August 11, 2022

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Just a decade ago, nobody paid attention to Blockchain technology. Capitalists and Investors were busy...

Just a decade ago, nobody paid attention to Blockchain technology. Capitalists and Investors were busy investing their money in the stock market and the foreign exchange market.

However, the continuous rise in the value of cryptocurrencies such as Bitcoin and Ethereum has gained the attention of potential investors.

Bitcoin and Ethereum which are almost worthless when they were launched are now traded for thousands of US Dollars, giving early investors excitement and wealth.

The potential of Blockchain technology has increased the demand for Blockchain technology skills by more than 2000 percent between 2017 and 2022. With this, one can predict a more lucrative future for Blockchain technology.

What is a Blockchain?

When you hear the word “Blockchain”, what comes to your mind–Block and chain? Well, you’re right but the block and chain are not literal.

In technological terms, a Blockchain is a digital ledger that contains transactions. It is duplicated and then distributed among the various networks of systems on the blockchain.

As a digital ledger, the Blockchain provides a way of recording information in a form that cannot be hacked, changed, or cleared from the system.

Several similar transactions make each “Block” in the “Chain”. A record of any new transaction is added to each participant’s digital ledger whenever there is such. Such new transactions form new blocks in the chain.

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The database of many participants forms a decentralized system known as Distributed Ledger Technology (DLT).

The future of blockchain technology

In recent times, blockchain technology has gained the attention of many organizations. A lot of investments have been made in Ethereum and bitcoin blockchain technology because of the promising future of this technology.

Let’s explore the future of blockchain technology in some fields.

The future of blockchain technology in cyber security

Blockchain technology has the potential to make data and valuable information less vulnerable to potential hackers in the future.

The hope of cyber security lies in blockchain technology. Although the blockchain digital ledger is distributed among participants, the data in it is well secured and verified.

The incessant issues of system hacking by scammers will be significantly reduced in the future with the help of blockchain.

The future of blockchain technology in the finance Industry

The potential of blockchain technology in monitoring financial transactions has gained the trust of many financial institutions, causing them to invest in blockchain technology.

Blockchain technology has a transparent system. The digital ledger will reveal any fraud involved in the flow of money in an organization. This potential is gaining the attention of the government to consider blockchain technology as an option for the effective control of the countries’ economies.

 

The future of blockchain technology in cloud storage

Similar to its application in cyber-security, blockchain technology can provide a solution to the high risk of data loss, human errors, and hacking associated with cloud storage.

The fact that blockchain technology is decentralized can change the date of centralized cloud storage servers.

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What blockchain technology should I choose?

The promising future of blockchain technology in the finance industry, cyber-security, and cloud storage should make you take a wise decision to invest in the technology.

Choosing the right blockchain technology that is worth your investment in 2022 may be challenging. Nevertheless, investing in the Ethereum blockchain technology is worthwhile. “Why should I choose Ethereum?” You may ask.

There are several reasons which serve as factors that justify the potential of Ethereum to rise beyond expectations in the future.

Firstly, Ethereum has a delocalized blockchain technology with a smart contract functionality that supports “Ether”, the second-biggest cryptocurrency in the world.

The blockchain technology of Ethereum allows the applications and smart contracts to run smoothly with no chances of fraud, cheating, or interference from a third party.

Ethereum blockchain allows hundreds of nodes that contain smart contract codes and accounts to be stored securely across the world.

In addition, Ethereum blockchain technology allows you to build Non-fungible tokens (NFTs) as well as Decentralized finance (DeFi) applications.

What are these NFTs and Defi? And how are they beneficial to you?

Non-fungible tokens are tokens that are attached to specific items such as works of art music, pictures, etc, and allow value to be given to those items in form of a digital currency.  Ethereum blockchain technology enables you to create such NFTs, especially for marketplaces in the Metaverse virtual world.

Decentralized finance is used to describe products and financial services that are accessible to any user of Ethereum. With Defi, the marketplaces are always open to any user of Ethereum.

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Wrap up – The future of blockchain technology explained

The fact that many investors and capitalists are massively seeking to invest in blockchain technology justifies that blockchain technology has a promising future.

The financial industry, cyber-security, as well as cloud storage technology will be made less vulnerable to potential fraudsters by the use of blockchain technology.

However, if you also want to invest in blockchain technology but you’re skeptical about making the best choice, consider investing in the Ethereum blockchain technology.

Buying Ethereum is synonymous with buying a valuable future for yourself. Investing in the Ethereum blockchain technology is worthwhile.