How Blockchain Can Transform Currency

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Not many IT industry leaders have yet to start using blockchain. for most this is a new idea that is taking time to get used to. Only about 13% of leaders say they use blockchain for their businesses according to a survey that was done. Blockchain can help save banks billions of dollars. American Express is one of the businesses that has already started implementing blockchain in their processed transactions. Just like currency blockchain can transform many different things in our lives, like more stability, security  It also revolutionized medical record keeping. The global blockchain technology marking is fast growing. The market in 2015 was worth about $317 million and has significantly grown since.

Double-Spending

The primary function was to solve prior problems when it comes to the way we use money, which was the idea when blockchain was first brought to the market. Of course, it isn’t, and it will always be hard to shift from paper currency to digital currency. A lot of issues has presented itself. Double spending is one of the issues that is faced. Digital currency is not physical Cash, and can’t be physically seen. it’s seen as a potential problem in which the same digital currency can be used more than one time, so an accurate record needs to be kept. Blockchain solves this problem. It Keeps an “open public ledger” The transactions will get stored, and timed stamped to assure that it’s not being copied, and reused

 

Limited Supply        

Not everyone is excited about the idea that we should only use cryptocurrencies. Many currencies currently have a clear supply that is set permanently. Examples like, silver or gold and many other metals, which counters hyperinflation and devaluation of currencies. Based on the way currency is handled it can be shifted by taking advantage of blockchain technology and combine it with a more valued centered currency.

A lot of companies are already using this technology. It provides us with cybersecurity, but there a number of ways society handles the current method of currency and will handle future method of currency. A perfect example is the UPMA. They combine limited supply, intrinsic value and value-based economy over a debt based one with the advantages that blockchain technology provides, and it changes the way currency is being handled completely.

The hardest thing to continuing with value backed currency can be seen as an organizational nightmare. Having to keep a record of who owns what, how much gold is needed to back the paper money, and how much different currencies is being circulated would be a very hard task. Blockchain technology gives economies, and relieve those pain points. Also, there is no way for reprehensible parties to create a fake currency running on the same blockchain to dilute the circulation of currency.

No one knows what the future will be like but it appears as if blockchain will be a big part of it. Whether it’s for security stability, recording, it also fair to say that it will include transforming currency, it will become a big part of this world.

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