pro finance blog
Menu
  • About Me
  • Hire Me
  • Contact Me
  • Submit a Guest Post
    • Privacy Policy
    • Disclaimer
Menu
Blockchains

How Blockchains Could Change the World in 2018

Posted on March 6, 2018November 25, 2020 by Tina Roth

In the past, computers were seen as just convenient machines that helped to speed up processes. It didn’t give any errors, calculations were incredibly quick and it was overall just a fantastic convenience for any business owner–but it wasn’t necessary. As time went more people adopted the use of computers, technology such as the internet grow and we found more uses for a global network that allowed our computers to communicate with each other.

Blockchains

More and more technologies were invented and improved in order to reach the stage we are at now–but what makes you think it stops there?

The trickling-down of technology

As consumers, we typically don’t get to play with new technologies until they’re well-researched and invested into by big companies. After all, companies are there to make money and they’re not going to pour money into something that might be a failure (at least, in most cases). One of the technologies that we’ve yet to see being used extensively is blockchain technology. However, we’re starting to see more and more practical applications of blockchain technology, but most people still don’t quite understand what it is.

Explaining blockchains in a simple way

Blockchains are essentially a decentralized consensus. This is actually the big invention that has everyone excited and it’s how BitCoin, the world’s most popular cryptocurrency, can exist in the first place. If you want to learn more about BitCoin, we would recommend this article at https://profinanceblog.com/things-you-need-to-know-before-you-give-bitcoin-a-try.html to help you reach a better understanding. Let’s think of this in terms of transactions; in the real world, you can trade money with someone by going to your bank and performing a transaction. However, without the bank how would you perform this transaction? It would be impossible. You need to have an entity validate your transaction so you can trust that it worked, otherwise the bank could easily just take your money and run with it.

Blockchains are an attempt to solve that. Instead of there being a central system or business that governs transactions, everyone that is part of the blockchain has a copy of a synchronized transaction ledger that keeps track of everything. If a fraudulent transaction is attempted, it will be rejected. However, if the transaction is legitimate, every computer that is part of a blockchain will accept the transaction.

It sounds like a lot of technical nonsense, so here’s the short version: it’s the first time in history that two people can anonymously trust each other without a third party being involved.

Applications of blockchains

There is an increasing number of companies that are playing with blockchains in an attempt to utilize this technology efficiently. Here are just a couple of examples of where you’ll find blockchain technology now and how it can change the world in 2018:

  • Real estate – A recent innovation in the real estate industry is blockchain cloud technology. Companies such as https://i-house.com/ are being given new and cheaper ways to invest in property. It also allows users to see and lease real estate assets and transfer assets with ease, security and peace of mind.
  • Financial sector – The financial sector is already making use of blockchain technology through BitCoin and other cryptocurrencies. There are many informative websites such as https://cryptocurrencyfacts.com/ that detail just how cryptocurrencies and blockchains work and how they’re making a huge impact on the financial industry.
  • Security applications – There are also security applications for blockchain technology. A good example is how the data in a blockchain cannot be modified by a single entity. This guarantees that things such as your private information or identity are safe and verified by large blockchains that specialize in personal information. Nowadays, the internet is filled with identity-stealing scams and advertising companies want nothing more than to steal your precious information. This can get problematic especially considering how exposed we are on the internet. When you see articles like this one at https://www.nytimes.com/ it makes you wonder just how safe we really are. With blockchain technologies, we can start to take back the security we deserve.
  • The entertainment industry – The entertainment industry is rife with issues such as piracy and fraud. Thankfully, they can also make use of blockchain technology. Whether it’s paying royalties to artists in the music industry or distributing entertainment through the use of blockchain technology, there are many exciting opportunities that are just waiting to be discovered.

Blockchains are difficult to understand especially if you’re unfamiliar with how they work, the terms used and so on. However, they can be incredibly useful and they are an emerging technology that, much like the internet, will soon find its way into almost every industry that you can think of.

Category: Blockchains

Leave a Reply Cancel reply

You must be logged in to post a comment.

About Me

finance blogger

The idea of starting a blog has been hitting me for long; I took it seriously after falling into a spiral of debt and recovering from it.

I have been anxious all through the financial difficulties. I see that same anxiety in the eyes of people, whose ill fate has put them at odd with financial repose.

It makes me compassionate. Out of this compassion and goodwill, I started this blog. I wanted to help all those, who are facing financial distress..




  • Stock Market
    Understanding the Gov Tech MarketFebruary 16, 2023
  • Phuket Real Estate
    Why You Should Invest in Phuket Real EstateJanuary 24, 2023
  • Corporate Governance
    Corporate Governance: What Are the 3 Core Principles of Good Corporate Governance?December 17, 2022
  • Successful Retirement
    How To Plan For Successful Retirement At 50: 5 Steps To Get Started OnNovember 4, 2022
  • Online Money Transfer
    Do You Still Transfer Money Internationally With Your Bank? There Are Better Online Solutions For ThatOctober 14, 2022
  • finance
    Important Roles of the Minister of FinanceSeptember 16, 2022
  • Avoid for New Businesses
    5 Forecasting Faux Pas to Avoid for New BusinessesSeptember 16, 2022
  • Affecting Pensions
    How Inflation Is Affecting PensionsSeptember 2, 2022

    ProFinance Blog is dedicated to help people who are struggling with their personal finances. We have learned the lessons first hand and know how real the struggle is. Being compassionate about the personal finances and blogging about is our way to help people know more about different situations and how effectively they can handle it. So take control of your finances now and take actions towards gaining financial freedom and security. Join us in the mission to self-educate, learn and help others by sharing valuable information on finances. Here you will find information, tools and techniques on various aspects of finances and learn how you can use the information and implement it to make your financial life better than ever.Join us in our mission to financial freedom.

    • Stock Market
      Understanding the Gov Tech Market
    • Phuket Real Estate
      Why You Should Invest in Phuket Real Estate
    • Corporate Governance
      Corporate Governance: What Are the 3 Core Principles of Good Corporate Governance?
    © 2023 ProFinance Blog | Powered by Minimalist Blog WordPress Theme