks, there is really no shortage of people clamoring for a better currency system in America. We could be on the cusp of a brand new system of money transfer, so you better learn now before you're behind the curve.
Fostering Faster Transfer Speeds
Another plus when it comes to blockchain based technology are the ever-increasing transfer speeds. While Bitcoin might be a little slower with a transfer time of around 10 minutes, it's still presents itself as a quicker method to traditional bank transfers, some of which can take up to two full business days. Additionally, Ripple (five seconds) and Ethereum blockchain technology (30 seconds) provide even faster block transfer times, if you're looking for something a bit speedier than Bitcoin.
The blockchain revolution is very real folks, and this is just another example of its groundbreaking impact.
More Job Opportunities
This might not be directly correlated to the tech itself, but as with any new tech, blockchain has the opportunity to create a bunch of new jobs for people within digital space industries. Whether it be the teaching of programming languages, becoming a blockchain developer, or even working in a peer to peer network to foster crypto business and intellect, there are several job opportunities that await us—so long as the technology continues to develop at its current trajectory.
Blockchain has the potential to also serve as a universal infrastructure of sorts. When combined with Distributed Ledger Technology (DLT), it can form a new type of market infrastructure while still merging with preexisting ones in the process.
In other words, it can offer the best of both worlds. Contrary to some belief, there are ways blockchain is already succeeding, and universal infrastructure is a big reason why.
The Betterment of Healthcare Systems
The United States' longstanding issues with healthcare are notable, so blockchain's potential impact on it should be noted. One problem with our current system is the rudimentary way it stores a person's health records. Often times, misdiagnosing occurs because of this. Blockchain technology has the potential to create a centralized, secure system that can store medical records and history, eliminating that problem at its core.
Thanks to our strong economy, more and more startup companies are entering the fray. Because of this, crowdfunding is more important than ever before. Blockchain technology can help facilitate the crowdfunding process, leading to more successful startups in the future.
Anonymity is the name of the game when it comes to blockchain tech, and it can offer protection for companies that like to do business without government interference/disruption from the banks. One notable industry this applies to is the burgeoning legal cannabis industry. Since cannabis is still illegal on a federal level, many banks, which are federally-run entities, are hesitant to work with companies. Utilizing a decentralized application like Bitcoin and other cryptocurrencies can ultimately facilitate the transfer of funds for such companies in a way that gives them a chance for places where cannabis is legal.
All the Money
Above all else, I think the biggest reason for understanding blockchain is simple—you have the potential to make A LOT of money. The crypto bubble may have already burst, but people within the industry believe that it has the potential to jump to new heights in the not-so-distant future (I personally think Ripple is a great investment right now). Obviously, this is all contingent on how the government decides to regulate it, but those questions cannot be answered at this moment.
Regardless, these are just a few ways learning about blockchain can help you out. I'm sure there are more out there, but these are the ones I feel are of the upmost importance. We are only beginning to see the true power of blockchain, and it's just a matter of time before learning about Bitcoin and other cryptocurrencies becomes the standard, rather than the exception.