How Blockchain Technology is Shaping the World Economy
Blockchain technology has been re-defining the world economy since its creation. The question of how blockchain technology could help to shape our current economics, is making away around the world’s largest financial institutions.
Many startups have produced studies concerning the innovation that blockchain technology utilizes.
Much of the infrastructure created was made during the digital revolution. This has helped to shape the entire industry as it is now based on the use of computers. The digital revolution had one flaw, that being the idea that there has yet to be a revolution regarding cross border transactions. Banks have migrated to apps, so why have cross-border transactions not met the same amount of innovation?
One of the main problems is security. People do not trust online money transferring services usually. With blockchain technology, that idea as well as its true safety are secured.
Bitcoin has essentially created digital property which is an entirely unique idea. There has never been a way to “own” a piece of property that is based digitally until now. Bitcoin uses the new blockchain technology as a way to create prevent more than one user from using an individual coin at one time.
With this, the technology has become more available and widely used. Some large companies such as Overstock have used bitcoin as a way to sell stock.
With the use of anonymity and a self-governing body, governments cannot have any control over the bitcoin/blockchain system. On the opposing side, all of the transactions are completely transparent. The transparency can be used as a ledger for others to view all transactions.
If the transaction is over an amount of $10,000, the information must be reported to FinCEN, who stores information to ensure that money is not being laundered around. Blockchain databases are incredibly secure and the use of them makes sending money digitally safer than it has ever been.