In 2017, Bitcoin topped the Google search as everyone was trying to understand what it was. But this year, the new decentralized online ledger that tracts all the cryptocurrency transactions is going to be more than what Bitcoin was last year. Since its introduction, blockchain has piqued the interest of millions of people the world over. In 2018 it is going to have a massive influx of different talents due to blockchain technology.
Blockchain Technology Utilization:
The following are some of the ways that blockchain technology is going to be massive in 2018.
Blockchain technology helps to create permanent online records of every transaction that takes place. The records are inviolable due to the fact that they are spread across a number of computers in the same network. For this reason, they cannot be hacked because a hacker will be required to hack all the computers sharing the information to make any changes.
Due to its high level of security, a number of governments have already started using blockchain ledgers to store public records. By storing the records here, they cannot be corrupted easily as compared to when they are stored in centralized databases.
ICO an acronym for initial coin offerings raised a lot of money last year. According to Laurence Tiana, the co-founder of the blockchain, this year there will be an increase in the number of companies that are going to use ICOs as a means of raising capital. This is because they are more efficient.
ICO allows companies that are starting to raise money from their future clients. When a customer purchases ICOs, he is rewarded with a token which he can later use to purchase goods when the company starts operating.
Because many companies are issuing their initial coins, most of these companies will use blockchain technology to raise money because it is efficient.
This year, according to Laurence, blockchain technology is expected to merge with several technologies that are coming up. Some of the technologies that are expected to merge with blockchain include the internet and machine learning.
Machine learning is a technique whereby different machines such as wind turbines or cars are merged with the same net as your computer or phone.
For instance, the homeland security in the US is using blockchain technology to verify data that is derived from different machines such as the security cameras. This ensures that the information recorded is safe and cannot be altered. The blockchain technology can be used to verify official data and documents such as passports.
Many digital media companies that are coming up are using ICO to raise capital and they use their tokens as incentives to attract many people to use their network. For instance, the YouNow a competitor to YouTube is using decentralized technology.
The YouNow is rewarding its customers by developing new business models to their site, for inviting friends to the web and for uploading videos to their website.
The media are using blockchain to reward their clients who are helping them build their network. There are several media platforms that are using this technology to attract more customers to their network. And this year, more and more media companies are using this technique which is making blockchain boom.
Since its inception, more and more international organizations e.g. WFP and individuals are using blockchain for sending money. Sending money from one country to another using cryptocurrency reduces the chances of theft.
For instance, “smart contracts” permits money to be sent and delivered to the recipient with conditions. For example, a person can withdraw money only when they can confirm that they are the right recipient.
The World Bank and United Nations have launched blockchain projects this year and more and more organizations are expected to follow suit.