Cryptocurrency has risen as one of the most popular mediums of exchange that involve the use of strong cryptography for securing financial transactions. It is an excellent digital asset that makes use of decentralised control in place of centralised currency. The first cryptocurrency of this type, Bitcoin’s release year was 2009.
Blockchain technology and cryptocurrency are the future of the world. So, it is high time that we gather information and knowledge on the usage of blockchain technology. This article aims to focus on various future aspects of the popularisation of cryptocurrency. Here you’ll get all the details.
Although blockchain claims to be private and secure, it carries certain risks when it comes to maintaining privacy. Blockchain, as an immutable and transparent ledger, will fulfil all the interests of people who can make a profit from our private information. These people can be service providers, businesses, or even the government.
In the present scenario, all our card transactions, the websites we visit regularly, our online professional and social interactions, locations we check in and our daily movements, everything is under surveillance. The reason behind the collection and analysis of such data is to understand our preferences and habits.
Imagine what will happen when the government decides to use blockchain technology for surveillance of money. For instance, Euro 2.0 is a minor test project. But, money stored on the blockchain will make it impossible for us to hide or erase financial information. There is no denying that altering the way money functions will mainly punish innocent people.
Blockchain technology, if subjected to proper use, can offer uncorrupted and all-encompassing data mining opportunities that will surpass all existing systems.
As the present laws fail to protect the rights to privacy, people think that it will continue to be the same in the future. Blockchain technology can lead to infringement of personal data and confidentiality even more if it is not managed rigidly.
Studies reveal that blockchain ledger can be up to approximately 20% of the vast data market by the year 2030. It can generate up to $100 million yearly revenue. It will surpass the present revenue generated by Mastercard, Paypal and Visa jointly.
Mainstream attitude to infringement of privacy and data mining is extremely passive. Research works have revealed that most of the ordinary people do not know how and to what extent their personal data is being subjected to mining. Those who argue that they are least bothered about privacy just because they have nothing to conceal are very similar to those people who say they are least bothered with freedom of speech as they do not have an opinion of their own.
So, we may conclude by saying that no one can deny blockchain technology’s potential. At the same time, ignoring the risks would be a foolish thing to do. While there are several amazing advantages of introducing cryptocurrencies, it is necessary to converse openly about these matters even when you support cryptocurrency’s development.
I have completed my Master's degree in English Literature. I have been working as a content writer for last 3 years. Now I can say that I am a successful entrepreneur and a responsible marketer. I have achieved everything with my hard work, honesty, and dedication. Though I can write about any topic, blockchain and crypto industry attract me the most. I have started my career as a blockchain writer. Gradually, I gained more experience in this field.