Understanding the Power of Blockchain Technology - Baltimore Post-ExaminerBaltimore Post-Examiner

Understanding the Power of Blockchain Technology

Everybody seems to be talking about cryptocurrencies these days—and for a good reason. Many investors are eager to put their money into Bitcoin and other digital assets in the hopes of multiplying their wealth in a short period. This stems from the incredible rise in the value of cryptocurrencies in 2017, with Bitcoin reaching an all-time high of $19,000. Despite all the talks about whether prices will be even higher at the end of the year, however, developers and institutions are more interested in leveraging the technology that makes all this possible: blockchain.

The blockchain is Bigger than you Think

Many people aren’t interested to learn the technical side of cryptocurrencies. But having at least a basic understanding of how blockchain works can give investors an edge when it comes to making trading decisions. The primary reason for this is that blockchain appears all set to disrupt virtually all industries. Its influence will be bigger in certain sectors than others, but this doesn’t take away from the fact that blockchain will dictate how businesses operate in the future.

The World Economic Forum reports that by 2025, a blockchain-related technology will store 10% of the global GDP. This is a staggering number that highlights the immense potential of the tech. While investors continue to invest in cryptocurrencies with the help of trading software like Bitcoin Code, entrepreneurs and developers are looking for ways to incorporate blockchain technology into the core of their business in an attempt to stay ahead of the curve.

It’s interesting to note that while blockchain is often related to the financial services, its applications are nothing short of limitless. Banks, governments, and small businesses can all see themselves using digital tokens and blockchain technology to improve their current systems and operations.

Merchant Adoption Fuels Rise of Cryptocurrency

Several factors affect the price of cryptocurrencies. Many say that the bullish trend of 2017 was primarily spurred by an increase in demand as digital assets gained more mainstream media attention. But that wouldn’t have been possible if it weren’t for merchants adopting cryptocurrencies, proving that these virtual coins aren’t simply a gimmick.

Merchants across the globe are welcoming cryptocurrency payments. It can be argued that this is the best way to convince the public about the real-world use cases of crypto. Various cryptocurrency projects are also teaming up with popular payment gateways and major banks. In addition, a Thompson Reuters survey shows that 20% of investment firms have an interest in trading cryptocurrency.

Despite stricter government regulations surrounding cryptocurrencies and exchange platforms, blockchain technology continues to move forward. A lot of negatives seem to be associated with digital assets, but the same cannot be said about blockchain. Investors and developers alike know full well that blockchain is the technology of the future.

The first half of 2018 may not be the best in terms of cryptocurrency prices. However, it’s time to understand that prices alone do not reflect the potential of a particular digital coin. The technology behind crypto is stronger than ever, which is reason enough to start considering digital assets as more than just an investment vehicle but as something that will disrupt how businesses function as we know it.

About the author

Jim Bevin

Jim Bevin is a passionate writer, guest blogger, and a social media enthusiast. The primary focus is writing high-quality articles after in-depth research and make sure it is a readers delight. Information is key and he abides by the rule of writing articles that will appeal to a broader audience. Contact the author.

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