Blockchains, the technology making cryptocurrencies safe and possible, has taken the world by storm in the last couple of years. Since the release of the first cryptocurrency, Bitcoin, it has gone from something that was only discussed on obscure web forums about cryptography to being an integral part of the financial ecosystem.
All of this is thanks to blockchain technology. The blockchain does not only enable virtual currency as there are many practical uses for the blockchain, and several more are in development. Regardless of your view on the sustainability of crypto over the long term, one thing is for certain: blockchains have the possibility of completely changing the way we live our lives online. By being able to send information and store value completely digitally the days of not trusting anything we see online might be coming to an end.
Blockchain is still in its infancy
Even though the blockchain technology has been around for more than a decade at this point there is still so much development to be done and improvements to be made. New blockchains are being developed all the time, and there is opportunity for innovation behind every corner.
For those wanting to learn more there are today an enormous amount of information to take part of online, and various educators such as Moralis Academy are offering courses to help more people gain a deeper knowledge of crypto. Blockchain is very simple to grasp the concepts of but understanding the ins and outs of how the tech works can take time. By taking it slow, or having someone to guide you, you’re on track to gain a deeper understanding of how it all works.
New and interesting uses for blockchain outside of crypto
As we have talked about earlier in this text, crypto is not the only purpose that the blockchain can serve. Whenever you need to send information that is completely encrypted but also impossible to fake or mimic, the blockchain is the best option. Therefor it is now being used by several hospitals as a way to instantly share records with other medical professionals, without the journals or other sensitive information pertaining to an individual’s health risking being leaked.
It has also been beta tested in different elections, with some saying all elections worldwide will be held via elections through the blockchain. One of the most practical uses for the average person might be tickets to events over the blockchain. By being able to have a digital ticket that is transferable and that is not able to be copied it makes reselling easier and makes it much harder to scam someone. This is something which is still being tested, but many companies have shown a great deal of interest in this.
The sky is really the limit when it comes to practical uses for Blockchain. It’s one of the only ways to ensure that a piece of information is exactly what its said to be. It can be used to verifiy documents such as contracts and the like, and if you’ve got an idea for how to implement a practical use for blockchain the chances of it being doable is very high.
The field is growing
With all this innovation and newfound uses it’s very safe to say that the cryptospace is growing rapidly. With all of this, more people are needed that have a complete understanding of how everything regarding blockchain work in practice.
Sure, you can find other enthusiasts online and together with them try to build a new form of crypto. These projects are very common, but with regulation looming above many of these coins stand to face a very uncertain future.
Instead, a lot of people with expertise and hands-on experience in the blockchain space are getting hired by large, traditional tech companies. Even though the corporate world is yet to show any major interest in crypto, many are interested in what other uses blockchain can bring.
Blockchain has a few hurdles to jump before it can see wide-spread adoption
For those of us with a basic level of understanding of how blockchain works and some experience in doing transactions in crypto have no problem with making everything work. But for those who are new to the scene or aren’t very technical, getting everything to work correctly can be a bit of a challenge. Therefore, a couple of things need to happen before crypto can become a staple in financial transactions.
One of the first is to make it easier for the average person to handle crypto. Logging in to your wallet and ensuring that all the information is put in correctly can be extremely anxiety inducing, especially if there are large sums of money involved. By making it easier and by making sure that people feel comfortable through the entire process blockchain can continue to take steps to grow and see more widespread adoption. Even though putting a long address in for transaction is a piece of cake for the experienced user, this is not something that someone with no technical finesse will find easy to do.
To wrap everything up we can conclude that even though blockchain has a long way to go before being an integral part of everyday life, more and more uses are rapidly being found. The industry is going to need workers with an understanding of how to implement blockchain into a practical context.
As we discussed earlier, more and more large tech companies are interested in seeing how blockchain can be used to improve their businesses. With more and more consumers becoming more aware of what happens with their personal information and sensitive data, privacy is once again going to take center stage. If you’re interested in being a part of this it’s best if you take the chance now to gain as much experience and knowledge as possible to be able to have a good outlook in the coming years.