blockchain insurance

The future of money seems to be in the hands of decentralization as many think but is that truly the case. With bitcoin being created by the whitepaper published by Satoshi Nakamoto, it seems like people have become increasingly ok with the idea of decentralized money. The need to trust centralized banks has become slim with the amount of faith that people have put in systems based on the opposite. this leaves investors and those who have money in these decentralized currencies with a large amount of risk exposure to the broader market as a whole.

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In the future, the switching of money from one form of cryptocurrency to any form of fiat currency like the dollar or so on, will cost a solid amount of money. Some technologies have come out with the promise of providing a cost effective method at switching these out, but none has been very successful. The main point of decentralization and cryptocurrencies that had come out if the success of blockchain based technology. Exchanges can be decentralized, but only to a certain point.

The main success of blockchain comes from a technology known as smart contracts. According to a report done recently, these smart contracts are contracts “that can be stored in a blockchain and set up to programmatically govern transactions. Imagine, for example, you want to send your friend some cryptocurrency automatically at a specific date and time. You could use a smart contract to do that. Sounds a lot like something you could do through your bank account online, doesn’t it? That’s on purpose. The main architecture underlying smart contracts is the Ethereum blockchain, and its creators have designed it as a way to, among other things, develop decentralized versions of apps that we already use in our everyday lives.”

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The hopes are that this type of blockchain technology can help to overcome the issues we see with cryptocurrency, and cement blockchain as a technology that is here to stay.


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